An unnamed institution is forward funding a £6m speculative office development called Great Western Court at Crest Nicholson’s Bristol Parkway North outside the city centre.
The 3,437 sq m (37,000 sq ft) scheme will consist of four buildings which will start on site within the next two months. The yield on the deal is in the region of 8.5%.
Keith Archer of Crest Nicholson confirmed that a deal was in solicitors’ hands although he refused to reveal the identity of the buyer. He added: “We believe that there is plenty of demand in the area for this type of scheme.”
Hartnell Taylor Cook and Alder King advised Crest. Grimley and Alder King are the letting agents.
EGi News 25/04/97
