An office building in Bristol city centre has been sold off for £6m.
Wyndham Court, on Pritchard Street, was sold by family-owned property business RO Group to Jersey-based UKRO Property Holdings II Limited (UKRO) - a partnership which owns a portfolio of regional offices in the UK.
UKRO was advised by owner-managed real estate business ADAPT Real Estate and by an Asia-based investment adviser.
David Kershaw, group real estate director of the RO Group, said the capital generated from the sale would "bolster" the company's cash resources and would "strengthen" the firm's position when looking for new acquisition opportunities.
“We are very pleased with the return we have generated on the sale of the asset," he said. "We will continue to upgrade our existing assets to be more suited to the new working environment in a post-Covid era."
Mr Kershaw said Bristol's office market was still "flourishing" amid the pandemic, driven by its technology, professional and financial services, aerospace, defence, engineering and creative industries.
"With its 52,000 strong student population, its skilled labour pool, and its steady population growth, it was an attractive choice for an investment in commercial property," he said.
“We believe that offices will remain central locations for ideas exchange, innovation and collaboration, but with a strong focus on employee wellbeing.
"Cognisant of these trends, we look forward to growing our portfolio and adapting and improving our existing portfolio. We wish UKRO well with their new asset in the vibrant Bristol market.”
The RO Group was advised on the sale by Hartnell Taylor Cook and Womble Bond Dickinson.
