Two key Bristol office buildings are set to be overhauled, bringing an end to almost four years of stagnation in the city’s development market.
Fund manager PRUPIM has decided to push the button on speculative plans to revamp the 36,000 sq ft One Victoria Street.
The comprehensive remodelling and refurbishment will increase the existing floorspace to 47,000 sq ft.
Cubex Land has been appointed development manager and contractor Leadbitter is due to start work imminently with completion scheduled for autumn 2013. Knight Frank has been appointed letting agent.
A second refurbishment is set to start as a result of the largest office letting in the city centre this year with Law firm Veale Wasborough under offer to prelet 40,000 sq ft at Standard Life’s vacant Narrow Quay House.
The building, which has been on the market for around four years, has quoting rents of around £22 per sq ft.
The law firm currently occupies 35,000 sq ft in Bristol, predominantly at Orchard Court with a 2015 lease expiry.
Standard Life is now expected to push ahead with a 58,000 sq ft refurbishment later this year.
The developments are the first large office schemes in Bristol since HDG Mansur’s 113,000 sq ft Bridgewater House project at Finzel’s Reach in 2008.
Jones Lang LaSalle advised Veale Wasborough and Standard Life.
jack.sidders@estatesgazette.com
