September 28, 2018
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Cubex Land, a leading South West developer, backed by Palmer Capital who has won yet another award for its Finzel’s Reach Aurora development in Bristol, taking home the Business Leader ‘Commercial Property Award 2018’. This is the third win for the development, after being awarded ‘Commercial Development of the Year’ at the PROPS Awards and ‘Architectural Award’ at Castle Bridge. They are also nominated for a number of other awards later in the year for the same development.
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The hugely successful development of Aurora, a Landmark Grade A office buildingrecently saw it sell for £62.13m to Royal London Asset Management, achieving a 4.75% net initial yield. Aurora was funded by Palmer Capital Development Fund IV, a programmatic venture managed exclusively on behalf of clients of CBRE Global Investment Partners (“CBRE GIP”). The scheme comprises 95,531 sq. ft. of office accommodation and forms part of the vibrant 4.7 acre mixed-use scheme in Bristol’s waterfront called Finzels Reach. Savills acted for Cubex and Palmer Capital. Knight Frank acted for Royal London Asset Management.
Aurora has set a new regional benchmark for quality and sustainability, achieving one of the highest accolades of ‘Greenest’ office outside of London, with BREEAM ‘Outstanding’ and LEED ‘Gold Standard’ environmental accreditation. Aurora also achieved a Platinum Wired Score in January 2018, which is the highest rating for connectivity and digital infrastructure. Furthermore, BBC Bristol recently produced a feature video on the office, entitled ‘The coolest, greenest office ever?’, which can be found here.
Commenting on the development, Peter Walford, Director at Cubex said
“Our commitment to delivering a first class, highly sustainable office building in the heart of the city has been instrumental in helping us attract a fine mix of quality tenants, and to consistently push rental levels to record highs. We are therefore delighted that Royal London have recognised these attributes and chosen to purchase the created investment.”
For more information about the development, visit the Cubex Land website.
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