Castlemore Bristol scheme comes to market for £82m

 

A flagship Bristol office scheme previously owned by Grahame Whateley’s failed Castlemore group has come to market.

 

One Glass Wharf, at Temple Quay Central, has been put up for sale with an asking price of £82m, reflecting an initial yield of 6.75%.

 

 

The move comes 18 months after the part-finished scheme, funded by Lloyds Banking Group, was taken over by administrator PricewaterhouseCoopers.

 

The 215,000 sq ft office block, which was completed in March, is 81% prelet to law firm Burges Salmon, which has taken a 20-year FRI lease.

 

Around 42,000 sq ft on the ground to second floor is vacant and is being marketed at £27.50 per sq ft. If the space remains empty, the rent is subject to a vendor’s guarantee for up to five years.

 

Alder King and King Sturge are advising on the sale of One Glass Wharf; Alder King and Lambert Smith Hampton are letting agents on the vacant space.

 

bridget.oconnell@estatesgazette.com

 

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