Orchard Street delivers on asset management plans at Templeback Bristol
Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager, has completed a £400,000 refurbishment project at 10 Templeback in Bristol city centre, following the property’s acquisition for £58.6 million in June 2015.
The refurbishment, which includes a striking new entrance to the 124,000 sqft Grade A waterfront office building, follows three significant lettings at the asset totalling 23,400 sqft earlier this year to Mott Macdonald, the engineering consultancy, Colliers International, the real estate firm, and ADP, the business outsourcer. There remains only 42,873 sqft of office space available over part ground, part first and second floors, at a quoting rent of £29.50 per sqft.
Since acquiring 10 Templeback, Orchard Street have created a new entrance to the reception and have extended and remodelled a ground floor office suite, providing it with a self-contained entrance and double height atrium. The refurbishment cements the building’s credentials as one of Bristol city centre’s premium office locations. Further works in the pipeline include the installation of additional bicycle storage and showering and locker facilities in the property’s basement.
Jamie Munday of Orchard Street commented:
“Templeback has enjoyed great success this year with a string of quality lettings to a diverse range of businesses. This latest capital investment has served to further enhance the building’s appeal to both current tenants and potential occupiers looking for high quality offices in Bristol’s core business district, at a time when supply of new Grade A space continues to diminish.”
Alder King and Cushman & Wakefield are acting as joint letting agents on behalf of Orchard Street for the remaining accommodation in 10 Templeback.
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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.