Finzels Reach, Bristol

  • Palmer Capital, alongside Cubex Land, acquired a 5 acre mixed use scheme in Bristol City Centre in July 2013 via a £38m loan purchase.
  • On purchase the site comprised;
    – 113,000 sq. ft. Grade A office (25% leased at purchase)
    – 140 built private residential apartments (75 remaining for sale at purchase)
    – 55 affordable apartments (100% built and sold).
  • Fundamentally, the site is in a good location in the heart of the city, but value had been impacted due to multiple legal, construction and planning issues which needed resolving.
  • All planning and construction issues have now been resolved.
  • The Grade A office was 100% leased by Q1 2015 and sold Q2 2016 for £56.5m.
  • A new 168 Premier Inn hotel has been agreed and PC delivered on 6th October 2017.
  • 240 new apartments for rent and for sale were built and all were sold off prior to practical completion.
  • A new bridge connecting the site to the City Centre launched in Q4 2016.
  • Grade A office building, Aurora, comprises 95,531 sq. ft. sold for £62.13m to Royal London Asset Management in October 2018, achieving a 4.75% net initial yield.