KEEPING YOU IN THE LOOP

Bristol’s Greenest Office Building Achieves WiredScore’s Highest Connectivity Rating

Aurora, one of the very few office buildings being built speculatively in the city, has been awarded the highest rating for connectivity, achieving a Wired Certified Platinum rating.

This follows national recognition for the building’s environmental credentials. Aurora is one of the greenest buildings in the country – the only office development outside London, and one of just six in the UK to achieve the BREEAM ‘Outstanding’ award under the new, toughest rating scheme[1].

Aurora is part of Finzels Reach, the highly-regarded new quarter being created on Bristol’s waterfront in the heart of the city by Cubex and funded by Palmer Capital in a programmatic venture backed by clients of CBRE Global Investment Partners. Already 40% let to international law firm Simmons & Simmons and intellectual property specialist Mewburn Ellis LLP, with negotiations underway on two further floors, Aurora will be ready this summer for companies to start fitting out their own offices.

Wired Certification examines the connectivity of office buildings, and takes into account criteria such as WiFi coverage, wayleave agreements, and cable pathways – the building’s digital backbone. Wired Certification ensures the building is future proofed for continued further development of the digital infrastructure.

Peter Walford, director at Cubex, said: “We are hugely proud of this latest award for Aurora, now recognised not only as one of the greenest office buildings in the country, but also one of the most high tech. WiredScore carried out an incredibly in depth and thorough analysis of our building and we hope our Wired Certified Platinum rating will help give businesses the reassurance they need that our building can effectively support their commercial endeavours now and into the future.”

William Newton, President and EMEA MD at WiredScore, said: “Bristol is at the forefront in the exploration of the next generation of wireless and wired connectivity; it hosted the first 5G trials in the UK. It is great to see Cubex taking the necessary steps to guarantee that Aurora is future-proofed and will be able to accommodate tech innovations, such as 5G, as they are commercialised.”

Connectivity is particularly important in the tech and media sector, currently growing rapidly in Bristol which is building a global recognition as a tech city. Aurora includes the standalone ‘Studio A’ specifically designed with this growing community in mind. Studio A has its own separate entrance, reception and private facilities, making it ideal for one of the companies spinning out of spaces such as Engine Shed, which are struggling to find room in the city to grow.

Once complete, Aurora, a 95,000 sq. ft. ‘Grade A’ building, will consist of six storeys and key ‘green’ features including rooftop mounted solar panels, intelligent LED lighting, water saving technology and an emphasis on creating a healthy working environment, with fresh air and plenty of natural light from the floor to ceiling glazing. There will be bicycle storage facilities, lockers and showers on site.

Anyone interested in finding out more about locating their business to Aurora and / or Studio A should contact Martin Booth at Knight Frank martin.booth@knightfrank.com or Chris Meredith at Savills cmeridith@savills.com.

[1] The scheme achieved a BREEAM ‘Outstanding’ design stage certificate under the BREEAM New Construction 2014 for Offices assessment category.

Landmark Bristol build-to-rent scheme hits major milestone

Renters in Bristol are one step closer to experiencing a new way of renting as Grainger plc, the UK’s largest listed residential landlord, topped out its Hawkins Lane Apartments and Georges Wharf Apartments this week at the Finzels Reach development in the city centre.

The 194-home build-to-rent scheme being developed by Cubex will be one of the first to open in Bristol. Build-to-rent – clusters of professionally managed homes designed specifically for rent – is one of the fastest-growing areas of the housing market.

Nearly a quarter of Bristolians rent privately, according to Bristol City Council, and the number is only expected to go up.

Grainger, a FTSE-250 listed business with over 100 years’ experience as a leading, responsible and professional landlord, wants to raise the bar in the local rental market by creating attractive, high quality homes for rent offered with long-term tenancies. A mix of studios, one and two-beds will be available at Finzels Reach, spread over two neighbouring blocks.

Crucially, Grainger is targeting the mid-market with its developments, meaning that the homes at Finzels Reach should appeal to a wide range of people already living and working in the area. All residents of Hawkins Lane and Georges Wharf Apartments will also have access to a range of contemporary shared spaces, including a 500 sq. ft. sky lounge, complete with a dining space and kitchen, which residents will also have the option to book out exclusively for entertaining friends.

Unlike buy-to-let landlords or traditional letting agents, Grainger is not charging any admin or renewal fees and will offer flexible, long-term tenancies of up to three years, as the award-winning company wants to transform renting from being a tenure of last resort into a genuine alternative to homeownership that is good value for money. Rents, which will be announced closer to completion, will also include superfast fibre optic broadband that residents can access from day one.

Hawkins Lane and Georges Wharf Apartments sit right at the heart of Finzels Reach, a mixed-use regeneration project by Bristol-based developer Cubex. Willmott Dixon, one of the UK’s biggest construction firms, is building the homes for Grainger.

Helen Gordon, chief executive of Grainger plc, said:

“Bristol faces the same housing pressures as many other major UK cities, particularly a shortage of quality rental housing that is crucial to meeting the needs of today’s workforce, which is increasingly flexible and global in its outlook.

“With Hawkins Lane and Georges Wharf Apartments we are aiming to deliver high quality homes for rent in a great location with good customer service, designed to attract people who will want to rent with Grainger for the long term”

Councillor Paul Smith, cabinet member for housing and communities at Bristol City Council, who performed the topping out ceremony said:

“Bristol needs a mixture of different types of housing and professionally-managed, quality rental homes of the type Grainger will be providing at Finzels Reach are a key part of this and are important to the city’s long-term growth and prosperity.”

Gavin Bridge, director of Cubex Land, said:

“In choosing Grainger to partner with us on this project, we knew we would be adding not only much-needed high quality accessibly-priced rental homes to the housing mix at Finzels Reach, but also bringing in a long-term investor who would have a real stake in the community.”

John Boughton, deputy managing director from Willmott Dixon, said:

“As a Bristol-based company, we are very proud of our work to build Hawkins Lane and Georges Wharf Apartments. They add to our growing portfolio of successful build-to-rent projects and underline the strength of our expertise in the residential sphere.”

New space underway for burgeoning tech and media sector

A standalone office on the ground floor of Aurora, the landmark green office building being developed speculatively at Finzels Reach, is being fitted out to appeal to companies in Bristol’s burgeoning tech and media sector.

Studio A, a 3,160 sq ft self-contained space for up to 40 people, has its own separate entrance, reception and private facilities, making it ideal for one of the companies spinning out of spaces such as Engine Shed, which are struggling to find room in the city to grow.

With exposed services in the ceiling and a more ‘funky’ interior design, Studio A still benefits from the ‘super-green’ credentials, lower running costs and high quality of the rest of the building.

Cubex, the developers behind Aurora, believe this approach will provide the perfect combination to appeal to ambitious companies in one of Bristol’s fastest-growing sectors, which need to attract and retain highly skilled staff in a competitive industry.

Peter Walford, director at Cubex said: “Bristol’s reputation as a growing centre for tech and media industries is well-documented but there’s fierce competition to attract the best staff and companies are on the lookout for inspiring work spaces to help give them a real edge.  We have therefore decided to give a different interior treatment to Studio A, making it an ideal home for an ambitious media or tech company.”

“Studio A will benefit from the low running costs of Aurora due to its green credentials but, as a self-contained suite, the budget building service charge will be reduced to a competitive £3 per sq ft making the overall running costs significantly cheaper than many other similar sized offices.  Furthermore, being situated within the Temple Meads Enterprise Zone, occupiers can benefit from up to 100% rates discount which further adds to the financial attraction.”

