January 21, 2011
Property fund manager Highcross has acquired Woodlands Court, a multi-let office park in Bristol in a £4.525m deal, reflecting a yield of 11.44%.
The scheme includes four single-storey office buildings, located on a 3.48 acre site at Almondsbury, four miles north-east of Bristol city centre. Highcross has purchased Woodlands Court from clients of Invista Real Estate.
Highcross regional director, Andrew Osborne, said Woodlands Court offered an attractive combination of active asset management opportunities, high parking provision and a good location in close proximity to Junction 16 of the M5: “With the majority of the office park’s original leases coming to an end over the next three years, we believe there is great potential to re-gear some of the existing leases and attract new occupiers through hands-on asset management.”
Woodlands Court is sited in an established industrial and office location, and provides a total of 38,323 sq ft office space.
Highcross was advised by CB Richard Ellis and Invista Real Estate by King Sturge.