Construction giant Skanska is to build its first UK speculative development in Bristol, breaking a four-year supply drought in the city.
The firm is set to green-light the 66 Queen Square project, which will deliver 60,000 sq ft of grade-A office space into a market starved of speculative development since 2008.
Skanska bought the site from Titan Investors for around £8m last autumn, following its purchase of a development site at the Monument in the City of London last July. It is expected to bring forward the Bristol plans before the 130,000 sq ft proposed in London.
The 66 Queen Square scheme would be the first true speculative scheme in Bristol since HDG Mansur started its 113,000 sq ft Bridgewater House in 2008.
PRUPIM pushed the button on a speculative refurbishment of One Victoria Street last autumn.
The city’s development market looks set to come back to life, with vacant grade-A space limited to around 300,000 sq ft with just two buildings able to satisfy large requirements.
Bristol city council’s decision to buy into the central office district is expected to further bolster confidence.
Alder King and Jones Lang LaSalle have been appointed as letting agents on 66 Queen Square.
Skanska declined to comment.