Work is now nearing completion on the 95,000 sq ft Aurora, Bristol’s only ‘Grade A’ speculative office building, which is part of the Finzels Reach, the highly-regarded new quarter being created on Bristol’s waterfront in the heart of the city by Cubex and funded by Palmer Capital.

Finzels Reach provides an ideal environment for businesses, being a short walk over the new Castle Bridge to Bristol’s Shopping Quarter and only a few minutes from the Old City and across to Temple Meads Station. It is already home to a popular weekly street food market, recently-opened Premiere Inn hotel and a range of bars and restaurants are set to join them, with brewer Left Handed Giant and Casamia having recently announced plans to open there. When complete, some 2,500 people will live or work in the thriving new neighbourhood.

Already 40% let to international law firm Simmons & Simmons and intellectual property specialist Mewburn Ellis LLP, with negotiations underway on two further floors, Aurora will be ready this summer for companies to start fitting out their own offices.

Aurora is the only building outside London and one of only six in the UK to achieve the BREEAM ‘Outstanding’ award under the new, toughest rating scheme. It also holds a LEED Gold standard. Aurora is the only speculative office development currently under construction in Bristol.

Once complete this summer, Aurora will consist of six storeys and key ‘green’ features including rooftop mounted solar panels, intelligent LED lighting, water saving technology and an emphasis on creating a healthy working environment, with fresh air and plenty of natural light from the floor to ceiling glazing. There will be bicycle storage facilities, lockers and showers on site.

Anyone interested in finding out more about locating their business to Studio A or Aurora should contact Martin Booth at Knight Frank (martin.booth@knightfrank.com) or Chris Meredith at Savills (cmeridith@savills.com).

The clock is ticking…time to plan (further) ahead

The battle for office space in Bristol is now so fierce, major occupiers are starting to plan moves up to five years ahead. That’s not what businesses here are used to. Typically, most would start planning a couple of years ahead of the end of their lease, but that’s rapidly becoming a high-risk strategy. That’s so much easier said than done, I know. But there’s no getting away from it – we’re now looking at the lowest availability of office space in over 20 years. And if we don’t start getting more development underway soon, the impact on Bristol-based occupiers and the wider Bristol economy will be significant.

The city of Bristol is thriving, now collecting global accolades in everything from the New York Times to National Geographic. It is most definitely on the world map. And with that comes competition for space. We are now facing a squeeze on property, much like that seen in Manchester and Birmingham in recent years – where the supply of office space – across all grades – is failing to keep up with demand. The difference between Bristol and the likes of Birmingham and Manchester though, is the near dearth of cranes in the South West’s skies.

Not only does the shortage of development mean far longer lead-in times for occupiers, it will inevitably push up rents too. The most recent deal on Aurora, the landmark green office building being developed speculatively by Cubex at Finzels Reach, was struck on £32.50 per square foot. And already that’s looking like a pretty good deal for law firm Simmons & Simmons as prices on remaining floors are expected to climb towards £35 per square foot, because there is simply nothing in Bristol to rival it in terms of quality, services, environmental credentials and style. Dyson recently paid £32.50 per square foot for One Cathedral Square and that was a Grade A refurbishment, rather than newly built.

And it’s not just property prices going up. There is the inexorable rise of energy prices too. So in fact, going green is one way to stay out of the red. The only building outside London and one of just six in the UK to achieve the BREEAM ‘Outstanding’ award under the new, toughest rating scheme, Aurora will offer its tenants huge savings in terms of energy bills and running costs, thanks to rooftop mounted solar panels, intelligent LED lighting and water saving technology. Enough to equate to around £2 per square foot, which can make quite a difference to the bottom line.

So why are businesses heading West? We know from interest in Aurora that there is a major drive amongst financial and professional services companies to relocate from the expensive and saturated South East and as mergers and acquisitions take place in the wider pursuit of cost savings. To that end, recruitment and retention of talent is high on the agenda of many a legal and financial services firm here, which means quality of life, staff wellbeing and the working environment count as they have never counted before.

