Commercial property agent Kavanaghs has been instructed to market a prime office investment in Bristol.
The Melksham and Trowbridge-based property agent is selling the freehold of Building 660 at Bristol Business Park, in the north of the city.
The property is let to Thales Alenia Space UK Limited on a full repairing and insuring lease expiring in October 2022 at a passing rent of £218,420 pax.
A guarantee is provided by Thales UK Holdings, the parent company, which has a net worth of over £1 billion.
The property was constructed in 2002 and the tenant – a world leader in the design of satellite propulsion systems, satellite subsystems and system design studies – has been in continuous occupation since then.
The accommodation of 11,416 sq ft comprises of two floors of purpose built offices with raised floors, suspended ceilings, passenger lift and a generous 62 car parking spaces set within a landscaped office park close to the M32, M4 and M5 motorways.
The business park is also close to Bristol Parkway station, which offers a direct rail link to London, and is five miles from the city centre.
Commercial property manager, Stephen Brickell said: “I am delighted to confirm that we have been instructed to sell this freehold investment, which occupies a prominent position on the Bristol Business Park, on behalf of private clients.
"We are particularly pleased to be working again with Allsop, headed by Duncan Moir and Dale Johnstone, in the marketing of this desirable and prime investment.”
Duncan Moir said: “The investment market remains robust with investors having a good appetite for quality and prime investments of which building 660 is undoubtedly one.
"It is a positive delight to be working Mr Brickell again as we have had great success working together over many years where we have been able to deliver best value and exemplary service for our client.”
Offers are sought in excess of £2,560,000 for the freehold interest subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of eight percent assuming purchasers costs of 6.39 percent.