The building will soon house a co-working space
A former government office building in Clifton has been sold to a private investor for more than £2.1m. The five-storey property – named Regent House – had been owned by the same landlord since 2001.
Property firm Hartnell Taylor Cook completed the deal on behalf of a “long-standing client”, it said, but did not disclosed the name of the individual or business. However, it is understood the property, in Clifton Village, is to be transformed into a co-working space operated by Cardiff-based Desg following the deal.
The 8,535 sq ft building has ground-floor retail space, open-plan offices across the four upper floors, and a nine-space car park.
Established in 2020, Desg operates a growing portfolio of flexible workspace locations, offering a mix of private offices, co-working memberships and fully serviced meeting facilities.
Hartnell Taylor Cook said the deal reflected “continued investor appetite for well-located Bristol assets” and the “ongoing evolution of office space towards flexible working”.
James Frost, associate director (investment) at Hartnell Taylor Cook said: “It is rare that opportunities such as this become available in Clifton Village, and this transaction highlights the strength of demand for well-located office investments, offering rental growth and add value opportunity going forward.
“The purchaser’s plans to introduce a high-quality flexible workspace offering will add to Clifton Village’s appeal and support local business growth.”
The building is fully let to four tenants and provides a lease of four years to expiry, with a 1.3 years to break. According to Hartnell Taylor Cook, the property currently produces £202,726 per annum.
The buyer was represented by law firm Acuity Law and Andrew Gibson of property business Avison Young. The seller was represented by Hartnell Taylor Cook and law firm Michelmores.