April 8, 2016
Palmer Capital Development Fund III (“PCDF III”), a CBRE Global Investment Partners’ (GIP) programmatic venture, has acquired the Aurora site at Finzels Reach and will fund the office development.
PCDF III, which is managed by Palmer Capital and funded by clients of GIP, was launched in mid-2014 and has grown to over £200m of assets. Cubex Land is the development manager of Aurora.
The 0.4 acre site occupies a gateway position within Finzels Reach, a major mixed-use regeneration scheme in Bristol city centre. The site has planning consent for a 95,530 sqft net internal area Grade A office development over ground and six upper floors. Construction has commenced and the target date for completion is October 2017. The end value of the project is forecast to be in excess of £40m.
Alex Bignell, Head of UK at CBRE GIP says:
“We are delighted that our clients are able to participate in the exciting Aurora development. We are confident in the fundamentals of the Bristol office market.”
Chris Button, Director at Palmer Capital commented:
“Bristol has a shortage of Grade A office space which has already resulted in rental growth. Aurora will be the first new development to be completed and will deliver the very best office space Bristol has to offer in a vibrant, mixed-used location.”
Gavin Bridge, Director, Cubex Land commented:
“I’m delighted to enter into this development partnership and proud to be delivering Bristol’s first BREEAM Outstanding office building.”
