5th September 2017
Grant Thornton agrees deal for Bristol offices
Business and finance advisory firm Grant Thornton UK has agreed a deal for new offices in Bristol, with 185 staff set to relocate in 2018.
The firm has taken the entire second floor at 2 Glass Wharf, comprising 16,800 sq ft of space, concluding the letting programme at the 98,000 sq ft development.
Tim Lincoln, South West practice lead for Grant Thornton, said: “We are very pleased and excited to be moving to Glass Wharf in early 2018. We will be able to create a modern and agile space for around 185 people and the ability to design a working environment that caters for more collaboration and different ways in which our people work in the office was a strong selling point.”
Alder King and Hoddle Stotesbury Morgan acted for Salmon Harvester. JLL acted for Grant Thornton.
Developer Salmon Harvester completed the £50m, six-storey office development in 2016 with the scheme funded by NFU Mutual.
Tenants in the 98,000 sq ft building include PwC, Foot Antsey, and Arcadis Group.
The 3 Glass Wharf development has been forward funded by Legal & General. The 110,000 sq ft building has been pre-let to HM Revenue & Customs and is scheduled for completion in the fourth quarter of 2017.
Rorie Henderson, director at Salmon Harvester, said: “Our recent investment programme in Bristol city centre has proven to be a successful one.
“We acquired three development sites from Castlemore’s Receiver between 2012 and 2014, developing 2 Glass Wharf as a 98,000 sq ft speculative office scheme and then pre-let its neighbour 3 Glass Wharf 110,000 sq ft office HQ to HMRC where we are on site and on programme to complete in Q4 2017.”
NFU Mutual’s fund manager Tom Bostock added: “We took the decision to speculatively fund this new office development on 2013 at a time when the Bristol city centre grade A office supply was low and reducing, in spite of two referendums and a general election.
“I am pleased to say we have achieved our project business plan of strong lettings to proven covenants and I expect the Bristol office market to continue to perform well in the future.”
This transaction follows the recent letting of 8,965 sq ft being half the 4th floor at 2 Glass Wharf, Temple Quay, Bristol to PwC. This expands PwC’s operation at 2 Glass Wharf where they already occupy the 6th, 5th and part 4th floors. The lease term mirrors the existing 15 year lease of the upper floors.
The professional services firm has enjoyed significant growth in Bristol and Chris Richmond, PwC’s Head of Real Estate, said: “PwC is delighted to announce it has acquired additional space in its Bristol office that reinforces the firm’s commitment to the city and its status as a National Centre within our network.”
The additional accommodation will provide PwC with a total of 37,400 sq ft at the new Grade A office building in the Temple Quarter Enterprise Zone overlooking the Floating Harbour. Other occupiers in the 98,500 sq ft landmark building include Arcadis Group, Foot Anstey LLP, Markel Insurance and MJ Mappat.