Multi Terminal premises will be interested in results as regional apetite is tested

The Irish Bank Resolution Corporation (IBRC) is preparing to test the south-west investment market by selling one of Bristol’s largest office properties.

The company set up by the Irish government following the nationalisation of Anglo Irish Bank and Irish Nationwide Building Society has invited agents to pitch for the mandate to sell Portwall Place in Bristol city centre.

This will be interesting for all businesses as well as manufacturing and distribution premises as it will illustrate the desire and need for commercial space in and around Bristol.

Bristol has been building its economic reputation and this potential sale is a good way of establishing the interest to invest in the area.

The property is one of the most significant assets to be sold in the city since the downturn, and will be a gauge of institutional demand for prime regional offices.

A sale would double this year’s investment total in Bristol, which stands at £50m, and would be the most significant transaction there since Aerium bought One Glass Wharf from the administrators of Castlemore Securities for £83m in March 2011.

The results will be most interesting.

Source: Property Week