Land Securities has added to its holdings in central Bristol with the purchase of 12/14 Broadmead from Equitable Life for £2.5m. The purchase price reflects an initial yield of 8.3%.
The 588sq m (6,321sq ft) shop, on ground and two upper floors, is held on a long lease from Bristol City Council. It is underlet to Britannia Building Society until 2010 at a current rent of £,000pa with part of the property sub-let to Lloyds Bank.
The shop adjoins existing Land Securities property. Keith Redshaw, a LandSecs director, said the new acquisition reaffirmed his firm’s confidence in Broadmead and the city centre as a whole.
King Sturge advised Land Securities and Healey & Baker represented Equitable Life.
