Circle Property sells Bristol property for 62% book-value gain

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() sold 135 Aztec West in Bristol in a deal worth £3.96mln, which seals a 62% gain since a March 31 book valuation.

The company said the property was refurbished in the first half of 2021 at net a cost of £1.45mln (£2.17mln total cost less tenant contributions of £0.72mln).

Cash proceeds from the transaction will be used to reduce the company’s gearing, Circle said.

The Aztec West transaction follows a deal announced yesterday, also in Bristol, which sees the company sell the One Castle Park office building to Boultbee Brooks for £20mln.

One Castle Park is a refurbished multi-let city centre office building providing 79,359 square feet of accommodation with a weighted unexpired lease term of 3.3 years to expiry and total rent passing of £999,543, or £16.42 per square foot, a year.

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