Salmon & NFU Mutual consolidate position at Bristol office scheme

JV purchase Three Glass Wharf development site at Temple Quay from administrators

Article posted: 10 Aug 2011

Salmon Property and NFU Mutual have purchased the Three Glass Wharf development site on the waterside at Temple Quay, Bristol from PwC, the administrators to Castlemore. Alder King advised PwC during the deal.

The 0.3 acre plot – within the newly designated Enterprise Zone - has planning permission for 130,000 sq ft gross of mixed use development including residential, retail and primarily office space in Bristol city centre.

Rorie Henderson, director of Salmon Property says: “This purchase is a further endorsement of our confidence in the Bristol city centre office market – following the purchase of Two Glass Wharf last November.”

The adjacent development sites can each accommodate approximately 130,000 sq ft gross of offices and could be combined if need be – providing floor plates of between 10,000 sq ft and 30,000 sq ft.

Salmon will launch a pre-letting campaign immediately whilst reviewing the case for speculative development.

Office rents at Temple Quay are circa £27 per sq ft and if built and fully let Three Glass Wharf would have an end investment value of circa £40m.

Hoddell Stotesbury Morgan acted for SHP/NFUM and Alder King for PWC.

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Posted by Ingrid