Bristol office scheme approaches full occupancy
Following the agreement of the latest letting, a large office scheme in Bristol is now approaching full occupancy.
The Paragon, a 76,000 sq ft, Grade A speculative office scheme in Bristol, is now running at an occupancy rate of 90% after the latest letting has been agreed. Investment company Mercer and Marsh has agreed to take 18,500 sq ft of floor space on the ground and 1st floors. The headline rental price for the office building is £28 / sq ft. In September the accountancy firm Ernst & Young agreed to a 20-year lease for just over 20,000 sq ft of floor space at The Paragon, paying a reported rental price of £27.50 /sq ft.
The Paragon (pictured – website), is a £35m, energy efficient office building that was completed in 2009 by Bristol-based developer Cubex Land. Typical floor plates within the 6-floor building are approximately 14,000 sq ft. The offices have achieved a BREEAM rating of ‘Excellent’. Architects for the scheme were Stride Treglown, who were also appointed by Ernst & Young to undertake a £1m fit-out at the building.
Gareth Waite, Head of Office from Marsh, commented: “Our Bristol office has expanded its operations significantly in recent years and the move is well-timed to coincide with our continued growth plans.” He goes on to say: “…the new offices will serve to consolidate our position as the leading risk and insurance adviser in the region.”
Following this latest letting, agents King Sturge are to market the remaining 8,500 sq ft of floor space.
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