Bristol’s office market has been held up as offering good long-term growth for property investors following the off-market sale of a landmark building to a South Korean individual for £95.5m.
10 Canons Way at Harbourside, pictured, was sold freehold by the Topland Group in one of the largest deals of its kind in the UK this year. 
The grade A building, one of the largest in the city, overlooks the Floating Harbour and was developed in 2007 for Clerical Medical Insurance.
It is now occupied by Lloyds Banking Group, along with neighbouring Canons House, and let to Scottish Widows until November 2032.
The South Korean investor was advised by Knight Frank Investment Management (KFIM), law firm Ashurst and Korean Asset Manager WWG.
KFIM partner David Johnson said: “This is our fourth successful transaction on behalf of our Korean clients. The dynamic Bristol market has, we believe, good long-term performance characteristics.
“In addition, the investment grade tenant covenant and length of income provided by Canons Way has allowed us to take advantage of the current arbitrage between property yields and the cost of borrowing to provide our client with a significantly enhanced income return. We continue to seek assets with similar investment characteristics both here in the UK and on the continent.”
Nick Allan, investment partner at Cushman & Wakefield, who acted on the sale, added: “We are delighted to have advised Topland Group on the sale of this significant transaction.
“The Bristol market continues to flourish with significant occupier demand, rental growth and rapidly reducing supply making the dynamics for investment in the city very compelling. Bristol’s growing significance with international investors continues and this represents the third significant transaction with South Korean investors we have been involved with this year.”
CBRE acted for KFIM.
