Bristol’s EQ office on the market for £116m

CEG is looking to sell its 200,000 sq ft Bristol office building EQ – which recently set record rents – for more than £116m. JLL has been appointed to market the office, which it says is net-zero carbon in operation and 84% let to occupiers, including HSBC, Arup, Rathbones, financial services company Evelyn Partners, fintech business Dojo, surveying and construction consultancy Rund, and BaxterStorey, an independent hospitality provider.  Earlier this month, the office exceeded headline rents in Bristol and the remaining big six markets of Birmingham, Edinburgh, Glasgow, Leeds and Manchester, with legal service business Knights signing a 10-year lease for 6,000 sq ft at £48 per sq ft. The seven-floor office has a WAULT of 8.9 years to breaks and 10 years to expiry. It is being marketed at a 125 bps discount to the average prime regional office yields and 250 bps from current central London yields. The £116m asking price reflects a NIY of 6.35%, or 6.7% if the SPV is acquired, and a capital value of £597 per sq ft. See occupational sale comparables in Bristol >> Images © CEG