Jermyn Investment has acquired the freehold of 8/10 Colston Avenue in Bristol city centre from the Police Mutual Assurance Society for £820,000. The deal reflects an intial yield of 17.26%.
Tenants in the 1,811 sq m (19,500 sq ft) building, which Jermyn will refurbish, include Bank of Ireland, Henry Butcher and Scottish Life. The investment generates £145,490 pa. The second floor of the 1950s property is vacant.
Lambert Smith Hampton advised Jermyn while Chesterton and DTZ Debenham Thorpe represented the Police Mutual Assurance Society.
EGi News 23/05/96
