Landmark Bristol office building sold in £16.75m deal

keypoint-officeThe Bristol office of leading property advisers CBRE has confirmed the £16.75m sale of Keypoint, the landmark building in Almondsbury Business Park, reflecting a record yield (5.7%) for the Bristol out of town market in the last five years.

Acting on behalf of CBRE Global Investment Partners, CBRE Bristol sold the 63,504 sq ft offices (£264 per sq ft) to an overseas private investor client on behalf of Phillips Roth, ahead of the asking price of £15.9m.

Overlooking the M4/M5 interchange and comprising a modern four storey office building with 259 car parking spaces, Keypoint has been home to TSB Bank plc on a 15 year lease since 1 November 2014, a deal in which CBRE Bristol acted as advisers.

Andrew Sayner, Head of Investment at the Bristol office of CBRE, said: “The sale of Keypoint demonstrates the attractiveness of Bristol to foreign investors, especially for buildings let on long leases to strong covenants.”

Sam Winstone, Senior Associate, CBRE Global Investors, commented: “The successful sale completes our business plan for this asset and demonstrates our ability to maximise value for our clients after securing a 15 year lease to TSB Bank.”