Contractor cashes in on foray into Bristol office market
Swedish giant Skanska has sold an under-construction Bristol city centre office scheme to Aviva Investors Property Trust for 拢33m.
It has sold 66 Queen Square, which is five storeys high and comprises 58,416 sq ft of grade A office space, as well as a modernised and refurbished grade II listed Georgian terrace building, 72 Queen Square, which provides an additional 3,068 of office space.
Construction on the scheme, which is 90% pre-let, is due to be completed in October this year.
Among the tenants signed up are financial services firm KPMG and Swedish bank Handelsbanken, who have agreed 15-year and 10-year terms respectively.
Andreas Lindel枚f, managing director development, Skanska UK, said: 鈥淭his is a fantastic result for us. We started this speculative development in 2013, confident that the timing was right for the Bristol office market, and we have been proven correct.鈥�
He added: 鈥淲e are excited about reinvesting the proceeds of the sale into our target markets of Bristol and London, and continuing to develop market-leading, sustainable office buildings.鈥�
Estate agents JLL and Alder King advised Skanska on the sale, who also recently announced an off-market deal to buy the leasehold for 51 Moorgate in London.
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