Grade-II listed office building in Bristol put up for sale for £1.9m

The freehold property in Brunswick Square is currently let out to a co-working operator

A Grade-II listed Georgian office building in Bristol that houses a co-working space has been put up for sale for nearly £2m. The property, at 15-16 Brunswick Square in the city centre, is set to be offered at auction on May 7.

The fully serviced offices are currently let to co-working operator Gather Round, which offers space ranging from two to 10 desks and bookable meeting rooms. It is understood the lease is in place until 2034.

The freehold property, which extends to approximately 8,640 sq ft and was comprehensively refurbished in 2021, generates an income of £206,000 a year, with five-yearly rent reviews.

The building is being put up for sale by property auctioneer and consultancy Allsop. The guide price is set between £1.7m and £1.9m.

Alex Neil, a partner at Allsop and the auctioneer responsible for selling the lot, said: “Opportunities of this quality and scale are rare in central Bristol.

“With a long, secure lease in place and the benefit of a recent refurbishment, the property also offers longer-term potential through alternative use, subject to consent. We expect the lot to appeal to investors seeking secure income underpinned by future flexibility.”

The news comes as office rents in Bristol continue to rise amid soaring demand for commercial space in the South West.

Annual take-up of workspace in and around the city reached 926,000 sq ft last year – 21 per cent above the five-year average – according to a report published in February. The city centre, alone, accounted for 604,000 sq ft.

Julian Watts, managing director for Bristol and South West at property firm Avison Young, said earlier this year that Bristol was “one of the strongest-performing cities” for office rents.

“With supply tightening and space under construction being pre-let, the market is poised for continued upward pressure on rents,” he said.