A building near the Bear Pit in Bristol city centre has been sold off for £9.3million.
The four-storey office was bought by UK private investment company Scotsgrove from investment management firm Kames Capital.
The 36,415 sq ft property is being let out to a number of different companies including BNP Paribas Leasing Solutions, business recovery firm Begbies Traynor and Greggs for the next seven years.
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There is also a vacant space on the first floor, which the owners are planning to let out.
The sale price reflects a net initial yield of 6.5 per cent and a capital value of £255 per sq ft.
Global real estate advisor Colliers International acted for Scotsgrove while Kames was represented by Savills and ACRE.
This is the second building Kames Capital has sold within recent weeks.
The company also sold Bridge House on Baldwin Street to real estate and infrastructure investment managers CBRE Global Investors.
The 43,167 sq ft property has retail space on the ground floor and offices on the six floors above.
Gregory Beeson of Kames Capital said: “The sale of Bridge House follows a successful period of ownership in which time Kames has driven performance through refurbishment and leasing activity to make the asset more attractive to institutional investors.”
Kames Capital was represented by estate agents Savills, while CBRE was represented by V7 Asset Management, which will be involved in a refurbishment of the office.
