June 28, 2018
On behalf of Palmer Capital Development Fund IV (PCDFIV), a programmatic venture between CBRE GIP and Palmer Capital, Bristol developer Cubex has unconditionally purchased the former headquarters site of Avon Fire and Rescue in Bristol city centre.
The acquisition for an undisclosed sum follows competitive bidding from investors and developers from across the UK for what is one of the last few regeneration sites remaining in Bristol’s central business district.
Cubex plans a mixed-use scheme for the site that, subject to planning, will incorporate a 100,000 sq. ft. Grade A office building, together with over 300 homes likely to be for rent rather than sale and including affordable housing.
The site is opposite Cubex’s Aurora speculative office development. This was also funded by a programmatic venture between CBRE GIP and Palmer Capital. The building is one of the only BREEAM Outstanding buildings outside of London and has already achieved record headline rents for Bristol with lettings to Mewburn Ellis and Simmons & Simmons. Further space is under offer, which will result in the building being 85% let by practical completion in July. Cubex have developed out the wider £225m Finzels Reach development, which includes a 168 bedroom Premier Inn and 194 residential apartments.
Gavin Bridge, executive director of Cubex, said: “We plan to bring our strong local knowledge and track record of delivery in Bristol to speculatively develop our next sustainable office building of the same quality as Aurora, along with a series of apartment buildings likely to be aimed at the ‘build to rent’ market.
Chris Button, Head of Value Add REIM at Palmer Capital said: “We are delighted to follow the success of our previous investments in Bristol with the acquisition of the site. This is fully in line with our investment thesis, being the development of best in class sustainable and tech enabled real estate that provides occupiers with high quality accommodation.”
Alex Bignell, Region Head of UK, CBRE Global Investment Partners said: “We like the fundamentals of the Bristol property market and, as such, are pleased to support Cubex’s development plans for the former fire service headquarters site.”
Initial public consultations on design are likely to begin in the autumn of this year with a start on site in 2019.
See article here: https://bit.ly/2lEJ1Vl