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.