Steele Raymond advises South Somerset District Council on Bristol commercial property acquisition in £2.75m deal
by Jennifer Rogerson, 01 March 2019
Bournemouth solicitors Steele Raymond have advised South Somerset District Council (SSDC) on the purchase of Linden House, in the affluent Bristol suburb of Clifton, for £2.75m.
The purchase forms part of the Council’s Commercial Strategy which aims to enable the Council to be more commercial, business like and generate income whilst remaining focussed on their core purpose – to support and deliver for its communities.
The property was initially marketed at £2.85m and was purchased with assistance from leading global real estate consultants, CBRE, and Dorset based solicitors, Steele Raymond. The purchase reflects a net initial yield of 7.00%.
Comprising of 9,331 square feet of good quality, air conditioned office accommodation, Linden House is located within 200m of the commercial heart of Clifton. The property is currently tenanted by Galliford Try plc who have been in occupation since 2007.
The legal aspects of the transaction were led by partner and commercial property solicitor Jennifer Rogerson.
Jennifer said: “We are delighted to have helped South Somerset District Council on the purchase of Linden House. It was pleasing to achieve such a swift turnaround for SSDC in the process with the timescales between bid and completion of the purchase being just 16 days.”
Full details of the purchase can be found on the South Somerset District Council website.
If you would like to discuss your commercial property or development requirements with our expert commercial property solicitors in Bournemouth please contact Jennifer Rogerson on 01202 294 566 or email firstname.lastname@example.org.