News

DLUHC signs for 30,000 sq ft at LGIM Bristol offices

News

Pui-Guan Man

22 February 2024

Offices

Bristol, South West

The Department of Levelling Up, Housing and Communities has signed a deal with Legal & General Investment Management to occupy 30,000 sq ft of refurbished offices in Bristol.

The government department will take up space at LGIM’s Neighbourhood North scheme on a 10-year lease.

Formerly known as North Quay House, Neighbourhood North is the first of three buildings within a group to be refurbished as part of plans to improve their appearance and performance. It sits within L&G’s UK Property Fund, which invests in UK office, retail, industrial and residential properties.

The project is targeting a BREEAM Outstanding rating. LGIM opted for a comprehensive refurbishment and small extension to the existing building to minimise embodied carbon, rather than redevelopment.

LGIM said the redevelopment produced 28% lower upfront carbon than the Low Energy Transformation Initiative’s 2030 target and 31% lower embodied carbon than the Royal Institute of British Architects’ 2030 ambition.

The building has moved from gas to an all-electric model. It has adopted circular economy practices by reusing the gas boilers in-situ on another scheme in Cardiff. Features also include refurbished floor tiles, recycled roof coverings and increased on-site renewables.

Nicola Hurst, senior asset manager at LGIM Real Assets, said the deal shows office schemes that are “high quality and boast green credentials can continue to attract occupiers for the long-term”.

“We place emphasis on developing an identifiable and exceptional place to attract new businesses and employment opportunities in, especially catering for a new generation of occupiers who seek sustainable, low-carbon, amenity-rich workspace,” she added.

Andrew Mercer, office sector lead at LGIM, said the office letting is a “positive” sign for the market.

“[Delivering] an outstanding product can attract the best occupiers and generate a strong rental income for our investors,” said Mercer. “This is why we continue to invest in our office spaces, responding to the demand for high-quality products which aim to provide occupiers with an attractive and healthy place to work.”

Knight Frank and Hartnell Taylor Cook acted as the office leasing agents.

Send feedback to Pui-Guan Man

Follow Estates Gazette

DLUHC, LGIM

The Department of Levelling Up, Housing and Communities has signed a deal with Legal & General Investment Management to occupy 30,000 sq ft of refurbished offices in Bristol. The government department will take up space at LGIM’s Neighbourhood North scheme on a 10-year lease. Formerly known as North Quay House, Neighbourhood North is the first of three buildings within a group to be refurbished as part of plans to improve their appearance and performance. It sits within L&G’s UK Property Fund, which invests in UK office, retail, industrial and residential properties. The project is targeting a BREEAM Outstanding rating. LGIM opted for a comprehensive refurbishment and small extension to the existing building to minimise embodied carbon, rather than redevelopment. LGIM said the redevelopment produced 28% lower upfront carbon than the Low Energy Transformation Initiative’s 2030 target and 31% lower embodied carbon than the Royal Institute of British Architects’ 2030 ambition. The building has moved from gas to an all-electric model. It has adopted circular economy practices by reusing the gas boilers in-situ on another scheme in Cardiff. Features also include refurbished floor tiles, recycled roof coverings and increased on-site renewables. Nicola Hurst, senior asset manager at LGIM Real Assets, said the deal shows office schemes that are “high quality and boast green credentials can continue to attract occupiers for the long-term”. “We place emphasis on developing an identifiable and exceptional place to attract new businesses and employment opportunities in, especially catering for a new generation of occupiers who seek sustainable, low-carbon, amenity-rich workspace,” she added. Andrew Mercer, office sector lead at LGIM, said the office letting is a “positive” sign for the market. “[Delivering] an outstanding product can attract the best occupiers and generate a strong rental income for our investors,” said Mercer. “This is why we continue to invest in our office spaces, responding to the demand for high-quality products which aim to provide occupiers with an attractive and healthy place to work.” Knight Frank and Hartnell Taylor Cook acted as the office leasing agents.