Aviva Investors, advised by Bray Fox Smith has acquired Kings Orchard, One Queen Street, Bristol for £29.75 million. The 89,010 sq ft grade A office building, which overlooks Bristol’s Floating Harbour, is let to Bevan Bittan LLP on a 20 year lease with 12.25 years remaining, at a rent of £1,868,364 per annum, equating to £21.14 per sq ft.
King’s Orchard is arranged over the ground and five upper floors with 45 car basement parking spaces. The building was extensively redeveloped and extended in 2007 and incorporates a staff restaurant, fitness suite and 24/7 concierge. The building is sub- let, most recently with Parsons Brinkerhoff signing for the entire third floor of 17,000 sq ft.
James Archibald of Bray Fox Smith comments, “Aviva has acquired a fantastic building in a city which has seen extensive market activity this year. There have been a number of significant lettings including PwC’s move to Two Glass Wharf, Ovo Energy’s move to Rivergate and the Parsons Brinkerhoff deal. Bristol is a city with ambition and potential for rental growth over the longer term”.