Ernst & Young takes slice of Bristol’s Paragon

  Accountant Ernst & Young has agreed to take more than 20,000 sq ft within Cubex Land’s The Paragon scheme in Bristol city centre. Ernst & Young has agreed to take 20,322 sq ft on a 20-year lease at a rent which starts at £27.50 per sq ft. The firm is the second to take space at The Paragon, which was completed last year. In 2008, law firm Thring Townsend Lee and Pembertons signed a prelet for around 20,000 sq ft. Following the Ernst & Young letting, 32,000 sq ft of the 76,000 sq ft building is available. The transaction comes soon after developer UK & European struck a deal with insurance firm NFU Mutual to increase its occupancy of the Templeback scheme by 22,500 sq ft to more than 40,000 sq ft. Agents claim the deals represent a strong start for Bristol’s office market in 2010. During 2009, only six deals were done above 10,000 sq ft, with the largest for slightly less than 15,000 sq ft. Peter Walford, partner with Cubex, said: “[Ernst & Young’s] decision to move to our building reinforces the fact that the financial and business heart of the city is now firmly established in and around Victoria Street and is a real endorsement to our view that The Paragon is the very best office building in the City.” Ernst & Young senior partner, Richard Jones, commented: “The South West and Bristol are seen as critical to Ernst & Young’s growth plans in the UK and our investment in new offices sends out a strong message to the marketplace of our ambitions and commitment to the region.” Hartnell Taylor Cook and King Sturge advised Cubex; DTZ advised Ernst & Young. daniel.cunningham@estatesgazette.com