commercial property lambert smith hampton

News - 02/07/2018

LSH sells landmark former fire service headquarters in Bristol

Sale kickstarts plans for major new £136 million development in city

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Lambert Smith Hampton has successfully negotiated the sale of one of central Bristol’s few remaining regeneration sites, the former Avon Fire and Rescue Service headquarters, located in the heart of the city’s business district. 

Regional developer Cubex has acquired the sizeable site following competitive bidding from investors and developers from across the UK, and plans to transform it into new homes and offices with its funding partner Palmer Capital.   

Commenting, LSH Bristol Head of Office Peter Musgrove, who brokered the deal, said: “Unsurprisingly we saw a huge volume of interest in this former headquarters site, given its rarity in terms of location and potential. But a key part of this deal was achieving the balance between the right price and securing the right buyer, and how they would develop this landmark opportunity.  Cubex is an established and highly respected local developer and the proposed plans will transform this quarter of the city. We are extremely pleased with the outcome of this significant transaction for Bristol.” 

The £136 million mixed-use scheme planned for the site incorporates a 100,000 sq ft Grade A office building, together with over 300 homes.  Funding has been secured to develop the office building speculatively, with work set to begin soon after planning consent has been secured.

Avon Fire and Rescue consolidated its activities by building a new fire station on part of its existing site and relocating to shared police headquarters in North Somerset, thereby creating a sizeable and sought-after development plot.

Initial public consultations on design are likely to begin in the autumn of this year with a start on site in 2019.


 

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