Bristol harbour scheme to restart
Bristol harbour looks finally set for redevelopment after a deal was struck to restart the flailing project.
Retail estate fund and asset manager, Palmer Capital has taken over the
Finzels Reach development having purchased the outstanding 50 per cent of debt that it did not already own. The project was due to be completed in 2017 which would have seen the creation of 400 new homes along with offices, restaurants and a £3.6 million bridge to the park. However, it ran into trouble when it was placed in administration.
Now it looks to be back on track thanks to Palmer which is supporting developer
Cubex Land to take on the building work. Officials have stated that the value of the project stands at
£150 million and the two organisation will be carrying out a comprehensive review of the site before any work can begin.
The facility comprises of 115,000 sq ft of Grade A office space, Bridgewater House, which is 30 per cent let to BDO and Barclays. There is also 195 apartments in three buildings including Castle Wharf, Malt House and the Hop Store. Not only will the development provide housing and amenities for local people but there will also be a boost to employment with around 1,000 jobs being created.
In a statement, Palmer said: "The transaction provides a compelling investment opportunity through the delivery of new residential and office product into the Bristol market at an opportune time in the market cycle, as a lack of development has reduced supply. There is particular demand for Grade A offices from a number of substantial occupiers seeking expansion or relocation space in the city."
The harbour area of Bristol sits just outside the heart of the south-west city and can provide accessible city living for couples and young professionals.
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Date: 02/12/2013 16:14:00
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