Mendip District Council has bought the historic Fermentation Buildings at Finzels Reach for £11.9m.
Bristol-based developer Cubex and funding partner Fiera Real Estate have sold the newly renovated office space, which has tenants including Channel 4, Historic England and English Heritage.
The deal represents a yield of 5.43%. The sale is part of the end of phase one of the Finzels Reach scheme.
Last year, Grainger took possession of the Hawkins & George build-to-rent apartments on the estate. The Aurora, a green office building, was sold to Royal London Asset Management. AXA forward-funded the Premier Inn hotel and Bridgewater House was purchased by a private European investor.
The second phase of Finzels Reach is now under way.
“This sale marks an important milestone for us in our journey to transform this once-derelict city centre site into a vibrant new quarter providing high-quality, unique places for people to live, work and socialise,” said Peter Walford, director at Cubex.
“We are excited to be now pressing ahead with our plans for the next phase of Finzels Reach and looking ahead to future development opportunities.”