Aviva Investors has sold its Bristol waterside office building Kings Orchard to CCLA for £35m.
The sale price represents a net initial yield of 5.15%.
The building was acquired by CCLA on behalf of its Local Authorities’ Mutual Investment Trust.
Kings Orchard is an 89,010 sq ft office building, let in its entirety to Bevan Brittan LLP, a UK top 100 national law firm, with eight years unexpired, generating an annual income of £1,926,357 per annum.
The next rent review is due in March 2022, and the investment offers asset management opportunities to further enhance the value of the building.
Aviva Investors acquired the office building from IVG in 2015, for more than the asking price of £28.2m.
CBRE advised Aviva Investors and Hartnell Taylor Cook advised CCLA, which was representing the Local Authorities’ Mutual Investment Trust.
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