With office supply dwindling in many regional business locations, refurbished space is increasingly in demand and rents are growing for the first time since the start of the recession in 2008.
This is certainly the case in Bristol where Paul Williams, of national property consultancy Bruton Knowles, reports brisk interest in refurbished office space in the vicinity of the main commercial areas of the city. And as activity continues to climb Bruton Knowles has let two refurbished office suites near the city centre.
The first is a 2,000 sq ft second floor suite at 35-38 High Street (pictured), which has been let out to specialist social care recruitment team Brook Street UK Ltd, which has relocated from a nearby property that is due for residential conversion.
Brook Street is the second firm from the recruitment sector to take space in the property, joining Office Angels who occupy the ground floor. The first floor is let to a Bikram Yoga centre.
The modern open-plan office accommodation is in a prominent location overlooking the high street and is in close proximity to Broadmead and the popular Cabot Circus Shopping Centre. It was let off a quoting rent of £10 per sq ft.
Bruton Knowles has also let a floor at 1 York Court to Smallprint Franchising Ltd on behalf of landlord Interplan Interiors, prior to the completion of the refurbishment of the space. The 760 sq ft open plan suite is also close to Cabot Circus and comes with the benefit of on-site parking, which is unusual for smaller suites in the city centre.
Mr Williams said: “The area around the fringe of the city centre is especially popular with charities and design/creatives who don’t necessarily need to be located in the absolute centre, where occupational costs are high and parking is expensive and difficult to come by.
“We were able to achieve a rent of £12 per sq ft despite the fact that the refurbishment of the building was still ongoing, and we have good interest in the remaining two floors of 900 sq ft each. I expect these also to be let shortly.
“Whilst the Brunswick Square area has traditionally lagged behind the city centre in terms of rental levels, it is now experiencing something of a renaissance, as businesses wake up to the benefits of a convenient and accessible location, which still benefits from lower than average occupational costs.”
Footfall in the area is expected to increase even further shortly, as next month sees the opening of the new Hampton by Hilton hotel, which is based in a former office building on the corner of Bond Street.
Posted by Chris Grigorovsky
Photo by Bruton Knowles
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