Kenmore purchases New Broadmead, Bristol for £20.5 million

Kenmore purchases major retail island site in New Broadmead Bristol

27 September 2007

Kenmore Property Group has completed the purchase of New Broadmead in Bristol from ING for £20.5 million reflecting a net initial yield of 5.8%.

The property is located on Union Street and comprises an island site with 16 units totalling 61,146 sq ft (5,680 sq m). Current tenants include Next, Oasis, Monsoon, Office Shoes and French Connection.

This acquisition is a sign of Kenmore’s confidence in the potential of Bristol city centre, which is anticipated to move up the ranks in the top centres within the UK from 23rd to 7th following the opening of The Alliance’s Cabot Circus scheme.

Andrew Brooksbank, Investment Director, Kenmore commented:

“There is tremendous change occurring in the Bristol retail market and our acquisition of New Broadmead gives us an opportunity to get involved in the regeneration of this key area of the city centre.  We intend to update and refurbish the holding and maximise value through strategic asset management, working with a number of the tenants to re-gear existing leases.” 

Savills acted on behalf of Kenmore and Nelson Bakewell advised ING.