Salmon Property and NFU Mutual have purchased the Three Glass Wharf development site on the waterside at Temple Quay, Bristol from PWC the administrators to Castlemore.
The 0.3 acre plot – within the newly designated Enterprise Zone – has planning permission for 130,000 sq ft gross of mixed use development including office, residential and retail uses.
Rorie Henderson, director of Salmon Property says: ‘This purchase is a further endorsement of our confidence in the Bristol city centre office market – following the purchase of Two Glass Wharf last November.’
The adjacent development sites can each accommodate approximately 130,000 sq ft gross of offices and could be combined if need be – providing floor plates of between 10,000 sq ft and 30,000 sq ft.
Salmon will launch a pre-letting campaign immediately whilst reviewing the case for speculative development.
Office rents at Temple Quay are circa £27 per sq ft and if built and fully let Three Glass Wharf would have an end investment value of circa £40million.
Hoddell Stotesbury Morgan acted for SHP/NFUM and Alder King for PWC.