Grosvenor has bought two Bristol office buildings, adding more than 100,000 sq ft to its £170m regional office portfolio.
The Duke of Westminster’s property company has acquired 1 Victoria Street, a BREEAM Excellent building located on Bristol Bridge in the city’s central business district. The 47,000 sq ft property is occupied by flexible workspace provider Runway East.
It has also bought the 60,000 sq ft Prudential Building, a period property close to Victoria Street, which is the global headquarters of AI chip creator Graphcore. Other occupiers include Reed Recruitment and Capita Business Services.
Grosvenor said it would invest in the buildings to bring them in line with its net zero carbon ambition, as well as to improve services and amenities.
Grosvenor investment director Keith Bailey said: “Bristol’s office market continues to show exceptional performance. Low grade-A availability and healthy occupier demand are driving expectations that it will continue to deliver strong rental growth in the coming years. As with our other investments, we see great potential in these offices and look forward to building relationships with the key occupiers, who are growing fast in their respective industries. We will work in partnership with them to deliver the identified value-add opportunities to improve the buildings’ environmental performance and amenities.”
Over the past 12 months Grosvenor’s investment team has made six office acquisitions in Manchester, Leeds, Birmingham and Bristol.
Knight Frank acted for Grosvenor on 1 Victoria Street; CBRE acted for Grosvenor on the Prudential Building.
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