Aviva Investors has bought Kings Orchard in Bristol for over the asking price of £28.2m.
The 89,010 sq ft office building was owned by IVG and is fully let to Bevan Brittan. At the asking price the net initial yield would equate to 6.2%.
The property has been part sublet to Chartwell Healthcare, Tribal Group, Arista Insurance, FRP Advisory and Parsons Brinckerhoff.
Nick Allan, senior director, investment agency at DTZ, said: “We are delighted with the result following a highly competitive bidding process. This deal represents the largest office transaction to have been concluded in Bristol during 2014, which highlights the dearth of opportunities to invest in one of the key UK cities.”
DTZ acted for Bevan Brittan. Bray Fox Smith represented Aviva Investors.
