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News Release

Bristol

Portwall Place up for sale


Bristol, 25 October 2012 – Property consultants Jones Lang LaSalle have been appointed to sell Portwall Place, one of Bristol’s largest office properties.
 
Situated at the heart of Bristol’s central business district, Portwall Place is one of the most significant commercial properties to be sold in the UK regional market in the past two years and will be a gauge of institutional demand for prime regional offices.
 

Completed in 2008, the five-storey landmark building has the largest flooplates outside London, and comprises approximately 162,581 sq ft of Grade A office space and approximately 3,344 sq ft of ground floor retail accommodation. The office element is fully let with three quarters of the rental income coming from two blue chip tenants, legal firm Beachcroft LLP and accountants Smith & Williamson (25 Moorgate Ltd), with circa 12 years still to run on their leases.

Offers are sought in excess of £53m for the long leasehold interest, reflecting a net initial yield of 6.7%
 

The sale of Portwall Place would effectively double this year’s office investment total in Bristol, which currently stands at £50m.

Oliver Paine, director of Capital Markets at Jones Lang LaSalle said: "Portwall Place is an outstanding multi-let office building, very well secured to blue chip tenants, and offers investors a rare opportunity to acquire a significant property of such quality in an established regional market.”