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A 15-storey office building in Bristol has been acquired by a joint venture, it has been announced.
Colston Tower, which currently has 33 tenants letting office space and boasts an 85 percent occupation rate, was bought by Development Securities and Ellandi LLP for GBP 7.6 million.
Under the terms of the sale, Development Securities has a 75 percent stake in the building while Ellandi has 25 percent.
Colston tower, which was acquired from HSBC Pensions Fund, has a weighted average unexpired term of 4.1 years, and according to Development Securities there is lots of opportunity to add value to the building through refurbishment.
Matthew Weiner, Executive Director of Development Securities, said: “This latest acquisition continues our deployment of capital since July 2009 when Development Securities completed the first of its two recent GBP 100 million equity raises.
“Colston Tower provides a high income return and significant scope to improve the property through intensive asset management.”
Mark Robinson, partner of Ellandi LLP, added: “We are delighted to enter into our second joint venture with Development Securities following our successful acquisition of Crown Glass Shopping Centre in Nailsea 21 months ago.”
Recently Development Securities also acquired an office and retail property in West London in conjunction with Brockton Capital.
The property, in Kensington Church Street on Notting Hill, was bought for GBP 47.5 million. The block totals approximately 1 acre, and consists of Newcombe House, a 14-storey office building that includes surface parking for 55 cars, as well as 13 retail units.
Weiner said of the acquisition: “The Kensington Church Street block is in an absolutely prime location and provides an extremely flexible built form, with a number of strategies for repositioning and adding value. Having already let a vacant floor within the office tower, we think there is potential for further office lettings.”