The Paintworks, Bristol
- Client: Verve
- Services Provided:
- Agency & Commercial Development • Office Agency • Retail & Leisure Agency • Investment Agency
The Instruction
Alder King has been retained by Verve as sole agents on the Paintworks scheme in Bristol since its inception in 2004. Over the past 20 years, as each new regeneration or new build phase was brought forward, Alder King has worked in partnership with Verve to deliver a consistently high occupancy rate.
Phases 1 and 2 saw 140,000 sq ft of existing buildings converted to provide a variety of studio/office/live-work and residential space. Phase 3 was largely residential but created a further 45,000 sq ft of studio/office space.
The fourth and final phase of development is now underway and will deliver circa 23,000 sq ft of commercial space in 20 units and 93 residential units.
Our Approach
Alder King’s agency team is handling all the leasehold and long leasehold disposals of the new Phase 4 commercial space which provides a mixture of studio/office space and retail/leisure accommodation. The units are offered in shell condition or fitted to a typical developer’s Cat A specification. It continues to market newly-available units from earlier phases.
Results
Despite delays in construction, the final phase of development is anticipated to complete in September 2023. Alder King has already completed the sale of three units, with another four units under offer. Advanced discussions are underway on the remaining units.
Verve’s original vision was to create an entirely new, vibrant mixed use district out of a previously derelict industrial complex. It has proven hugely successful, establishing a dedicated creative quarter in Bristol’s Temple Quarter Enterprise Zone. Alder King has helped attract over 100 businesses to the scheme with occupiers including The Ethical Property Company, Crux Product Design, The Royal Photographic Society, Phineas Group, The Martin Parr Foundation, Sponge and the Istoria Group.
Paintworks is now held up as an exemplar project for mixed use regeneration schemes around the country.
