Former Fire Station, Bristol

The Asset at a Glance

This scheme is fully in line with our investment thesis, being the development of best in class sustainable and tech enabled commercial and residential real estate in prime locations
Chris Button, Head of Value Add REIM
Investment Theme
Urban Assets
Purchase Date
June 2018
Purchase Price
£18m (inc residential plot)
NIY
n/a
Fund
Palmer Capital Development Fund IV
Features
• A prime site comprising the former Bristol and Avon fire station in central Bristol • Acquired unconditionally and obtained planning for a 116,000 sq ft Grade A office development (Halo), together with 297 residential units (Millwrights Place and Coopers Court) • Construction is now underway • Osborne Clarke have pre-let 63% of Halo and the building was sold to Tesco Pension Fund in June 2020 for £69.4m, a net initial yield of 5.65%. • Sale of Millwrights Place (residential) to Grainger for £63.1m (3.75% NIY) and Coopers Court to Yarlington for £10.8m completed in December 2020
Purchase Rationale
• Prime city centre location • Superb regeneration opportunity in one of the UK’s strongest regional cities • Prime Grade A office development designed to meet changing occupier needs in supply starved market • Resi stat
Location
  • Temple Back Fire Station, Temple Back, Bristol BS1 6EU