La Française Real Estate Managers (REM), acting on behalf of a collective real estate investment vehicle, has acquired from IV Real Estate two adjacent office buildings with ground floor leisure operators:
- Gilbert House (ca. 12,800 sq. feet), a Grade II listed Art Deco building built in 1933 by Sir Gilbert Scott and fully refurbished in 2020/2021,
- 41 Corn Street (ca. 24,000 sq. feet), built in 1964 and refurbished in 2020/2021, in Bristol, one of the top six regional office markets in the United Kingdom.
The recently refurbished buildings, 100% let on long leases, offer good quality office accommodations in the historic heart of Bristol and are well placed, within 15-minutes walking distance of Bristol Temple Meads Railway Station, to attract occupiers seeking good amenities, which include bicycle storage, roof terraces, new heating, generous floor to ceiling heights.
Historically the banking district of the city, Corn Street is now home to numerous restaurants and high-end hotels. The attractive setting and good level of services have made it an appealing neighbourhood for young companies to locate. The office space is fully let to a technology company operating in the e-commerce sector and the two ground floor retail units are let to leisure operators.
Peter Balfour, Head of Real Estate UK for La Française Real Estate Managers said, “There is a low level of vacancy and a limited supply of Grade A offices in the central core of Bristol. A new vibrancy is emerging with many secondary offices converted into residential property, hotels and leisure facilities. This makes it an attractive place to live and work.
La Francaise REM was advised by Joiner Cummings. IV Real Estate was advised by Savills and Alder King.
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