Colston Tower acquired in a joint venture.
Development Securities purchase office tower in Bristol.
Bristol’s Colston Tower has been acquired in a joint venture between Development Securities and Ellandi LLP. The property was bought for £7.6 million which reflects a net yield of 10.08%. The new agreement gives Development Securities 75% ownership and Ellandi LLP a 25% share.
Currently the building is let to a varied range of clients and has an occupancy rate of 85%. There is an overall number of 33 different firms and companies currently leasing office space in the Bristol commercial property. The joint venture arranged the deal to acquire the building from HSBC Pension Fund. (more…)