May 10, 2014
Finzels Reach, Bristol
Purchaser Cubex & Palmer Capital
Type of deal Acquisition from receivership
Size 4.7 acres
Chosen by Julian Harbottle, director, development department, Savills (Bristol)
I consider that when Cubex, backed by Palmer Capital, acquired Finzels Reach it could not have sent a more positive message to the market that city-centre mixed-use development was once more a viable proposition. The site, formerly occupied by Courage, has a lot of ‘previous’, most recently ending up in receivership when the banks pulled the plug on funding. But on a upbeat note, it has planning permission for a substantial scheme, including more than 400 apartments and 115,000 sq ft of offices. I believe Cubex and Palmer have acquired an opportunity that gives them a fabulous platform to add value through positive management. The already developed Bridgewater House remains one of the prime grade-A office buildings in the city and the relaunched residential units are selling well. So I think this investment clearly shows that the market for well-located brownfield development is back.
Author: Stacey Meadwell & Nadia Elghamry, Estates Gazette