Property investment firm Grosvenor has acquired two city centre office buildings in Bristol, including the global headquarters of tech 'unicorn' Graphcore, for an undisclosed sum.
The deal includes the Prudential Buildings - an office block on Wine Street that is home to the artificial intelligent chip and systems maker - and 1 Victoria Street on Bristol Bridge.
It adds 107,000 sq ft of space to Grosvenor's £170m regional office portfolio.
The Prudential Buildings office is a 60,000 sq ft period property that also houses REED Recruitment and Capita Business Services. The 1 Victoria Street building is a 47,000 sq ft property, with a BREEAM 'Excellent' rating, which is occupied by flexible workspace provider Runway East.
Grosvenor said it intends to work with the occupiers and invest in the buildings to bring them in line with its net-zero carbon ambitions as well as improving services and facilities.
Keith Bailey, investment director at Grosvenor said: “Bristol’s office market continues to show exceptional performance - low grade A availability and healthy occupier demand are driving expectations that it will continue to deliver strong rental growth in the coming years.
"As with our other investments, we see great potential in these offices and look forward to building relationships with the key occupiers, who are growing fast in their respective industries. We will work in partnership with them deliver the identified value add opportunities to improve the buildings’ environmental performance and amenities.”
Grosvenor’s Investment team actively manages a £1bn UK property portfolio, comprising assets and projects outside of the business’ Mayfair and Belgravia holdings. Over the last 12 months the team has made six office acquisitions in Manchester, Leeds, Birmingham and Bristol.
Knight Frank acted for Grosvenor on 1 Victoria Street and real estate firm CBRE on Prudential Buildings.
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