Orchard Street Investment Management has acquired 10 Templeback in Bristol from Benson Elliot for £58.5m, on behalf of St James’s Place.
The waterfront building, completed in 2008, comprises 124,198 sq ft of grade-A office accommodation spread across six floors in Bristol’s main business district.
It is multi-let to a range of tenants including NFU, ADP, Momentum Financial Technology, Colliers International and Mott MacDonald for a combined passing rent of £3.3 million per annum, with 41,629 sq ft of space currently vacant.
Orchard Street partner Barney Rowe said: “We are pleased to have secured this highly liquid, prime office asset in one of the UK’s strongest regional cities. It benefits from excellent fundamentals and a prominent position in the heart of Bristol’s main office core.”
Savills advised Orchard Street; Farmer Capital advised Benson Elliot.
