BlackRock fund redevelopment of Bristol’s Portwall Place

BlackRock is funding a major speculative office redevelopment in Bristol city centre that will provide 151,000 sq ft of Grade A workspace.

LS Estates’ Portwall Place project will have floorplates of up to 38,000 square feet and has been given the green light by the council.  According to CoStar, BlackRock acquired the building for £51.5 million in 2013.

The US-headquartered investor and the London-based real estate developer will carry out an extensive redevelopment of the offices as well as adding an onsite cafe, a gym and 4,000-squarefoot communal rooftop terrace.

There is also expected to be installation of an auditorium and conference space. End of journey facilities will include 262 cycle spaces, 262 lockers and 16 showers, while partners will retain 89 car parking spaces at the Portwall Lane property.

The project is expected to achieve an upfront embodied carbon saving of 75% when compared with a new-build development.

Project appointments

RED Construction has been appointed as main contractor, