Triston Capital’s EPISO 5 real estate fund has exchanged contracts to buy a freehold development site at 4 Glass Wharf Bristol.
The site, which market sources suggested had been bought for around £16m, has planning for 215,000 sq ft office building within the Temple Quarter Enterprise zone close to Temple Meads Railway Station.
The development site was bought from Salmon Harvester Properties /NFUMutual, who have recently successfully completed and fully let two adjacent office buildings – 2 Glass Wharf (100,000 sq ft) and 3 Glass Wharf (110,000 sq ft) – where tenants include PwC , Grant Thornton , Arcadis Group and HMRC . The Fund has retained Candour Group as development manager for 4 Glass Wharf.
Designed by Darling Architect Associates, the building comprises basement , ground and seven upper floors with a typical upper floor plate of 30,000 sq ft.
The Fund will speculatively develop 4 Glass Wharf with a scheduled completion for Q3 2022.
Nicho Jenkins , Managing Director at Tristan , said : “This development provides EPISO 5 with an opportunity to deliver a state of the art Grade A office building with large floor plates in the established new business district of Temple Quay in Bristol’s City centre. The project fits our mandate to develop offices in the CBD of one of the UK’s major cities. We are excited to be working with Candour and to be developing offices in a Bristol market that is currently under supplied.”
Rorie Henderson, Development Director at Salmon, said : “We have had great success on our recent office developments in Bristol where Grade A office rents have risen from £28 psf to mid £30’s psf in the last 3 years reflecting the undersupply of new City Centre office development. With recent large scale office lettings to HMRC and BT plc there remains very limited new Grade A supply which bodes well for more development.”
Alder King and HSM acted for Salmon/NFUM. Tristan was advised by CBRE, whilst Workman provided it with technical advice.