Savills Investment Management (“Savills IM”), the international real estate investment manager, has today announced that it has acquired Whiteladies House in Clifton, Bristol, from Aviva Investors on behalf of The Charities Property Fund. The sale value was £4.15 million, reflecting a yield to the Fund of 6.4%.

The property comprises an attractive, modern, freehold office building let to Swedish bank Handelsbanken and Films at 59 and occupies a prominent location close to the BBC Bristol Headquarters on Whiteladies Road. The leases have on average 5 years remaining and the rent on average reflects only £17.35 per sq. ft.

 

 

 

Harry de Ferry Foster, Fund Director of the Charities Property Fund, commented:

“Bristol has seen a marked reduction in office space due to a large number of conversions to residential through permitted development. Furthermore, the historic nature of Clifton means new development is restricted. The price per sq. ft. of this building at £267 is probably half that of equivalent residential values – and the building could be put to a multitude of alternative uses. On top of this the rent is currently very affordable compared to levels close to £30 per sq. ft. that have been achieved elsewhere in Clifton.”

 

GVA represented Savills Investment Management and C&W represented Aviva.

 

Contacts

Citigate Dewe Rogerson

Patrick Evans / Stephen Sheppard / James Madsen / Alice Stewart

 

Tel: +44 (0)20 7282 2966

E: savillsim@citigatedr.co.uk

 

Savills Investment Management

 

  • Savills Investment Management is an international real estate investment manager with offices in Amsterdam, Copenhagen, Frankfurt, Hamburg, Hong Kong, Jersey, London, Luxembourg, Madrid, Milan, Munich, Paris, Singapore, Stockholm, Sydney and Tokyo 
  • As at 30 September 2016, Savills Investment Management managed a total of c.€17 billion of assets
  • Savills Investment Management is the brand name for entities in the Savills Investment Management group, including Savills Investment Management LLP, Savills Investment Management (UK) Ltd, Savills Investment Management (Luxembourg) Sàrl, Savills Investment Management (Jersey) Limited, Savills Investment Management SGR SpA, Savills Investment Management (Germany) GmbH, Savills Investment Management KVG GmbH, Savills Investment Management Pte Ltd, Savills Investment Management Asia Limited and Savills Investment Management (Hong Kong) Limited
  • Savills Investment Management LLP is a limited liability partnership registered in England No: OC306423 regulated by the Financial Conduct Authority
  • Savills Investment Management is regulated in the UK, Italy, Germany, Jersey, Japan and Luxembourg.
  • 24 January 2017