Ellandi & Development Securities sells Colston Tower
Posted by Ellandi on 24th Nov 2014
Colston Tower, an 89,000 sq
ft office building & iconic feature of Bristol’s sky line has been sold for
The tower was acquired for £7.6 million by Ellandi &
Development Securities in a joint venture off market deal in 2011 at an initial
yield of 10.08%.
A rolling refurbishment programme since acquisition has seen
improvements both inside & out to the value of £1.9 million. These improvements
have bought a number of new occupiers to the scheme and increased headline
rents from £9.50 psf to £14.50 over the period of ownership.
Colston Tower is Ellandi’s only non-retail acquisition & the
sale allows the shopping centre specialists to further develop their growing
portfolio which currently consists of twelve schemes with one more due to
Mark Robinson, Investment
Director of Ellandi said:
“We have executed and then
exceeded our business plan for this investment. This year has been a big year
for Ellandi with the company doubling in size in terms of assets & staff.
"The profitable sale of Colston Tower is a testament to the asset management
principles, resources & expertise at Ellandi which can be applied across
different sectors to achieve outstanding returns. "