A newly refurbished Bristol city centre office block has been bought by an Irish-based specialist property fund.
Ardstone UK Regional Office Fund acquired 90 Victoria Street, pictured below, from Loxton Developments. The fund, which has built up a portfolio of office properties in major cities across the UK, is managed by Ardstone Capital and funded by clients of CBRE Global Investment Partners. The deal is the fund’s 12th asset and the first in Bristol. The acquisition price has not been disclosed.
Accountancy firm Mazars recently took around 6,000 sq ft on the top floor of the 24,400 sq ft building on a 10-year lease.
The remaining 18,000 sq ft of office space is being marketed by joint agents GVA and JLL.
Ardstone Capital senior asset manager Nick Cashmore said: “We are delighted to complete the acquisition of 90 Victoria Street, which represents another strong addition to the Ardstone UK Regional Office Fund and the first in Bristol.
“The purchase is in line with our strategy to focus on high-quality office buildings where there is a potential to drive income in the strongest UK office markets. We continue to seek new additions to the fund that underpin our investment strategy.”
Head of UK at CBRE Global Investment Partners, Alex Bignell, added: “The acquisition of the fund’s 12th asset is very pleasing and further underlines our success in creating scalable platforms with specialist operators in attractive sectors of the UK property market on behalf of our clients.”
CBRE’s Bristol office advised Ardstone Capital in the acquisition.
