Tristan Fund Buys Prime Site in Bristol, UK, to Build Grade A Office in Heart of City’s CBD
Source: Tristan Capital Partners Press Release
11 November 2019, London: Tristan Capital Partners’ latest real estate opportunity fund, EPISO 5, has completed the acquisition of a 1.3-acre freehold site in Bristol city centre, known as 4 Glass Wharf, from a joint venture between Salmon Harvester Properties and NFU Mutual.
The site has planning consent for a new Grade A office building comprising approximately 210,000 sq. ft. net internal area over basement, ground and seven upper floors, and is being brought forward in partnership with developer Candour Group.
The development will be led by Candour Group, a London-based development and asset management firm focused on creating best-in-class, workspace-led development assets. Construction is set to commence in mid-2020 with completion anticipated mid-2022.
The site is located within the Bristol Temple Quarter Enterprise Zone, next to Bristol Temple Meads Station. 4 Glass Wharf is also adjacent to the recently announced University of Bristol Quarter Enterprise Campus. Existing nearby office occupiers include PwC, Grant Thornton, Natwest, Hargreaves Lansdown, Bank of Ireland, Simmons & Simmons, OVO Energy and HMRC.
Nicho Jenkins, Managing Director at Tristan Capital Partners, said: “This development provides EPISO 5 with an opportunity to deliver a state-of-the-art Grade A office building in the established new business district of Temple Quay in Bristol’s city centre. The project fits our strategy to develop offices in low-vacancy, supply-constrained markets in the UK."
The Bristol office market has experienced a strong level of take-up over the past four years, combined with falling supply due to conversion of former office buildings to alternative uses, such as residential. This has resulted in consistent rental growth for available new Grade A offices in a market that has so far seen a very limited level of new Grade A office developments.
Toby Pentecost, Co-Founder of Candour Group, said: “As an occupier-focused developer, we are confident that this will be a fabulous and much-needed addition to the city centre – it will deliver a best-in-class workspace for thriving businesses, with sustainability, occupier wellbeing, connectivity and design quality at its heart.”