Palmer Capital and Cubex Land have appointed agents to sell a landmark Bristol office development after securing one of the largest lettings in the city.
Strutt & Parker and Savills have been appointed to sell Bridgewater House, seeking offers in excess of £56.5m – a 5.25% yield.
The instruction comes as a 81,202 sq ft letting to EDF Energy in the building is close to completing. EDF is taking the space following a government deal with Chinese investors to build a £18bn nuclear power station at Hinkley Point in Somerset.
Bridgewater House comprises 115,000 sq ft of grade-A office space over six floors. EDF will pay £27.50 per sq ft for the ground to third floors. The other floors are occupied by BDO and Barclays Bank.
The building is part of Palmer’s and Cubex’s 4.7-acre Finzels Reach scheme. The partially developed site will eventually comprise a 168-bedroom hotel, which has been prelet to Premier Inn, more than 400 homes and a new footbridge across the floating harbour.
It also features conversions of retained period buildings which will house restaurants and bars.
Palmer and Cubex acquired the partially completed site in 2013 by buying the underwater loans that financed original developer HDG Mansur’s £255m scheme.
jack.sidders@estatesgazette.com
