Melburg and Angelo Gordon have purchased 100,000ft² South Plaza office building in Bristol. The deal follows Melburg’s recent acquisition of 15-33 Union Street. This also marks a significant milestone for the privately-owned real estate investment and development firm with portfolio values now exceeding €575m (£500m) as the highly discreet, the UK focused investor continues to add to its strategic programme. The purchase price was not disclosed.
The NHS currently occupy c. 60,000ft² of accommodation at an average rent of €14.66 (£12.75) psf. Melburg will undertake a full refurbishment of the building including the external facade, reception and all remaining accommodation to create a modern workplace with associated amenities.
A spokesperson for Melburg commented: “South Plaza is an iconic building representing one of the last significant repositioning opportunities within the city centre. Aided by the transactional value generated, within 12 months our highly experienced management platform will deliver an exceptional product at an optimal time in Bristol’s occupational cycle. We will be offering better serviced, higher-quality office accommodation at a significant market discount. We look forward to working alongside Bristol City Council again in order to contribute to the city’s continued growth.”
