Flagship Bristol offices come to market

Posted on by John Cronin

A flagship Bristol office complex that was previously owned by failed property group Castlemore has come to market with a price tag of £82m.

The One Glass Wharf development affords some 215,000 sq ft of high grade office floor space, of which 81% is pre-let to law firm Burges Salmon. Approximately 42,000 sq ft on the ground to second floor is vacant and is being marketed at £27.50 per sq ft. The asking price of £82m would give an initial yield of 6.75%.

One Glass Wharf was left part-finished when Castlemore Securities collapsed in 2009. Castlemore reportedly had a £1billion property pipeline including 40 Holborn Viaduct, a 178,000 sq ft office block overlooking Holborn Circus, London.

One Glass Wharf is part of the Temple Quay area of Bristol, located only a short distance from the City Centre in what is reportedly “rapidly becoming known as the city’s business hub”. The area has seen a significant inward investment and has seen speculative office developments completed within the last two years.

Other recent developments in this new business quarter area of Bristol include The Paragon, a £35m speculative office development in nearby Victoria Street in the Redcliffe area of Bristol. Ernst & Young recently let 20,322 sq ft of office space over two floors at The Paragon on a 20-year lease at a rental price of £27.50 sq ft.

Alder King and King Sturge are advising on the sale of One Glass Wharf; Alder King and Lambert Smith Hampton are letting agents on the vacant space.

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