South Korean investors secure £95.5m deal for Bristol office building

Sol Zakay’s Topland Group have sold the freehold interest in 10 Canons Way, Harbourside, Bristol for £95.5 million to a South Korean investor, advised by Knight Frank Investment Management, law firm Ashurst and Korean Asset Manager WWG.

The landmark office building, one of the largest in the city, overlooks Bristol’s Floating Harbour and was developed in 2007 for Clerical Medical Insurance.

The Grade A office building totals circa 176,611 sq ft over five floors and a central atrium.

The property is entirety let to Scottish Widows Limited until November 2032. The property forms part of the Lloyds Banking Group’s regional hub, alongside Canon House I & II, which houses around 4,000 employees.

Nick Allan, Investment Partner at Cushman & Wakefield, who acted on the sale, commented: “We are delighted to have advised Topland Group on the sale of this significant transaction, one of the largest of its kind in the UK this year.

“The Bristol market continues to flourish with significant occupier demand, rental growth and rapidly reducing supply making the dynamics for investment in the city very compelling.

“Bristol’s growing significance with international investors continues and this represents the third significant transaction with South Korean investors we have been involved with this year.”