28th July 2017
Orchard Street achieves full occupancy at Templeback Bristol
Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager, has completed two new lettings at 10 Templeback in Bristol’s city centre totalling almost 20,000 sq ft, bringing the prime office building to full occupancy.
Orchard Street acquired the property in 2015 for £58.6 million, and subsequently undertook a £400,000 refurbishment which further enhanced its appeal, cementing the asset as one of Bristol city centre’s premium office locations.
In one of Bristol’s largest office transactions of the year to date, Jordans Ltd, the corporate services provider, has agreed a 10 year lease on 13,480 sq ft of space on the first floor of the building. Jordans will relocate its 120-strong team of lawyers, accountants, trust managers, data specialists and company formation agents from its current base on St Thomas Street in Bristol later this summer.
Mott MacDonald consultancy firm, which has been a tenant of 10 Templeback since 2015, extended its commitment to the property by agreeing to take a further 6,000 sq ft of expansion space on the ground floor, bringing its total presence up to 16,500 sq ft, on leases expiring in 2025.
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.
10 Templeback is now 100% occupied to a strong line-up of high-quality tenants, including OVO Energy, NFU Mutual, ADP, Momentum Financial Technology and Colliers International, with a weighted average lease term of 6.8 years.
Richard Walters, Partner at Orchard Street, commented: “The success of our lettings strategy has fully justified our purchase of this prime asset two years ago, while the calibre of tenants that 10 Templeback has attracted is a clear demonstration of its appeal, and of the resilience of the local market to which occupiers are confident in making a long-term commitment.”
Alder King and Cushman & Wakefield acted as joint letting agents on behalf of Orchard Street.