Circle Property PLC (LSE:CRC) is selling the office building One Castle Park in Bristol to Boultbee Brooks for £20mln.
The specialist property investor said the sale price represents an increase of 3.9% on valuation of £19.25mln at the end of March this year. Circle Property bought the building for £4.16mln in November 2012.
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. The pre-tax profit for the year ending 31 March 2021 attributable to One Castle Park was £0.65mln.
The sales proceeds will be used to reduce gearing, Circle Property said.
Completion of the disposal is expected to take place on 16 December.
--Corrects buyer name--