Colston Tower, the landmark 15-storey office building which dominates Bristol city centre, has been sold by the HSBC Pension Fund for £7.6m to two London-based property development companies.
Development Securities, an investment and development company, will have a 75% stake with recently-formed Ellandi holding 25% of the building, which has 33 tenants and an occupancy rate of 85%.
The building, which rises 63m (205 ft) above the Centre, was designed in 1961 but not completed until 1973. The landmark clock was not added until 1996. The building is named after Edward Colston, the eminent Bristol merchant, MP and philanthropist.
Matthew Weiner, executive director of Development Securities, said: "Colston Tower provides a high income return and significant scope to improve the property through intensive asset management."
Mark Robinson, partner of Ellandi, added: "We are delighted to enter into our second joint venture with Development Securities following our successful acquisition of Crown Glass Shopping Centre in Nailsea 21 months ago."
Mr Robinson, formerly managing director of Oracle Estates, formed Ellandi with Morgan Garfield, previously head of UK property finance at Deutsche Bank.
