Prominent central Bristol retail and office building Southey and Aylward House has been sold to a private investment fund for £2.45m – beating the £2m price tag it was being marketed with.
Property consultants Alder King and Lambert Smith Hampton said they were delighted with the deal, which reflects strong investment interest in the right commercial buildings.
Southey and Aylward House, on the corner site of Wine Street and Union Street opposite Castle Park and The Galleries shopping mall, has 53,000 sq ft of income-producing retail, office and leisure space.
Consent was granted two years ago for Urbina Bristol Development Partnership Ltd to redevelop the 0.42-acre site as a 140,000 sq ft mixed use scheme but the scheme was put on hold due to dramatic changes in the market.
Alder King head of agency in Bristol John Benson said: “We received a high level of interest in this opportunity and are delighted to have completed the sale to the buyer. The particular attraction of the property was its investment potential.”
Bristol law firm TLT solicitors acted on behalf of the property’s fixed charge receivers. Bristol property agents Burston Cook and Cheltenham-based solicitors Rickerbys advised the buyer.
Julian Cook of Burston Cook said: “The property occupies an excellent city centre location and provides a superb investment opportunity.”
