IVG offloads Bristol’s Kings Orchard Office Block

Posted on 22 January, 2015 by Cliff Goodwin

An 89,000 sq ft office block overlooking Bristol’s floating harbour has been acquired by Aviva Investors from German asset manager IVG Immobilien AG. The price paid for the King’s Orchard building in the heart of the city’s business district has not been disclosed.

Clifton Suspension Bridge at night , Bristol, UK

Covering six floors, the building was extensively redeveloped early in 2007 to upgrade facilities and include an underground car park. It has since been let on a 20-year lease exclusively to law firm Bevan Brittan.

Since then the property has been partly sublet to Chartwell Healthcare, the international education solutions provider Tribal Group, Arista Insurance and restructuring and insolvency specialists FRP Advisory. In what was claimed to be one of the city’s largest office deals of 2014, engineers and project managers Parsons Brinckerhoff also took a 17,000sq ft sub-let.

Mike Luscombe is fund manager at Aviva Investors. “We are upbeat about the potential for UK real estate in 2015 and particularly key office markets outside London over the short to medium term,” he explained. “This purchase represents an attractive investment opportunity in a prime business location.”

The sale was handled for IVG by property service agents DTZ. “We are delighted with the result following a highly competitive bidding process,” said DTZ senior investment director Nick Allan, who claimed the sale was the biggest West Country transaction for more than a year. “It also highlights the dearth of opportunities to invest in one of the key UK cities.”

IVG Immobilien is a major player within the European real estate sector and manages assets worth £14.2bn. Its office building portfolio alone is said to be worth £2.7bn.

Under its German ownership, King’s Orchard developed into one of Bristol’s key business locations. Its own web site describes the building’s attractions as a full height glazed atrium and raised open plan floors throughout, shower facilities on each floor as well as a central fitness suite, a luxury staff restaurant and for-hire meeting and conference rooms.




Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Recent Posts

Interest Rates Impact on Commercial Property

Commercial Property Investment Outlook for 2023

The best places to stay on the Riviera

The latest property data has identified Newquay as the fastest property seller’s market in the UK

Investing in your garden can increase your property’s value

French Riviera temping high-end homebuyers

How can the ownership rights of my commercial property impact a business sale?

Should I incorporate virtual property viewings permanently?

Investment expected to increase across Asia-Pacific in 2021

UK property industry slows as the conclusion of tax break looms

BNP Paribas cautioned investors on Friday as debt-trading bonanza that increased its earnings this past year

Over 300,000 property purchases fell through in 2020 – we show the most frequent motives and the best way to get your house sale back on track

House Prices in the Capital Surpass £500,000

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants