Portfolio

Halo, Bristol

This scheme is fully in line with our investment thesis; 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
Purchase Date
June 2018
Purchase Price
£18m (inc residential plot)
NIY
n/a
Fund
Palmer Capital Development Fund IV
Property Company
Cubex
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 for Halo
  • 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
ESG

Certifications

  • Achieved BREEAM Outstanding
  • Target EPC ‘A’
  • WiredScore Platinum
  • Cycle Score Platinum
  • WELL Standard Pass certification

Resource use and efficiency

  • 35% energy saving*
  • 47% less carbon emissions*
  • 69% less waster consumption**
  • Connecting with Bristol’s district heating network for low carbon heating

Renewable energy

  • Roof-mounted photovoltaic panels
  • Regeneration of energy from descending lifts

Health and wellbeing

  • Ventilation system supplying 20% more fresh air to occupants than required by building regulations
  • Rooftop garden
Location
  • Temple Back Fire Station, Temple Back, Bristol BS1 6EU

Related Case Study Media

August 02, 2021

Q&A with React News: What happens when you sign a prelet on the eve of the pandemic?

Published by React News in August 2021. Osborne Clarke’s Tim Simmonds discusses the law firm’s move to Halo in Bristol with Cubex’s Peter Walford and Steve Wright from Fiera Real

Read the article

July 23, 2021

Fiera Real Estate and Cubex achieve BREEAM Outstanding certification for Halo, set to be the greenest office building in the UK

Fiera Real Estate (“FRE UK”) is delighted to announce that Halo, its latest Bristol office development alongside Cubex has achieved BREEAM Outstanding accreditation for ‘Shell & Core’ and ‘Cat A

Read the article

June 02, 2020

Halo receives a WiredScore ‘Platinum’ rating

We are delighted to announce that Cubex and Fiera Real Estate’s latest project in Bristol has been awarded with  WiredScore ‘Platinum’ rating, the highest level of certification available. The Grade

Read the article

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