CASE STUDIES
Case Studies
Investment
Purchase of The Paragon, Bristol
Hartnell Taylor Cook LLP advised Invesco Real Estate on the purchase of one of Bristol's prime office investments - The Paragon - for £26,464,000 from Cubex Land and The Palmer Capital Development Fund II.
The high quality office investment was developed by top Bristol developer, Cubex Land, backed by Palmer Capital Partners. Construction was completed in 2009, to a BREEAM ‘Excellent' Grade A.
The building has been described as "The ‘Very Best' office space located in the heart of Bristol's vibrant business hub". It incorporates three retail units at ground floor. The entire building totals 75,373 sq ft with parking for 39 cars, 7 motorbikes and 36 bicycles.
The Paragon is 85% let with Ernst & Young LLP, Mercer Limited and Tesco Stores Limited all joining Thrings Townsend Lee & Pembertons, who took a pre-let of the fourth and fifth floors.
The investment is held on a long lease from Bristol City Council for a term of 150 years at a ground rent of £93,000 per annum. The property generates a net rental income of £1,848,397 per annum. The investment price reflects a net initial yield of 6.62%.
Client: Invesco Real Estate