RO Real Estate, the UK commercial property investment and development company, has completed the acquisition of Wyndham Court in Bristol for £4.53 million from Kennedy Wilson.
The 28,888 sq ft, four storey office building is leased to Direct Response Ltd at an annual rent of £351,912 which reflects a net initial yield of 7.34%. Located in a prominent position fronting Pritchard Street and directly opposite Cabot Circus, Bristol’s prime retail and leisure destination, the building has excellent transport connections to the city centre with both the central bus station and Temple Meads railway station within walking distance.
This purchase is part of RO’s strategy to invest in “core” and “value-add” opportunities in the south of England. Following this transaction, RO Real Estate still has a significant amount of equity to invest in lot sizes of £2-5 million.
Richard Bourne, head of RO Real Estate, said: “Bristol is described as the commercial capital of the south west. The last eighteen months have seen a large shrinking of office stock as approximately 1m sq ft of offices have been converted to residential. On the other side of the equation take up remains strong and consistent. This asset therefore offers an opportunity to acquire a building in a rapidly improving micro location and market, in which we aim to drive rents forward and add long-term secure income to our portfolio.”
RO Real Estate was advised by Cushman & Wakefield. The vendor was advised by Knight Frank.
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For further information:
Edward Rowlandson / Nick Moore, RO Real Estate
01707 601400 / 0207 025 firstname.lastname@example.org
Kirsty Allan, Tavistock Communications
020 7920 3150
Notes to Editors:
RO Real Estate is a privately-owned company specialising in commercial property investment and development in the south east. It is the property division of the RO Group, which has majority interests in businesses involved in residential development, high-quality holiday lodge developments, domiciliary and specialist care services.