The sale of a 6,000 sq ft office building in fashionable Bristol suburb Clifton has secured the record yield for the area.
Ashfield Land director James Digby said the sale of Avonbank – a Grade II listed period office building in a prime location – to a private investor for an undisclosed amount demonstrates the strong demand for high quality investments.
The four-storey building has been let to international packaging company Amcor since 1989 and there is two years remaining on the existing lease.
James said: “We are delighted to announce that we have sold Avonbank to a private buyer for a price representing a yield of 5.5%. This deal clearly demonstrates that, despite the economic uncertainty that prevails, there is still a weight of private money out there trying to find good quality property investments. Many are not getting the returns they would like from other forms of investments and so commercial property that is performing well is an attractive proposition.
“The record yield achieved for Clifton underlines the fact that there is strong demand for well let, good quality properties.”