Orchard Street acquires prime Bristol office building for €82.3 mln (UK)

Orchard Street Investment Management, the specialist commercial property investment manager, has completed the acquisition of 10 Templeback in Bristol city centre for £58.5 mln (approx. €82.3 mln). The asset was acquired on behalf of St James’s Place from Benson Elliot.

The newly-developed waterfront building, completed in 2008, comprises 124,198 ft (approx. 11,538 m2) of Grade A office accommodation spread across six floors, centrally located in Bristol’s main business district. The asset has been finished to the highest standards, achieving an ‘excellent’ rating by the BREEAM environmental assessment method for its sustainable design.

10 Templeback is multi-let to a range of tenants including NFU, ADP, Momentum Financial Technology, Colliers International and Mott Macdonald for a combined passing rent of £3.3 mln (approx. €4.64 mln) per annum, with 41,629 ft(approx. 3,867 m2) of space currently vacant.

Orchard Street was advised by Savills. Benson Elliot was advised by Farmer Capital.

Source: FTI Consulting

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