A South Gloucestershire office building has been sold off to a London investment firm for £3.1m.
The building, in Emersons Green, was acquired by Maurice Investments from Dorset property development company Broadshade Group.
National commercial property consultancy Lambert Smith Hampton (LSH) completed the sale on behalf of the Wimborne-based company.
The office block - called 1 The Brooms - comprises 15,300 sq ft of workspace over a ground and one upper floor.
It is situated on Monarch Court within the Emersons Green Enterprise Area, part of a cluster of business parks to the north east of Bristol city centre.
The office is fully let to Expleo Engineering UK Ltd. LSH agreed a 10-year lease renewal at a passing rent of £258,250 per annum, with the agreed price of £3.1m providing a net initial yield of 7.83%.
Louise Leat of Broadshade Group said: “This asset has performed well during our ownership and the renewal last year shows the tenant's commitment to the unit and the quality of the offices, which are well located in Emersons Green.”
Charlie Lake, director of office advisory and capital markets at LSH, added: “The significant amount of interest we received for this unit, demonstrates the continued strength of demand for exposure to the compelling occupational dynamic across the whole of the Bristol office market.”
LSH advised Broadshade Group while Maurice Investments were unrepresented.
