Cubex Land, backed by The Palmer Capital Development Fund II, has sold The Paragon in Bristol to Invesco Real Estate for £26m, a 6.6% yield.
The 75,000 sq ft building was completed in 2009 and comprises offices and three ground-floor retail units. The scheme is 85% let to tenants including Ernst & Young, Mercer and law firm Thring Townsend.
Invesco has bought the building for its Invesco Real Estate UK III Fund.
Peter Walford, director at Cubex Land, said: “This deal is perfectly timed with the building let and an imbalance between demand and supply in central Bristol.”
Chris Button, director at Palmer Capital, said: “This is the most significant investment deal in Bristol in the last 12 months. The sale is the product of a quality building and a perfectly executed business plan, combining Cubex’s development expertise and Palmer Capital’s funding strength.”
Hartnell Taylor Cook advised Invesco Real Estate; Jones Lang La Salle and GVA advised Cubex Land/Palmer Capital.
daniel.cunningham@estatesgazette.com
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