Prime Bristol city centre office building 1 Rivergate has been sold for a price in excess of £27.5 million by UK Commercial Property (UKCP) REIT, which is managed by Aberdeen Standard Investments.
The purchase of the self-contained 69,754 sq ft Grade A building by clients of CBRE Global Investors reflects a net initial yield of over 5.75%.
Colliers International represented UKCP REIT at Aberdeen Standard Investments. Hartnell Taylor Cook acted for CBRE Global Investors.
1 Rivergate is prominently located at Temple Quay, facing Temple Circus roundabout and within easy walking distance of Temple Meads station.
The freehold five-storey building, which features a full-height atrium, is let entirely to energy supply company OVO Energy on a new eight-year lease from April 2018, with a break in April 2023.