Bristol’s tallest office building hits the market

Floreat Real Estate has appointed CBRE to sell Castlemead, the tallest office building in Bristol, for offers over £27.5m.  The deal is for a long leasehold from Bristol City Council expiring 26 June 2103, but with an option to extend to 26 June 2168. The head rent is geared to 8% of the net annual income receivable. The office space is 94% let to 15 tenants, including DPD, Regus, Reed, OpticalExpress and Marsh, at an average rent of £27.23 per sq ft.  Prime office rents in Bristol are currently about £42.50 per sq ft. The building, spanning 132,151 sq ft of lettable, flexible, open-plan workspace, sits at the entrance to the city from the north via the M32, adjacent to Cabot Circus shopping centre. The 17-storey tower was recently refurbished, including the remodelling of the reception, creation of new cycle facilities and other amenities. View comparables for the Bristol office market >>