Funds advised by Resolution Property have sold the 89,000 ft² landmark Colston Tower office building in Bristol to AEW for ca. €20.5m (£17.5m)
Following an extensive part refurbishment Colston Tower is now fully let to high quality office tenants from the creative and digital sectors including Childs & Sulzmann, the multi-award winning architectural practice.
In addition, lettings on the ground and podium level to new independent businesses have enhanced Colston Tower’s tenant mix. These include the highly successful Bambalan restaurant (the latest venture from Hyde & Co, the team behind the fashionable Bristol prohibition bar Milk Thistle) and the new American barbecue restaurant Smokehouse.
James Baker at Resolution Property said:“This sale cements Resolution’s view on the emerging Bristol market and the recent lettings have firmly established Colston Tower as one of the favourite office locations for creative and digital occupiers in the city. Bristol is already a significant centre for the creative industries and its appeal is growing. We see Colston Tower as being a catalyst for further growth in the city’s creative economy.”
Resolution Property completed the comprehensive refurbishment of the building in 2016, repositioning the landmark office space for Bristol’s growing community of creative and digital occupiers.
Tenants of the restored 15-storey building benefit from a fully refurbished reception, communal area, new mezzanine space and cycle parking with extensive cycle storage and maintenance zone, as well as shower and changing facilities. The building’s revival has also delivered visual improvements to street level access and terrace areas.
Set in a prime, city centre location, Colston Tower provides stunning views across Bristol and is situated adjacent to the recently re-opened Colston Hall. Surrounded by various high-end developments, Colston Tower is ideally situated for easy access to the city’s primary retail and leisure offers.
With a base of successful businesses, advanced infrastructure and support from City leaders, the Bristol and Bath region is poised to be at the forefront of the UK's creative industries growth. Taken as a whole, the creative industries provide about 15,900 jobs in the Bristol and Bath area, and the region is now targeting annual growth of 20% for its creative sectors.
Resolution Property is currently under way with its next project Programme which will provide c.110,000 ft² of fully refurbished creative office space in Bristol city centre along with integrated coffee shop and cycle hub. The building has been hosting a number of cultural events, including a light installation for the Bristol Biennale by artist Liz West.
Resolution Property’s UK creative offices portfolio also includes the Alphabeta building in Shoreditch, Ampersand in Soho and The Old Gramophone Works in Notting Hill.
Savills advised Resolution Property.
