A 9,874 sq ft office building in North Bristol has been bought by a private investor for just over £2m – the latest deal by an individual seeing commercial property as a safe haven for their money.
The freehold investment deal on the building at Vantage Office Park was brokered by property agents Jones Lang LaSalle and Alder King on behalf of Bristol-based developer Deeley Freed.
The sale attracted strong interest and a number of offers from potential buyers attracted by the strong covenant on the building, which is let to the NHS South West Strategic Health Authority until October 2018.
Jones Lang LaSalle Bristol office director Simon Bennett said: “All the interested parties were willing to pay a good price, which is encouraging considering the current economic climate. This is in no small part due to its very strong covenant, which allowed us to present the building as a secure investment on a successful business park. In the current climate, we’re seeing a clear preference for this type of investment from private buyers looking for a safe haven for their money.”
The unit bought by the investor – a client of Oxfordshire and Buckinghamshire chartered accountants Stimpsons Eves – forms part of the second phase of Vantage Office. Jones Lang LaSalle also sold the first phase of Vantage Office Park to Somerset developer Summerfield last year and now acts as the letting agent. Last month it secured Edge Tax Consultancy as a tenant in 2,995 sq ft of space within five weeks of the office becoming vacant.
Jones Lang LaSalle and Alder King are marketing the remaining three acres of the park on behalf of Deeley Freed. It has detailed consent for a range of buildings from 5,000 sq ft to 60,000 sq ft.
