Circle Property disposes of 135 Aztec West property for £3.96m

Real estate investor Circle Property said on Friday that it had disposed of its 135 Aztec West asset in Bristol to Assure Aspire for £3.96m.

Circle Property stated the sale price represented a 156% increase before refurbishment costs, or 62% post-refurbishment, on the property's 31 March valuation of £1.55m.

The building was refurbished in the first half of 2021 at a cost of approximately £2.17m, less tenant contributions of £725,000, resulting in a net cost to the Company of £1.45m.

The AIM-listed firm said cash proceeds from the sale would be utilised to reduce the company's gearing from its current level.

As of 0920 BST, Circle Property shares were down 2.44% at 200.0p.