Castlemead, Bristol's "tallest office building", has a new owner after being sold on behalf of receivers.
CBRE was instructed to sell the building at the beginning of last year, setting a quoting price of £27.5 million for the 80-metre building, reflecting an initial net yield of 11.48%.
Around a year and a half later, the office has traded as the Bristol office market's tight supply begins to attract more investors, according to local agents.
CoStar News understands that Midos Group, the London-based privately-owned investment group, is the new owner of the building, buying the scheme a couple of months after completing a deal for another regional office, One Portland Street in Manchester, for circa £7.5 million.
Castlemead provides 132,151 square feet over basement, ground and 17 upper floors and is let to 15 tenants. It has an unexpired term certain of circa 2.7 years to breaks and 4.9 years to expiries.
A refurbishment to remodel the building's reception and create new cycle facilities with drying facilities was completed in June 2021. It also had 84 car parking spaces and 12 electric vehicle charging points, as well as 400 lockers, 15 Brompton Bike lockers and LED lighting.
Cushman & Wakefield acted for the buyer but declined to comment, while Midos was approached for comment.