Complex asset management – Bristol

Number One Temple Way is multi let office block acquired by my clients in 2012 via an inter-company sale and leaseback.

The adjoining land was previously occupied by the Bristol Evening Post printing press and was demolished in 2012 and forms part of a larger estate, approximately 3.5 acres,  consisting derelict warehousing and brownfield site, located in the centre of Bristol.

The office property, 81,000 sqft over two basements, ground to sixth floor, was inherited with a 60% vacancy rate and the immediate focus of strategy was to let the offices, mitigate voids and sell.

The offices had suffered years of under investment, suffered with poor location and large floor plates which were not easily divisible.  Benefiting from the loss of grade B offices, the building gradually filled up and is now 100% let, with a block date for vacant possession established in 2020.

The adjoining land, which sits on the corner of Old Market Street and Temple Way, was under offer for sale for £1.5 million at the time of our instruction.  We considered this an opportunity for development with student accommodation proving a viable option.  Construction on the scheme began in 2016, concluded in August 2017.

The site now comprises a ten storey building, providing 267 bed student accommodation building which now has an established 100% occupancy level and an annual net income for the Fund of £1.7m per annum.

The brownfield site to the rear of one temple way is the second phase of student development which will provide further student accommodation, intended for second year and post-graduates alike, as well as providing new commercial, residential and affordable housing.

Unity Street development commenced in Summer 2017 and is due to be delivered for August 2019 in readiness for the student intake year in September.

Removing the previously derelict buildings and injecting new life into this area of Bristol has been a cornerstone in Bristol council’s local development plan for the area with evidence of the regeneration now becoming apparent along Old Market Street.

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