Commercial Estates Group (CEG) is drawing up proposals for what would become Bristol’s largest ever office scheme.
The £100 million development would see the creation of an eight storey tower and basement designed around a double height atrium, measuring around 200,000 sq ft. The building will be known as Aspire, and CEG claims that as many as 2,500 workers could be housed in the open-plan style office levels.
Although plans are yet to be submitted for consideration by the local council, work has already begun to clear the intended site, which is located in the vicinity of Temple Mead station in the heart of Bristol’s business district.
The developer’s confidence may be due to the fact that Bristol City Council originally approved plans for an eight storey office tower on the site in October 2012 yet, due to a number of issues, the project stalled and is just now being brought back to the forefront of the city’s development pipeline.
Development project manager and head of acquisitions and disposals for London & South at CEG, Nick Lee, believes the project has come at a good time for Bristol, especially considering the current demand for space.
He says; “Available high quality office space in Bristol is at an all-time low and this development will ensure that we can deliver a Grade A development in the heart of the city to meet the pent up demand.”
As the scheme will located at the heart of Bristol’s business district, CEG is expecting a high degree of interest from the professional services sector, as these firms are tenants in the majority of the surrounding buildings. The likelihood of this increases when the fact that the Temple Quarter Enterprise Zone is in very close proximity, indicating that pre-letting activity for the property will be very high.
While CEG does not intend to begin construction work on the site until the beginning of next year, it has already made the decision to appoint property firms CBRE and Williams Gunter Hardwick to begin marketing space within the development.
Senior director of CBRE’s Bristol office, Philip Morton, says; “We know that the London market is overheating.
“Occupation costs have rocketed, skilled staff are finding it too expensive to live there and organisations are reviewing occupation costs.
“The electrification of the London to Bristol railway line in 2017 will put us just 80 minutes from the heart of London, making Aspire an ideal alternative for those businesses headquartered in London or international companies needing easy access to Heathrow.”
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