Elmbridge Court Business Park near Gloucester sells for £6 million
PUBLISHED: 13:13 01 April 2015 | UPDATED: 13:13 01 April 2015
Bridges Ventures has agreed to sell the Elmbridge Court business park near Gloucester to Archimedes, a fund managed by M7 Real Estate, for £6m. The sale price reflects a net initial yield of 9%.
Elmbridge Court, located adjacent to the A40 between Cheltenham and Gloucester, is made up of 25 office buildings from 1,250 – 3,100 sq ft. Bridges subsequently has invested around £400,000 installing photovoltaic roof panels across the site which ultimately reduced the building’s carbon emissions by 60%, while also cutting tenants’ energy bills by 50%. The site went from being more than half vacant to a 100% full under Bridges’ ownership.
Guy Bowden, Acquisitions Director at Bridges Ventures, said: “Elmbridge Court has been a good example of how Bridges’ focus on improving environmental sustainability can deliver not only a positive societal impact through reduced carbon emissions, but also better value-for-money for tenants through lower energy bills. This has helped us to transform occupancy rates during the last three years. We’re sure the site will continue to go from strength to strength under its new ownership.”