Burford has sold the Crescent Centre, a 1970s office block on Temple Back in Bristol, to a client of Jones Lang Wootton for £9.5m, in a deal reflecting a 10.25% yield.
According to Burford’s advisor Franco Sidoli of Franc Warwick the property company will re-invest the funds in larger lot sizes. Burford paid around £8m for the 8,175 sq m (88,000 sq ft) building in 1993.
The Crescent Centre is let to 15 government tenants on leases which expire in 12.5 years.
EGi News 13/06/97
