Jermyn Investment Co has acquired an 1,811 sq m (19,500 sq ft) office building at 8-10 Colston Avenue, Bristol from the Police Mutual Assurance Society. The purchase price of £820,000 reflects a yield of 17.26%.
Tenants in the 1950s building – which generates £145,490 pa – include Henry Butcher, Bank of Ireland and Scottish Life. The second floor is vacant.
Juliet Cogswell, a director at Jermyn, said: “The building is well located in Bristol city centre and offers potential for pro-active management, including the refurbishment of the vacant space to increase income flow off an attractive initial yield.”
Chesterton and DTZ Debenham Thorpe advised the vendor, while Lambert Smith Hampton acted for Jermyn.
EGi News 01/08/96
