Skanska has today announced the £32.7M sale of 66 Queen Square – a purpose-built, city-centre commercial scheme in Bristol – to Aviva Investors Property Trust.
This innovative development – a previous recipient of the much-coveted BIM Project Application Award at the annual British Construction Industry Awards – provides 61,484sq ft of high specification office space and involves the integration of a newly built five-storey structure with a fully refurbished Grade II listed Georgian terrace building.
The high profile scheme is already 90% pre-let and has attracted such distinguished tenants as KPMG and Handelsbanken. Overall completion is expected in October 2015.
Andreas Lindelöf, Managing Director Development, Skanska UK, said: “This is a fantastic result for us. We started this speculative development in 2013, confident that the timing was right for the Bristol office market, and we have been proven correct.
“We have secured an exceptional occupier – KPMG – for the majority of the scheme and we are delighted that Handelsbanken has taken a ten year lease. We are also close to letting the remaining space. The high quality of the development and great covenant have helped us to achieve a great result in the Bristol market and builds on the confidence in the UK’s regional office markets for developments like 66 Queen Square.
“We are excited about reinvesting the proceeds of the sale into our target markets of Bristol and London, and continuing to develop market-leading, sustainable office buildings.”
JLL and Alder King advised Skanska on the sale of the investment, while Knight Frank aided Aviva Investors. Alder King and JLL are also letting agents for the development.
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