City centre grade A office space dwindles further as insurance group moves to landmark building

August 2, 2019
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One of Bristol city centre’s largest office buildings is almost full following the arrival of its latest blue-chip occupier in a deal that has reduced available prime space even further.

Global insurance giant Aon has signed a new 10-year lease on the10,392 sq ft sixth floor of One Redcliff Street, pictured, relocating from its previous base in Marsh Street. 

The 15-storey building – built in 1964 and formerly known as the Robinson building – has been extensively refurbished and extended.

Its main occupier, national law firm TLT, has around 90,000 sq ft on the top floors having expanded rapidly – including building an extra floor.

The arrival of Aon, which was represented by CBRE, leaves just a 6,540 sq ft suite on the first floor and a further 3,550 sq ft in the south wing of the building to let. 

Latest take-up figures for the city centre office market show that Grade A availability stood at just 31,800 sq ft, down 6% on this time last year.

Colliers International acted jointly with Morton Property Consultants on behalf of One Redcliff Street owner Aberdeen Standard.

Colliers International South West and Wales national offices director James Preece said: “Situated at the junction of Victoria Street close to Bristol Bridge on one of the main arterial routes through the commercial district, One Redcliff Street features 14 floors of substantially refurbished office space which literally towers above the competition.

“The landlord has invested heavily in the building, remodelling the reception, common areas including the installation of a new purpose-built shower and locker facility in the basement along with bike storage, reflecting contemporary demand for sustainable commuting. 

“Good quality, flexible accommodation is at a premium in the city centre and we expect keen interest in the remaining space.”

Morton Property Consultants director Phil Morton, pictured, added: “The investment in the building had been reflected in the quality of the tenants that had been secured with TLT, Hewlett Packard and now Aon being the last three occupiers to sign leases.”

Office take-up trends in and around Bristol have reversed in Q2 with city centre activity outstripping the out-of-town market, according to latest market analysis from global real estate advisor Colliers International.

 

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