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Bristol

Sale agreed for KPMG’s new Bristol home

JLL advises on the sale of one of Bristol’s most high profile developments


One of Bristol’s most high profile developments 66 Queen Square, set to be the new home of KPMG in the city, has been sold for £32.7million.

In February, Skanska announced that JLL and Alder King had been appointed to sell the property, with an asking price of approximately £30 million.

The 61,500 sq ft building combines a new five-storey office building with a modernised and refurbished grade II-listed Georgian terrace building. Construction is scheduled for completion in October 2015.

66 Queen SquareThe scheme is 90 per cent pre-let at present, at a headline rent of £28.50 per sq ft.
KPMG has agreed a 15-year term and Handelsbanken has agreed a 10-year term, both without tenant breaks.

Andreas Lindelöf, Managing Director Development, Skanska UK, said: “This is a fantastic result for us. We started this speculative development in 2013, confident that the timing was right for the Bristol office market, and we have been proven correct.

“We have secured an exceptional occupier – KPMG – for the majority of the scheme and we are delighted that Handelsbanken has taken a 10-year lease. We are also close to letting the remaining space. The high quality of the development and great covenant has helped us to achieve a great result in the Bristol market and builds on the confidence in the UK’s regional office markets for developments like 66 Queen Square.”

Simon Bennett, Director of JLL who acted on the investment sale says;

"The letting to KPMG is one of the most important and largest office lettings in Bristol this year.  The “green credentials” of the building such as the BREEAM rating of ‘Excellent’ has helped to attract tenants to the property.  These characteristics also assisted in generating further institutional interest in the sale, with investors increasingly searching for “future proofed” buildings.

66 Queen Square is the most important prime office deal to have been marketing in the last 12 months, and highlights the resurgence of institutional interest in the Bristol office market."