In a testament to the inherent value that can be found in a simple yet properly-administered refurbishment project, AEW UK Core Property Fund recently announced the sale of Freshford & WCA House, a newly refurbished block comprising 30,859sq ft of modern office space in Bristol’s city centre, for the lucrative price-tag of £9.76M.

As stated the two interconnected properties provide tenants with a total usable space of 30,859sq ft, which draw in a net rental income of £676,916 across the fully-let property’s five existing tenants. These tenants include Strava, Fujitsu Services, Deangate Ltd, and Ofsted.

AEW UK purchased the properties in 2014 with one year remaining on the Ofsted lease; in 2016 they embarked upon a thorough restoration and re-fit project, which undoubtedly contributed to the premises’ favourable price-tag.

Knight Frank advised AEW Core Property Fund while GVA advised the purchaser - an unnamed UK fund manager.

Michael Shears, assistant portfolio manager at AEW UK Core Property Fund, said of the sale, “Through a combination of extensive refurbishment and attracting the right tenant mix, we have been able to add significant value to the asset in just three years. The properties attracted considerable interest from a range of institutional and private investors, enabling us to optimise the value of the sale.”

Nick Thurston, partner at Knight Frank, stated, “The sale demonstrates the appetite for good quality refurbished office stock across Bristol City Centre due to the strong occupational market and pent up investor demand.”

Richard Howell, senior director at GVA, also commented, “Supply of quality office space is at historically low levels in Bristol City Centre and Freshford House offers excellent prospects to capture future rental growth.”

Sam Bonson

Sam is an aspiring novelist with a passion for fantasy and crime thrillers. He is currently working as a content writer, journalist & editor as he continues to expand his horizons.
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