We are some way off the level of development required in Bristol to service the growing demand for offices. This is why long-term space planning for expanding businesses is now mission critical. This applies as much to new, fast-growing tech businesses and market disruptors as it does to the established legal and financial business community which have long been a mainstay of the Bristol economy. For major businesses in Manchester and Birmingham, it is not unusual to start planning five or more years before their lease is up. It’s time for Bristol occupiers to follow their lead.

Martin Booth, Knight Frank

Gavin Bridge, on Cubex development plans and set out his predictions for the South West

Gavin Bridge, director of Cubex and Insider’s 2017 Property Personality of the Year, has discussed the company’s development plans and set out his predictions for the South West property market in 2018.

Bridge was presented with the award at Insider’s South West Property Awards 2017 in October. He was recognised for his work on the regeneration of Finzels Reach, a 4.7-acre site which was once the heart of medieval Bristol and more recently the site of the Courage Brewery.

Finzels Reach is one of the largest mixed-use developments in the South West and, when complete, will include 440 new apartments, two Grade A office buildings, a 168-bedroom Premier Inn

Bridge cited two major developments at the site among his highlights for 2017.

“There was the opening of the new Castle Bridge in April,” he said. “That was one of the most technically challenging things we’ve worked on as a developer. The council are really pleased with it as they’ve had the ambition for a bridge on the site for some time.

“There was also the new street food market which has been well-received. It’s a key part of the place making at the development. I think going forward urban development is going to be more and more about building a community.”

Towards the end of 2017, Cubex revealed plans to convert the Generator Building at Finzels Reach, which originally housed the generator for Bristol’s tram system, to provide offices for technology, creative and media businesses.

The developer is now aiming to build on the success of Finzels Reach. Bridge said: “We’ll be looking to move the company more towards mixed-use schemes in Bristol, as well as places like Cheltenham, Bath and Cardiff.

“Build to rent is also going to become a more established use class in 2018. It’s proved to be popular with young professionals. We’re also looking for opportunities in the retirement market.

“The key thing will be tying all these developments together in mixed-use schemes.”

Bridge added that he was positive about the outlook for 2018 for the company and the wider South West property sector.

He said: “In the property market uncertainty is becoming the new normal, particularly with regards to office development. But we think this region is more robust than some. For us it’s about following the market and looking at what the trends are.

“Urban logistics will become an important area with the growth of Amazon and home delivery there will be increasing demand for distribution facilities in cities.

“Then there’s the potential for drone use with last-mile deliveries. It will be interesting to see how that works around homes.

“We’re also seeing more interest in office investment from outside of Europe, in particular the Far East, which is interesting.”

Aurora now 40% pre-let after latest deal

Aurora, the landmark green office building being developed speculatively at Finzels Reach, is now over 40 per cent pre-let six months ahead of its completion.

This comes after local developer Cubex backed by Palmer Capital, sealed its latest letting deal with international law firm Simmons & Simmons, which has snapped up the top two floors.

Finzels Reach is an exciting new quarter being created on Bristol’s waterfront in the heart of the city by Cubex and funded by Palmer Capital.

Simmons & Simmons has agreed a 12-year lease for 27,000 sq ft of office space within Aurora, a Grade A 95,000 sq ft building which scooped a rare BREEAM ‘Outstanding’ accreditation last year – a nationally-recognised sustainability benchmark. The law firm has taken both the top floor of Aurora – which benefits from the roof terrace garden and views across the city – and the fifth floor.

This is a new chapter for the Bristol team who, working with their London colleagues as a single integrated UK practice, undertake premium work for premium clients in the firm’s chosen sectors – both in the UK and internationally.

Simmons & Simmons currently holds 16,000 sq. ft. of office space at Linear Park; the move to the state-of-the-art working environment at Aurora will allow the firm to continue to nurture and grow its talented workforce in Bristol. The office will become an important base for Simmons & Simmons.

