Clearbell sells office assets in Bristol and Chippenham for £4.5m
Clearbell Property Partners II LP (Clearbell), a fund managed by Clearbell Capital LLP, today announces the sale of two office assets in Bristol and Chippenham for a combined price of £4.5m.
The sales comprise the Beta Building, located to the north of Bristol, purchased by Broadshade Group for £1.6m, and Cornbrash Park in Chippenham, sold to Craigard for £2.9m.
The assets were acquired in August 2015, as part of the mixed-use Amber portfolio of 29 assets, which aims to let vacant units and undertake significant asset management works to drive returns for investors.
The Beta Building comprises 12,534 sq ft of office space with current tenants including Atos,Xerox and Marie Stopes. Since acquisition, the asset has undergone significant external redecoration, as well as internal refurbishments to the second and ground floors.
Cornbrash Park is a 37,000 sq ft site located within the Bumpers Farm Estate, Chippenham, and comprises four office buildings and three warehouses. The site is currently home to Siemens and Hanover Housing. Clearbell acquired the asset in 2015 with plans to secure lease re-gears and extensions and has negotiated six new leases in the past five years.
Adam James, Senior Asset Manager at Clearbell Capital, said: “The sales in Bristol and Chippenham are proof that there is continued investor appetite from UK property companies for the smaller sub £5 million property market.
Investors are increasingly seeking Grade A office buildings in stable locations with future asset management opportunities.”
The Amber portfolio now comprises 12 assets.
Clearbell was advised by Avison Young. Broadshade Group was advised by Hartnell Taylor Cook. Craigard was advised by Knight Frank.