Work has finally begun on a new project which will address the shortage of Grade A office space in Bristol. The 60,000 sq ft scheme marks the return of speculative development to the city, demonstrating confidence in the local economy and the prospects for the commercial property market.
The building is in the prime location of Queen Square, at the Georgian heart of Bristol. Two older properties have already been demolished to make way for the development which will be built to the highest specification. Developers Skanska believe these factors will prove attractive to prospective tenants.
Speaking on behalf of the company, Kelly Ives told the Bristol Post that 66 Queen Square will set a benchmark in terms of sustainability and energy efficiency.
“It will be a premium product and the guide rent” (expected to be above the headline figure of £27.50 per sq ft) “reflects the quality of the product and the cost savings that it will provide for the eventual occupier.
“We have been encouraged by the levels of interest already expressed and are having an ongoing dialogue with various occupiers and their advisors,” she said.
Jones Lang LaSalle has been appointed as joint agent, along with Alder King, and director Jeremy Richards says the project reflects a stronger market. “A developer will only build where they think there is demand,” he added.
Bristol is one of the key regional locations that is set to become increasingly attractive to investors priced out of the London market and, going forward, prices and rental values are expected to rise accordingly.
The development at 66 Queen Square is scheduled to be completed in the spring of 2015.
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