IV Real Estate sold the redeveloped Gilbert House and 41 Corn St office buildings to La Francaise Real Estate Managers for a total of €24.5m (£20.65m), reflecting a net initial yield of 5.75%. IV Real Estate acquired the properties in 2019 and has refurbished them during the pandemic.
The building’s upper floors, which comprise 28,000ft², are let out to Bristol e-commerce firmHuboo, with Flight Club and The Bristol Cocktail Club on the ground floors.
Alex Jordan of IV Real Estate said: “We are very proud of the Corn St buildings which have helped reposition Corn St as the vibrant heart of the city centre. The quality of the redevelopment has resulted in three strong tenants and a great long-term income hold for La Francaise. The Corn St buildings have demonstrated that developing and repositioning buildings with the occupier at the heart of the experience both in terms of usability and sustainability was key to a successful project despite the headwinds created by the pandemic."
