February 16, 2016
MARKET UPDATE: GOOD TIME TO BUY
Finzels Reach continues to be a highly sought after location for residents with Cask Store offering beautiful apartments to the market which are in high demand.
The new year has brought with it a renewed demand for significant quality city centre apartments, with high levels of reservations being seen across the city. Finzels Reach has benefitted from this with over 80% of the latest phase now sold. Demand is likely to remain strong for Finzels Reach with the city experiencing high enquiry levels for this type of property but with few new developments launching to the market.
LETTING NEWS
‘Recent research from the HomeLet Rental Index puts Bristol joint top of its league table, recording the largest increase in rents in 2015 amongst the country’s largest towns and cities. On average rents on new tenancies in Bristol last year were 18% higher than on new tenancies in 2014. These figures come as no surprise to us, and we have seen this happening first hand at Finzels Reach where one bedroom apartments are now achieving rents of £900-£950 PCM. We are strongly advising investors looking for good yields and future long term capital growth to consider Finzels Reach, where we are confident that the achievable rents in future releases will be even higher.’
Deborah Hadley, Director. The Bristol Residential Letting Co.
SAFE AS HOUSES
Finzels Reach has the added benefit of an on-site estate manager and 24/7 security.
Richard manages the Finzels Reach estate and looks after both office occupiers and residents; dealing with all queries relating to access, maintenance and day to day operations to ensure a hassle-free, safe and enjoyable experience for all who visit and work at Finzels Reach.
CONSTRUCTION PROGRESS: CASK STORE
The temporary steelwork structure that provided support to the stone façade next to the Floating Harbour has started to be removed whilst the new steel frame and staircase core is put in place.
As the steelwork for each floor is completed, the metal decking that forms the structure of each floor is installed. This will then be topped with concrete that will provide the structure to the floor of he apartments. In future months, this will have the under floor heating pipework laid on top and finally the engineered wood flooring.
DEVELOPER UPDATE
- All apartments in Castle Wharf, Hop Store and Malt House are now sold and occupied.
- Construction work has commenced on the Premier Inn hotel that will occupy Temple Plot West. The 168 bedroom hotel is due to open in Spring 2017.
- Public seating and lighting have been completed on Temple Street and East Tucker Street which now provides an active thoroughfare to Bath Street and beyond.
- Planning permission has been granted for Aurora, a 95,000 sq ft Grade A office on Temple Plot East.
- Site investigation work has begun in preparation for Finzels Bridge which will link Finzels Reach to Castle Park and beyond. The bridge is expected to open in Autumn this year.
- The Fermentation Buildings have attracted high levels of interest from café and restaurant occupiers – we look forward to making further announcements soon.
- The 115,000 sq ft Grade A Bridgewater House (photo the right) is now fully let.
RESIDENTIAL: CASK STORE
The latest residential phase is now 80% sold.
The Refined Collection of apartments which showcases high specification finishes and outstanding spaces, many with water views, are now available. Contact the Savills Marketing Suite on 0117 30 20 100 for further information.
COMMERCIAL: STAY AWHILE
The 168 bedroom Premier Inn is due to open in 2017. It is estimated that the hotel could provide up to 80 jobs as well as providing a much needed additional accommodation option for business and leisure visitors to the city. Piling is due to commence on site shortly.
COMMERCIAL: AURORA
A new standard for Bristol offices. Arranged over seven floors plus basement and roof terrace, Aurora will be a landmark headquarter building boasting a striking façade and outstanding specification with typical floor plates of 15,000 sq ft. Construction work has commenced and the office is expected to be ready for occupation in Q3 2017.