A Bristol office building, which provides a base in the city for accounting firms Mazars and PKF Francis Clark, has been acquired.
Real estate firm the RO Group has bought 90 Victoria Street from Mayfair Capital in Redcliffe for an undisclosed sum. The four-storey property, close to Bristol Temple Meads railway station, provides around 24,000 sq ft of space and is fully let.
Other current occupants of the facility, which sits on a 0.5 acre site next to a Novotel hotel and provides 18 parking spaces, include global engineering consultancies Tetra Tech and BJSS.
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The RO said it had chosen to add the “marquee” facility to its portfolio in the city, TMT, owing to the city’s “thriving” office market and “flourishing” professional, and financial services sectors.
Investment director Nick Cashmore, said: “90 Victoria Street is a well-located asset with a strong tenant line-up and low average rental level. We plan to actively asset manage the building, improving the ESG credentials to ensure the building is future proofed. We are in a strong position to move quickly when attractive opportunities present themselves and continue to seek new additions to the portfolio that fit our investment strategy.”
The RO said Bristol had led the UK’s ‘Big Six’ city centre office markets, achieving total take up of 620,211 sq. ft. in 2022, which was above the ten year average. The firm added that prime rents were currently at £42.50 per sq. ft. with an overall vacancy rate of 5% and a ‘Grade A’ office space vacancy rate of 1.6%.
The RO was advised by Knight Frank on the deal, while Mayfair Capital was advised by JLL.
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