Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager, has completed one of Bristol’s largest office lettings this year, agreeing a 23,207 sq ft lease at 10 Templeback in the city centre with OVO Energy Ltd since the result of the EU Referendum was announced. The deal comes within a year of Orchard Street’s acquisition of the property for £58.6 million, and follows a £400,000 refurbishment of the asset.
The Bristol-headquartered energy supply company is the tenth-fastest growing business in the UK with almost 700,000 customers. OVO Energy employs over 900 staff at its Bristol headquarters and a further 100 staff in London. The company has now agreed terms on the entire second floor of 10 Templeback to accommodate further expansion.
10 Templeback comprises 124,198 sq ft of Grade A office accommodation spread across six floors, centrally located in Bristol’s main business district. The bright and modern waterfront asset has been finished to the highest standards and offers a range of amenities, such as bike storage, car parking and showering facilities, with excellent transport links at the building’s doorstep in addition to the region’s premier shopping centre, Cabot Circus. The recently completed refurbishment cements the building’s credentials as one of Bristol city centre’s premium office locations.
This latest letting takes 10 Templeback to over 80% occupied with OVO Energy set to join existing tenants including NFU Mutual, ADP, Momentum Financial Technology, Colliers International and Mott Macdonald.
Helena Kolsaker of Orchard Street commented:
“OVO Energy is a fantastic addition to 10 Templeback’s tenant roster following a string of quality lettings to a diverse range of businesses over the past year. To have completed one of Bristol’s largest lettings this year in the midst of all the Brexit noise is a great coup and demonstrates the clear demand for Grade A office space in the city against a backdrop of low supply and a thriving business environment. Furthermore, it’s highly satisfactory to see our investment into enhancing this asset pay off so rapidly and we continue to see strong occupational interest for the remaining 19,266 sq ft of space available.”
Chris Houghton, CFO of OVO Energy, commented:
“OVO’s continued success relies on hiring and retaining the best people and providing them with high quality, environments in which to innovate and collaborate, and Templeback is a great space for us to nurture our talent.”
Alder King and Cushman & Wakefield acted as joint letting agents on behalf of Orchard Street, while OVO Energy was advised by Cushman & Wakefield.
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Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market. It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial, retail warehouses, offices and shopping centres. Orchard Street currently has assets under management exceeding £4 billion.