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LONDON-Prudential has bought Temple Quay House in Bristol from Matrix Securities Ltd. for euro 63.2 million ($81.6 million) reflecting a net yield of about 5.75%. The sale of the 142,000-sf office asset represents one of the largest office investment transactions in Bristol this year. The scheme also involves one of the largest office buildings in Bristol. It is let to the Secretary of State on a lease that expires in 2021 and at a passing rent of euro 3.6 million ($4.6 million) a year.

FPDSavills acted for Prudential. “This has given Prudential the opportunity to buy what is arguably the best building in Bristol, secured against the undoubted covenant offered by the government at the lowest rent passing on the scheme,” comments FPDSavills’ Robert Godfrey.

Bristol is seeing a growing demand for offices at a time when availability is dwindling, according to a report published recently by DTZ Research. Despite the rise in office leasing, top-level rents remained unchanged in Bristol, something put down to the lack of premium space in the area.

“The difficulties the office market has experienced over the past 18 months appear to be receding,” Philip Morton, director at DTZ in Bristol, believes. “Anecdotal evidence suggests that, in the past few months there has been a cautious return in business confidence, which is now beginning to have a positive impact on the property market.”

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