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Lack of new office developments in Bristol signals opportunities for quality second hand stock, according to experts at Jones Lang LaSalle
Bristol 13th October, 2011 - A landmark Bristol building is set to become one of the city’s most sought-after office locations.
The 17-storey Castlemead@Cabot Circus, Bristol’s tallest building, is currently undergoing an internal refurbishment.
The property, the only office building located adjacent to the successful Cabot Circus shopping centre, has been bought by global real estate specialist F&C REIT, and experts say that a lack of new stocking coming through is pushing places like Castlemead@Cabot Circus to the fore.
The property is being marketed by international property consultants Jones Lang LaSalle, formerly King Sturge in Bristol, and at 120,000 sq ft is the most significant instruction the business has received since the two firms merged in May.
Ian Wills, Director in the Office Agency Team at Jones Lang LaSalle, said: “The new owners of this property are renowned for being creative and flexible and have already announced plans to improve the building’s amenities, including upgrading the shower and café areas.
“Another huge attraction for would-be tenants is the fact that the building is the only office block in Bristol which is adjacent to the thriving Cabot Circus in the heart of the city.”
Mr Wills pointed out that for over a year now no work has started on any new office developments in Bristol and at the same time existing new-build stock has been all but occupied, leaving buildings such as Castlemead@Cabot Circus as the city’s current prime locations.
He said: “In terms of sheer size this is the most significant instruction we’ve received since the two firms merged.”
He added: “We’re already seeing significant activity thanks to Jones Lang LaSalle’s transatlantic links with the emergence of an American firm which has opened an office in Bristol and sees the city and indeed the South West as a major opportunity for expansion.”
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