Bristol office head and financial services regulatory partner, Mahrie Webb commented: “We are very excited to be moving to the new Aurora building and the Finzels Reach location. Since opening our Bristol office in 2012, we have attracted some of the brightest and best lawyers the market has to offer – but we see this as just the beginning. If we are to continue to attract and retain high quality people to do premium work for premium clients we will need an office environment and location that is modern, inspiring and suited for the way people wish to work now and in the future. I see this move as good news for our people and, therefore, good news for our clients.”

Peter Walford, director at Cubex, said: “We are thrilled that Simmons & Simmons will be moving to Aurora and that the building is now 40 per cent pre-let. This represents the second deal we have secured at Aurora, illustrating continued buoyant demand in the city for high calibre office space with outstanding environmental credentials and an important emphasis on staff well-being in the workplace. It is fantastic to see work continuing apace on Aurora and we expect to be announcing more deals in the near future as the building has attracted further serious interest recently.”

Steven Wright, director at Palmer Capital, said: “It is excellent news that Simmons & Simmons will be joining Aurora. This new Grade A office building for Bristol that will provide much-needed office space of the right quality in the right location in a city where there is currently very little supply, whilst setting a new standard in Bristol in terms of its sustainability credentials.”

Aurora is the only building outside London and one of only six in the UK to achieve the BREEAM ‘Outstanding’ award under the new, toughest rating scheme. It also holds a LEED Gold standard. Aurora is the only speculative office development currently under construction in Bristol.

Once complete, Aurora will consist of six storeys, with its striking façade and double height reception area leading through to a central glass atrium. Key ‘green’ features including rooftop mounted solar panels, intelligent LED lighting, water saving technology and an emphasis on creating a healthy working environment, with fresh air and plenty of natural light from the floor to ceiling glazing. There will be bicycle storage facilities, lockers and showers on site.

Cushman & Wakefield were the advisers for Simmons & Simmons, with Savills and Knight Frank advising Cubex, the developer. Funding was provided by Palmer Capital.

This marks the second deal secured by Cubex at Aurora. Last year, intellectual property specialist Mewburn Ellis LLP agreed to take 13,326 sq ft encompassing the first floor of the building on a 15-year lease. It will move to Aurora from its current base at Queen Square to enable its future expansion.

Generator Building set to power new wave of media and tech businesses

The striking red brick and stone building which originally housed the generator for Bristol’s tram system is set to get a new lease of life as offices for tech, creative or media businesses.

The instantly-recognisable building on Finzels Reach by Bristol’s floating harbour will be extensively renovated, with repairs to the limestone ashlar stonework and dramatic windows, to bring the exterior back to its former glory.

The original 1890s arched front entrance on Counterslip with its grand Venetian window is currently sealed off and will be re-instated with new glass doors at street level. These will open into a double-height foyer space beyond, allowing people to enjoy the original scale of the internal spaces for the first time in 30 years.

The interior of the building will contain five storeys of high quality, Grade A office space, designed to make the most of the views across the harbour as well as meeting current British Council of Offices standards. Interior finishes, including exposed services, will complement the fabric of the building and appeal to businesses in the burgeoning tech, creative and media sectors.

The driving force behind Finzels Reach is local developer Cubex, together with its funding partner Palmer Capital. The £12M renovation and conversion of the Generator Building will create 28,300 sq ft of work space, for up to 300 people.

Bristol was the first city in Britain to build an electric tram service and the Generator Building was opened in 1899 to supply power to the massively expanding tramways network. The architect William Curtis Green later became better known for designing buildings such as Scotland Yard and the Dorchester Hotel in Park Lane. The Bristol power station contained four steam engines coupled to four generators and supplied power to the tramway system until 1941, when a bomb hit St Philips Bridge and cut the power cables.

