One of Temple Quay's largest office buildings has been sold for £21.5 million.

The 75,750sq ft office building, set in the heart of the Temple Quay district, has been sold by AXA CIS to Credit Suisse Asset Management, with an annual rent of £1.65m.

John Sisman, partner at Knight Frank in Bristol, said: "The past six months have seen a series of significant investment deals completed in the city.

"While it's clearly too early to say that the market has turned, deals like 3 Rivergate do demonstrate revived investor confidence.

"Bristol has a great deal to offer to investors and we are seeing a steady increase in investor interest, particularly at this high prime end of the office and distribution markets."

The sale of 3 Rivergate follows another recent deal completed at the nearby Temple Point building on Redcliffe Way, which was purchased for a client by Knight Frank for more than £16m, as well as the £26.5m purchase for a private investor of the Sainsbury's regional distribution centre in Emersons Green back in February this year.

He added: "Our direct experience during the first six months of 2009 proves that investors are still willing to invest at strong prices but only in those opportunities offering the very best property fundamentals of location and quality.

"Whilst we still see a difficult 12 months ahead as the economy negotiates a way out of recession, there will be some excellent buying opportunities for investors in a sector which traditionally has offered favourable returns over other asset classes."