On behalf of its shareholders, CEG have completed an off-market deal to purchase The Crescent Centre, a substantial multi-let office building in central Bristol.
The Crescent Centre provides 88,000 sq ft of office space in the Temple Quay area of Bristol city centre.
The building is centrally located and a short walk from Temple Meads station as well as the retail offering at Cabot Circus, it is majority let to HMRC, other occupiers include Telestream and Arriva.
Andrew Phillips, investment director at Savills Bristol who acted for CEG, commented: “We are pleased to have negotiated the acquisition of The Crescent Centre. The building offers a rare opportunity to create a contemporary office product situated in a prime location within one of the UK’s most attractive office markets.
“Investor demand for the city remains very high due to the strength of the occupational market coupled with dwindling availability and limited development.”
Nick Barker, Acquisitions Manager at CEG, adds: “In keeping with our acquisition strategy, this is a well-located value-add office investment in a major UK regional centre.
“We look forward to managing a comprehensive refurbishment and repositioning the asset to offer small suites to a market starved of high quality supply.
“Bristol is an important market for us and The Crescent Centre complements the existing properties we manage in the city including The Quorum, Aztec West 1000 and the Aspire site.”