Gavin Bridge, director of developers Cubex says: “We think this striking building is likely to attract companies from the creative, media or tech sectors who are looking for an inspirational environment in the heart of the city. This building has a fascinating history as the place that powered 20^th century transport innovation, and it’s good to think it could become home to some of the companies at the forefront of today’s technology revolution.”

Bristol Civic Society has reviewed the current proposals and strongly supports the development, saying it will “make a major regeneration contribution” to the city.

Members of the public can see the proposals for the Generator Building and talk to the development and planning team at a public consultation event this Wednesday (29^th November), from 2.30pm-7.30pm in the Project Office at Malt House, East Tucker Street, Finzels Reach, BS16BX.

Local architects the Bush Consultancy have designed the new office conversion of the Generator Building and have also been responsible for the new design of the apartments in Cask Store, Georges Wharf and Hawkins Lane as well as Castle Bridge at Finzels Reach.

Following a positive planning pre-application, the public consultation is the final step before submitting a full planning application to Bristol City Council in early December. Work could start on the building in summer 2018.

Strong quarter for Bristol helps the UK break records

GVA’s latest Big Nine report analysing the office occupier markets of the nine key UK regional cities, reveals that the UK has achieved its highest quarterly take-up total on record, assisted by Bristol’s own strong activity.

Professional and business services have dominated city centre activity in Bristol, which has seen the highest quarterly take-up for 2017.  As a result, this has reduced both prime and secondary stock levels, aided by the lack of new build and large number of conversions to alternative use.

It is not surprising therefore that the city has witnessed the setting of a new headline rent at £30.50 with Mewburn Ellis’ 13,300 sq ft pre-let at Cubex and Palmer Capital’s Aurora building.

According to the Big Nine report, total take-up of offices in Bristol city centre in Q3 was 173,022 sq ft, compared to a five year quarterly average of 155, 080 sq ft. Out-of-town, Bristol has seen 134,456 sq ft of space taken-up, compared to a five year quarterly average of 75,143 sq ft.

GVA’s Richard Kidd says: “It has been a strong quarter of office take-up in both the city centre and out of town markets, not just in Bristol, but across the UK, showing the continued strength of demand. We have seen a long-anticipated increase in city centre headline rents in Bristol achieved at the Aurora building at Finzels Reach and believe that headline rents may well increase further in the coming months for both new build and refurbished space

Castle Bridge photograph wins prestigious Bristol award

An evocative photograph depicting Castle Bridge, which links Finzels Reach to Castle Park, is one of this year’s 24 hours in Bristol  photography competition winners.

The black and white image looking up at the new bridge as it winds over the water below a dramatic stormy sky was captured by Stuart Lees.

The Finzels Reach category was sponsored by Cubex, the developer behind Bristol’s newest harbourside community to celebrate the transformation of this historic quarter.

Gavin Bridge, director at Cubex said:

“We love this striking image of the new Castle Bridge at Finzels Reach against the backdrop of Bristol’s dramatic skies. This eye-catching depiction of the bridge snaking across the river below stood out and for this reason we selected it as the winner of the Finzels Reach category of the 24 hours in Bristol competition.”

GAVIN BRIDGE NAMED PROPERTY PERSONALITY OF THE YEAR

Gavin Bridge of Cubex has been crowned Property Personality of the Year at the South West Property Awards 2017. South West Business Insider editor David Clensy said “there are certainly still plenty of challenges out there for the property sector, but in the region as a whole we’ve seen plenty of activity on major office and industrial buildings, mixed use schemes, and impressive refurbishments.” The event was hosted at the Marriott Hotel in Bristol and compèred by journalist and presenter Chris Hollins.

Gavin was recognised for his work on the regeneration of Finzels Reach, a 4.7 acre site rich in history – once the heart of medieval Bristol and more recently the site of the Courage Brewery.
“He is clear in his vision of bringing this historic corner of the city back to life, creating a new community from the ground up and truly reinvigorating a huge swathe of Bristol,” said one judge.