Monarch House, located on Bristol’s Queen Charlotte Street, is now fully let following the letting of the 1st, 2nd and 3rd floors to UK’s largest provider of skills training and employment services, Learndirect Limited.
Monarch House, a modern office building constructed in the 1980s located in a popular location close to Queen Square and the Floating Harbour, has been fully refurbished to incorporate air conditioning. The second floor had been let on a temporary let but will be vacated in April so that the floor can be refurbished and Learndirect will move in in May.
Learndirect Ltd has acquired the office floors, which provide a total floor area of 8,530 sq ft, on a new 10 year lease at a rental equating to £12.00 per sq ft.
Richard Pearce of TCN UK, the landlords said: “Across our assets in Bristol we have seen improved occupier sentiment. This letting further confirms the demand across the city for good quality space”.
Natalie Bennett of letting agents, Hartnell Taylor Cook LLP said: “Monarch House provides good quality second hand office accommodation but over the past five years this sort of space has proved very difficult to let due to the quantity of similar space available in the market.
“However, following the easing of planning regulations in the past couple of years, a number of high profile office buildings in the city centre have been removed from the market and are being converted to residential uses, and, when combined with the strengthening economy, the market for similar office suites is now much tighter and we anticipate vacancy rates to fall dramatically with pressure increasing on rents to rise.”
Learndirect has some 500 centres located nationwide and are the UK’s largest online service. Originally launched in 2000 by the government’s sponsored University for Industry, the training provider is now owned by Lloyds Development Capital. The service provides training and qualifications in everyday skills, vocational skills and apprenticeships.
Hartnell Taylor Cook LLP advised the landlords, TCN UK and Learndirect Ltd represented themselves.