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 £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 Lindelöf, managing director development, Skanska UK, said: “This 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.”
He added: “We 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.”
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.