The credit crunch has not stopped Topland completing the £21.3 mln. (approx. 27.6 mln.) sale to the Carlyle Group of one of Bristol's best known office blocks. Today Topland subsidiary Resthaven completed the sale of the orange glazed, Templeway House, the former national HQ for Clerical Medical to CEREP Bristol Limited Partnership, an arm of Carlyle's Second European Property Fund.
Investment agents will be relieved because contracts were originally exchanged in July 2006. Unlike this deal a number of recent major investment transactions have failed because of some banks reluctance to provide funding because of the credit crunch.
Clerical Medical has now relocated from Templeway House to their new flagship Harbourside headquarters which Resthaven also owns. It is understood that Carlyle Group has major redevelopment plans for the 110,000 ft² (approx. 10,180 m²) Templeway House which sits on a 1.2 acre site.
Ever since Clerical Medical relocated from London to Temple Way House in 1973, it has been a city landmark. The bronze-tinted glazing used technology developed for Concorde, which was being built at the time in the huge assembly hangar at nearby Filton.
Sol Zakay, Topland UK chief executive and chairman said: "Topland looked at doing a redevelopment of Templeway House, but this was a very good price. Thanks to similar sales and refinancings Topland has now assembled a substantial warchest to invest in UK property and see the current environment as a great buying opportunity for Topland".
King Sturge and Alder King advised Topland.
Source: Porterfield PR