Orchard Street has bought Bristol’s City Business Park for £30m.
The multi-let industrial estate was sold by LaSalle Investment Management and bought by Orchard Street on behalf of St James’s Place Property Unit Trust.
The freehold estate comprises 19 units totalling approximately 118,000 sq ft across a six-acre site. All the units are let or under offer at a very low passing rent of £7.80 per sq ft overall. Compared with the average rental value for the area of £12 per sq ft, Orchard Street believes there is strong potential for rental growth.
It said it would improve the estate’s ESG credentials by installing solar panels, EV chargers and upgrading EPC ratings.
Acquisitions manager Harry Buxton said: “This strategically located, multi-let asset represents an excellent addition to our client’s portfolio, providing a low-density industrial estate in central Bristol which lends itself to last-mile delivery. Its multi-let nature provides us with numerous opportunities to improve its sustainability credentials whilst importantly allowing us to capture the highly reversionary rents in the near term to generate value on behalf of our investors.”
Orchard Street was advised on the acquisition by Stonehill Partners. LaSalle Investment Management was advised by TT&G Partners.
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