The top two floors at Tower Wharf, one of Bristol’s premier city centre business locations, have now been occupied by two new tenants, property consultancy Lambert Smith Hampton (LSH) has announced.
LSH negotiated the letting with Integreon, which has taken the building’s fourth floor 10,719 sq ft suite, with Savills letting the fifth floor (8,382 sq ft) suite to global advertising agency McCann.
Both floors were extensively refurbished in 2016. The latest deals represent an annual rent of £540,000, equivalent to £28.50 per square foot.
Last year Tower Wharf was bought by the Stock Exchange listed property investment company Picton for £23.15m, and the building has been jointly marketed by Lambert Smith Hampton (LSH) and Savills.
Commenting, Roxine Foster, senior surveyor in the Office Advisory team at LSH, said that only a 6,400 sq ft suite on the building’s first floor was now vacant.
“Both these new tenants had been looking to expand and upgrade from their existing office space,” she said.
“Tower Wharf, with its excellent newly-refurbished interior and central location overlooking the floating harbour, proved to be the ideal location for both companies.”
Chris Meredith, Director in the Office Agency team at Savills added: “To have secured both these high quality occupiers so soon after Picton’s purchase of Tower Wharf is testament to both the quality of the building and the underlying strength of the Bristol office market.”
Jay Cable, Head of Asset Management at Picton Capital, said: “Bristol is seeing a real lack of Grade A office space and a limited development pipeline. Against this backdrop, we acquired the building in line with our strategic objective to grow both income and our asset base. To have signed these leases in such a short timescale after our acquisition only confirms the strength of our team’s strategy.”
Integreon was advised by Morton Property Consultants whilst McCann was advised by Colliers.
