BRISTOL-Warner has bought West Gate, a 90,924-sf office building on Coulston Avenue, Bristol, from clients of Bilsdale Properties for £16.3 million ($23.8 million). The purchase price shows a yield of more than 9%.
West Gate was refurbished in 1992. It is let to Royal & Sun Alliance Insurance Group on a 25-year lease from 1990 at a current rent of £1.6 million ($2.33 million) per annum, equivalent to £17.40 ($25.40) per sf. There is a tenant's option to break in 2010.
Chairman Philip Warner said: 'This is an excellent purchase for Warner Estate. The 9%-plus yield and the covenant of a large quoted company make West Gate particularly attractive to us. Following our move out of the residential property sector, we are continuing to focus on office investments in the South of England, high yielding shopping centres in the North-West and South and multi-let distribution investments in the Midlands and South.'
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