Bristol developer Cubex, with its funding partner Palmer Capital, has purchased the former headquarters site of Avon Fire and Rescue in Bristol city centre and plans to transform it into new offices and homes.
The deal follows fierce bidding from investors and developers from across the UK for what is one of the last regeneration sites remaining in Bristol’s central business district.
The £136 million mixed-use scheme Cubex plans for the site incorporates a 100,000 sq ft Grade A office building, together with over 300 homes.
Funding has been secured to develop the office building speculatively. Work is set to begin soon after planning consent has been secured with the aim of being on site within 15 months. The decision to build speculatively, or before tenants are secured, follows the success of Aurora, Finzels Reach, the 95,000 sq ft Grade A office building which was designed and built before occupiers took on space but is already almost fully let ahead of completion this summer. The new office building is likely to follow the same sustainable design principles as Aurora.
Avon Fire & Rescue Service consolidated its activities by building a new Temple Fire Station on part of its existing site and moving to shared headquarters with the police in North Somerset, creating a sizeable and sought-after development plot.
The site is close to two other developments which were delivered by Cubex and funded by Palmer Capital, the £275 million Finzels Reach mixed-use development which lies opposite and is nearing completion, and The Paragon office building which was completed in 2011.
Once complete, the former fire service site will accommodate more than fifteen hundred people and continue the regeneration of the area. Cubex started this regeneration work five years ago when they stepped in to develop Finzels Reach after a previous attempt went into receivership.
The new mixed-use scheme will be made up of a series of buildings each surrounding a landscaped courtyard. The developer is looking to work with Bristol City Council and neighbours to make Temple Back and Temple Street more pedestrian and cycle friendly.
Gavin Bridge, executive director of Cubex, said: “We plan to bring our strong local knowledge and track record of delivery in Bristol to breathe new life into this site, bringing further badly-needed new homes, work space and investment into the heart of the city.
“We’re extremely pleased to have secured funding to enable us to develop another speculative office building of the same quality as Aurora at Finzels Reach, along with over 300 apartments likely to be aimed at the ‘build to rent’ market.
“We all know Bristol needs more homes, and we’re really pleased to be building them – including a good proportion that meet the ‘affordable’ criteria.
“I’m particularly pleased that we can now continue the journey that began with Finzels Reach five years ago in developing attractive mixed-use schemes in urban locations. The development will be designed to complement the building forms and adopted densities of Finzels Reach that have been well received by Bristol City Council.”
Guy Goodman, Clerk to Avon Fire and Rescue said: “We were delighted with the interest shown and are confident that local developer Cubex has the capability to bring forward a design and range of uses that will provide a suitable lasting legacy for this important site.”
Peter Musgrove, director, Lambert Smith Hampton, which acted for Avon Fire and Rescue on the deal said:
“We are extremely pleased with the outcome of this significant transaction for the city of Bristol. Unsurprisingly, we saw a huge volume of interest in the site, given its rarity in terms of location and potential, but a key part of this deal was achieving the balance between the right price and securing the right buyer, and how they would develop this landmark opportunity. Cubex is a highly respected local developer and the proposed plans will transform this quarter of the city.”
Initial public consultations on design are likely to begin in the autumn of this year with a start on site in 2019.