New 8-storey Business Centre to Rise in Temple Quay
The Temple Quay area of Bristol stands on a triangle of land between Bristol Floating Harbour, Temple Way (A4044) and Temple Meads train station, and forms an important gateway into the city. The area used to be home to a goods shed designed by Bristol’s most famous architect Isambard Kingdom Brunel, but this was rebuilt several times and eventually closed and demolished in 1982.
The land stood vacant for over a decade until the Bristol Development Corporation decided it should become a mixed-use development, and renamed it the Bristol Temple Quarter Enterprise Zone. Since then many new buildings have sprung up in Temple Quay, breathing new life into the area. Companies currently resident include Grant Thornton. PwC, Natwest, Hargreaves Lansdown, HMRC, Bank of Ireland, Simmons & Simmons and OVO Energy.
Another project set to cement Temple Quay’s reputation as a regeneration hotspot is the University of Bristol’s Temple Quarter Enterprise Campus. Built on land that used to host the derelict eyesore of the old Royal Mail sorting office, this will transform another neglected part of Temple Quay into a busy and vibrant student village.
One of Bristol’s Biggest Developments
The latest of these new buildings is an 8-storey, state-of-the-art office block. A London-based investment management fund has bought a 1.3-acre plot of land within Temple Quay and plans to build high-end office accommodation. Tristan Capital Partners bought the site from a joint venture between NFU Mutual and Salmon Harvester Properties. The site has been granted planning permission for a new 210,000 square foot, eight storey Grade A office building, which will be built by London developer Candour Group.
Co-founder of Candour Group Toby Pentecost said: “There is less and less high quality office space available in Bristol – partly because of conversion of existing space to new homes and other uses, and partly because there are fewer developments coming forward. We see a great opportunity to redress that balance and bring forward a new development with best-in-class workspace, sustainability, occupier wellbeing, connectivity and design-quality at its heart.
“This will be one of the city’s largest developments for 25 years, reflecting both our confidence in continuing demand and the market’s requirement for new space as soon as possible. As an occupier-focussed developer we are confident that this will be a fabulous and much-needed addition to the city centre.”
Nicho Jenkins, managing director at Tristan Capital Partnerships said: “This development provides [us] with an opportunity to deliver a state-of-the-art Grade A office building in the established new business district of Temple Quay in Bristol’s city centre. The project fits our strategy to develop offices in low-vacancy, supply constrained markets across the UK.
“The Bristol office market has experienced a high level of take-up over the past four years, combined with falling supply due to conversion of office buildings to alternative uses, such as residential. This has resulted in consistent rental growth for available new Grade A offices in a market that has so far seen a very limited level of new Grade A office developments.”
An Up and Coming Area
Bristol residents will be used to Temple Quay and the surrounding areas being a big building site, but Bristol Temple Quarter is set to be an exciting new city quarter. Mayor of Bristol Marvin Rees says: “We are aiming to create a sustainable and flourishing new urban quarter for Bristol: a place that is welcoming to all – to live, work, study, enjoy leisure time and build on Bristol’s strengths as a world class city.”
The area has already been successful. Since 2012, over 3,000 people have gone to work in the Enterprise Zone, part of an ultimate target of 22,000 over the entire lifespan of the project.
The council has earmarked the area for some of Bristol’s much needed new housing and is working with both Homes for England and Network Rail to provide investment in infrastructure and new development opportunities that will maximise the benefits of an area that links Temple Meads station with surrounding communities. Temple Meads itself is undergoing redevelopment to create an ‘improved, fit for purpose, 21st century station’.
In terms of housing, the council hopes to provide 11,000 new homes over the 25-year lifespan of the project. The homes, 4,500 of which will be located within the immediate vicinity of Temple Meads station, will exist alongside high quality employment space, contemporary leisure and retail areas, and improved public spaces. One successful example of improvement to the public is Temple Quay market, which is held every Thursday lunchtime and provides delicious, award-winning food for workers and visitors.
Part of a Wider Redevelopment
Tristan Capital Partner’s new office building is part of a wider redevelopment of a part of Bristol that used to be home to factories and industrial units. Just over the water from Temple Quay is the site of the Soapworks development. For many years the base of homeware and furniture store Gardiner Haskins, the iconic Soapworks factory and the derelict site next to it are set to become ‘an exciting mix of modern, flexible and creative commercial and co-working space, as well as a vibrant and independent food and drink offer’, according to developers First Base.
Another exciting new area that is also close by is Finzel’s Reach. Historically home to a brewery, the area has been redeveloped for housing, offices, commercial and leisure uses and once again beer is brewed on the site by Bristol’s own Left Handed Giant.
Those who end up working at the new office building in Temple Quay will be spoilt for choice in terms of everything from a new home to live in to a place to drink after work. With so much going on in the area, and Temple Meads station so close by, it promises to be a convenient and exciting place to be employed. Work on the building is due to start this year and will be completed by 2022, adding yet another jewel to the crown of Bristol’s already bustling Enterprise Zone.
With so much exciting development going on in Bristol, maybe it’s time your business made the move. Give us a call or drop us an email today to get a quote and find out how we can make this as smooth and painless as possible.