Last year’s best-ever financial year for the Bristol offices of global property consultancy Knight Frank continued throughout 2019, with both residential and commercial property businesses reporting better than expected trading performance in the city.
Knight Frank LLP is the leading independent global property consultancy, with headquarters in London and more than 19,000 people operating from over 512 offices across 60 territories around the world. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants.
In Bristol Knight Frank has two offices in Clifton, one on Whiteladies Road advising commercial clients and the other in Regent Street providing a residential estate agency service. Both reported their best-ever financial performance for the financial year to March 2019, and that success continued throughout the remainder of 2019.
Steve Oades, head of the Knight Frank commercial property division in the city, said: “2018-19 was a record year for the commercial team here with revenues up 12.5 per cent over the previous 12 months.
“During the year our Capital Markets team advised on over £180m of investment deals including Aurora at Finzels Reach for £62m and Jaguar Land Rover’s new flagship dealership at Cribbs Causeway for £24m.
“The Logistics & Industrial team have advised on the region’s largest transactions throughout, totalling over 3m sq ft at Central Park, Bristol and are now involved in the biggest wave of new development the City has seen in a generation. New developments at Access 18, Avonmouth; Junction One, Severnside; and More+, Central Park will define the way logistics serves Bristol for years to come.”
Knight Frank’s Office Agency was involved in a number of the city’s biggest deals last year including Parmenion, Desklodge and Castleforge, achieving new record rents for the city along the way.
“Going forward we’re also advising on the city’s key office and mixed use schemes including 90,000 sq ft of speculative offices at Glassfields and the second phase of Finzels Reach, comprising over 300 new homes and Halo – a new 100,000 sq ft office development,” said Steve Oades.
“Bristol’s commercial property market is holding up remarkably well considering the uncertainty and turmoil during 2019. Deals are taking longer to happen but they are happening – and big ones too. BT’s acquisition of 200,000 sq ft of offices at The Assembly will be one of the biggest lettings in the UK let alone the South West. Bristol continues to be one of the UK’s most attractive centres for investment despite the economic and political headwinds. However we are all hopeful of calmer conditions in 2020.”
Knight Frank’s residential agency achieved record incomes in the financial year to March 2019, with £120 million sales of homes to clients. Landmark sales during the year included The Horse Race which had a guide price of £2.65 million off the open market and a number of further prime sales sold off market.
In addition, Knight Frank sold the most expensive apartment in Clifton for a decade at £1.65 million.
James Toogood, head of the residential agency division, said: “In 2019, sales were up 45 per cent on 2018 and property viewings were 26 per cent higher.”
House sales in 2019 included Abbots Leigh House which had a guide price of £3.75 million and Harptree Court in East Harptree which has exchanged at a figure in excess of the quoted £4 million guide price.
James Toogood added: “Demand for residential property in Bristol has been strong in spite of the more uncertain political and economic backdrop. Needs-based purchasers who are moving for work, schooling, or lifestyle reasons have been particularly active, especially in the market for homes valued between £500,000 and £1.5 million. Often such buyers are willing to take a longer term view of the market and subsequently, are able to see past the current short term uncertainty.
“Following a record year in 2018/19 for Knight Frank in terms of sales to residential clients, a rise in registered buyers and viewing activity in the remainder of 2019 provides further cause for optimism. The number of offers made and offers accepted between April and December is also notably higher than at the same point in 2018 which suggests that buyer and seller expectations on price are more closely aligning. In our view, we could see more demand coming back to the market and potentially a further rally in activity. Current and new vendors, whose properties are priced to reflect market conditions, may be well placed to take advantage.”
