Orchard Street snaps-up prime Bristol Office asset in £58 million Deal

Posted on 29 June, 2015 by Kirsten Kennedy

Orchard Street Investment Management has completed the purchase of 10 Templeback in Bristol city centre for £58.5 million. The waterfront office building, competed in 2008, was acquired from Benson Elliot on behalf of St James’s Place.


10 Templeback, which has a BRREAM “excellent” rating, provides 124,198 sq ft of Grade A office space across its six floors, and offers occupiers a range of amenities including shower facilities and bike storage.  It benefits from excellent transport links and its close proximity to the region’s premier shopping centre, Cabot Circus.

The property has a tenant line-up featuring  Colliers International, NFU, ADP, Mott Macdonald and Momentum Financial Technology for a combined passing rent of £3.3 million per annum. However, 41,629 sq ft of Grade A space remains vacant, meaning Orchard Street can utilise a range of asset management initiatives to boost the annual income further going forward.

Orchard Street partner Barney Rowe believes that the latest asset in the investment manager’s portfolio will prove to be profitable in both the near and long term.

He says; “We are pleased to have secured this highly liquid, prime office asset in one of the UK’s strongest regional cities. It benefits from excellent fundamentals and a prominent position in the heart of Bristol’s main office core.

“A combination of the strong covenant strength on the existing income and the severe supply and demand imbalance in the Bristol occupational market provide real opportunities for both rental and capital growth.”

Discussing the reasons for the disposal of the property Benson Elliot Managing Partner, Marc Mogull, explained “We have successfully marketed a number of our mature UK regional assets in BEREP II during the past 12 months, and have also had unsolicited approaches on our BEREP III portfolio, reflecting the strong appetite amongst investors for institutional quality properties like Templeback.

“The returns we have secured from these seven investments support our conviction to be an early mover into the regions, and underscore the success we have had in implementing our value-add programmes. The disposal brings Benson Elliot’s total proceeds from seven UK exits during the past 12 months to over £275 million.”

Orchard Street was advised by Savills, Benson Elliot was advised by Farmer Capital.

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

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

BA cuts 12,000 jobs, unions hit back

Media Streaming Service See Record Subscriptions

Covid-19 Causes Millions To Claim UK Furlough Scheme