13th October 2014
Record rent for Bristol – PwC confirms move to Salmon Harvester’s 2 Glass Wharf
Salmon Harvester Properties, advised by Alder King, has confirmed that PwC has signed a 15 year lease for three floors at its speculative office development 2 Glass Wharf, Temple Quay in Bristol. PwC is taking 37,157 sq ft at £28 per sq ft, a record rent for the city and the largest letting for a building under construction for several years.
Salmon Harvester appointed Wates as contractor and commenced work on the 100,000 sq ft (9,290 sq m), £40 million scheme last October. Alder King is sole letting agent. The building sits within the city’s Enterprise Zone and is the first speculative development in Bristol for several years. PwC will commence fit out of the top three floors (4th, 5th and 6th) in January and expects to relocate its Bristol staff to their new regional office next Summer.
Rorie Henderson, Development Director at Salmon Harvester Properties comments, “As we near completion, 2 Glass Wharf is taking shape as the city’s flagship office building and we are delighted to have signed such a prestigious tenant. We have always had every confidence in the Bristol market and this is the first of our three development projects planned at Temple Quay.
“In the last few weeks we have also submitted a planning application for the adjacent site 3 Glass Wharf, which incorporates 109,255 sq ft (10,150 sq m) of offices with retail and leisure on the ground floor, plus basement car parking. We have considerable interest in the remaining space at 2 Glass Wharf and hope to announce the scheme is fully let before Christmas.”
Matthew Hammond, Regional Chairman for PwC said, “PwC has been located in Great George Street, Bristol for many years, which has been a fantastic home for our business. We have many fond memories but it is time to move our business forward.
“Bristol is a great place to live and do business and we are dedicated to growing our practice here, providing the highest level of expertise and experience to local businesses. Our new office at 2 Glass Wharf will provide a fantastic environment for our clients and our people combined with great connectivity.”
Katharine Finn, PwC’s Senior Partner in Bristol said, “2 Glass Wharf will provide a modern, creative work space. Its close proximity to Bristol Temple Meads station at the heart of plans for future developments for the city centre, will ensure connectivity within and beyond the region for generations to come. Our new office will secure an efficient and flexible way for our teams to work, from a more environmentally and sustainable building, reducing our carbon footprint.”
Bristol Mayor, George Ferguson adds, “This letting is another great vote of confidence in Bristol and the enterprise zone, both by Salmon Harvester and by PwC. This relocation and Salmon Harvester’s growing involvement at Temple Quay will act as a catalyst for further development and investment in adjoining sites.
“We are proud as a city to offer an attractive proposition for investors – a first class location, great connectivity, talented workforce and major investment in infrastructure over the next few years, coupled with great financial incentives.”
Simon Price, Head of Agency at Alder King said, “Confirmation of this letting to PwC three months ahead of the building’s practical completion is a ringing endorsement of the scheme and Salmon Harvester’s confidence in Bristol’s economy. It also clearly demonstrates the increasing demand for prestigious Grade A office space in the city centre. We hope this all-important first transaction will be followed by other lettings later in the year.”
2 Glass Wharf was launched by the then Planning Minister Nick Boles at the end of last year, who commented that Enterprise Zones play a vital role in securing economic growth and can bring new opportunities in jobs and investment.
Alder King advised Salmon Harvester Properties, CBRE advised PwC.