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09 MAY 2022
Grosvenor has acquired two prime city centre office buildings in Bristol adding 107,000 sq ft of space to its c£170 million regional office portfolio.
1 Victoria Street is prominently located on Bristol Bridge in the city’s CBD. The 47,000 sq ft property is occupied by flexible workspace provider Runway East. The building has a BREEAM Excellent rating.
Prudential Buildings is a 60,000 sq ft period building close to Victoria Street. It is the global headquarters of Graphcore, a maker of artificial intelligence chips and systems. Other occupiers include REED Recruitment and Capita Business Services.
Grosvenor intends to work with occupiers and invest in these buildings to bring them in line with its net zero carbon ambition and improve services and amenities.
Keith Bailey, Investment Director, Grosvenor said: “Bristol’s office market continues to show exceptional performance - low grade A availability and healthy occupier demand are driving expectations that it will continue to deliver strong rental growth in the coming years. As with our other investments we see great potential in these offices and look forward to building relationships with the key occupiers, who are growing fast in their respective industries. We will work in partnership with them deliver the identified value add opportunities to improve the buildings’ environmental performance and amenities.”
Grosvenor’s Investment team actively manages a c£1 billion UK property portfolio, comprising assets and projects outside of its Mayfair and Belgravia holdings. Its focus is on assets where it can enhance their environmental, social and commercial performance and build scale in new markets. This includes the business’ investment in, and management of Liverpool ONE, its Strategic Land and residential development businesses and office portfolio.
Over the last 12 months the team has made six office acquisitions in Manchester, Leeds, Birmingham and Bristol.
Knight Frank acted for Grosvenor on 1 Victoria Street and CBRE on Prudential Buildings. The terms of the transaction are not disclosed.
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Grosvenor is an international organisation whose activities span urban property, food and agtech, rural estate management and support for philanthropic initiatives.
We are a values-led business which represents the Grosvenor family and share a common purpose - to deliver lasting commercial, social and environmental benefit - addressing today’s needs while taking responsibility for those of future generations.
With a track record of over 340 years, we work to improve urban property and places in many of the world’s leading cities, promoting sustainability within the built environment and enhancing the wellbeing of customers and communities.
Our UK property business supports c1,000 businesses and tens of thousands of residents and workers across London’s West End each day. We also invest in, create and manage sustainable neighbourhoods in Liverpool and across England. As a 1.5oC aligned company, pioneering change and new ways of thinking about property we aim to ensure our places benefit both people and the planet over the long term.
Head of Corporate Communications & Stakeholder Engagement Grosvenor
+44 (0)20 7312 2341 ext.6957
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