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 a speculative plans to revamp the 36,000 sq ft One Victoria Street.
The comprehensive remodelling and refurbishment will increase the existing floor space by more than 30% to 47,000 sq ft.
Cubex Land has been appointed development manager and work is due to start imminently. It is scheduled for completion in autumn 2013.
Knight Frank has been appointed letting agent to the project. Partner Martin Booth said: “With the continuing erosion of the supply of grade-A space in central Bristol, One Victoria Street will come to the market at the ideal time.”
Also this week, a second refurbishment has been kick-started by the largest letting in the South West city this year.
Law firm Veale Wasborough is understood to have gone 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 at Orchard Court with a 2015 lease expiry.
Standard Life is now expected to push ahead with the refurbishment later this year which will deliver 58,000 sq ft of office space in total.
The developments are the first sizeable office schemes in Bristol since HDG Mansur started speculatively building its 113,000 sq ft Bridgewater House at Finzel’s Reach in 2008. There is currently 340,000 sq ft of grade-A space available in Bristol, down from 650,000 sq ft in September 2008.
Jones Lang LaSalle advised Veale Wasborough and Standard Life.
