The recent upturn in activity in the Bristol office market has prompted the city’s first speculative office refurbishments in five years.
Tom Dugay, office agency specialist at property consultants Alder King, said: “Last year we saw the return of speculative new build office development, with schemes now under construction at 66 Queen Square and 2 Glass Wharf in Bristol city centre, after a four year gap. We are now seeing the return of speculative office refurbishment after a similar period, as property owners and developers capitalise on the pent-up demand for flexible space.”
Verve Properties, the London-based company behind the highly successful Paintworks scheme in the Brislington area of the city, has recently embarked on an exciting redevelopment of Company House, a Grade II listed former brewery on Tower Hill near Old Market in Bristol city centre.
Known for its creative redevelopment of unusual commercial buildings with an industrial heritage, Verve recognised a gap in the Bristol office market for trendy office workspace that would inspire and appeal to the city’s vibrant creative sector.
It is now on site redeveloping the striking four storey period building to create 25,000 sq ft of flexible and creative commercial workspace to be known as the Brew House.
“Bristol’s growing creative and cultural sector values space with character,” says Tom. “Verve’s aim with this scheme is to bring some trendy Shoreditch character to the Bristol office market specifically to appeal to this sector which now accounts for 12% of all businesses in the city.
“The property has a distinctive stone façade and arched windows and the interior will be redeveloped to maximise its large floor plates and industrial heritage. Its location midway between Temple Meads and Cabot Circus and close to the Enterprise Zone and the heart of the city adds to its very strong credentials.”
Tom says that the return of speculative refurbishment is another important indicator of improving confidence in the market as owners and developers invest in their property assets.
“Refurbishment offers a quick and cost-effective way of maximising the value of a property and, with the right treatment, delivering the type of commercial space that the market requires. We’re confident that the creative sector will want to be a part of the Brew House.”
Alder King and GVA have been appointed as agents on the Brew House which will be available by the end of 2014. The property is available to let as a whole or in suites starting from 1,500 sq ft.
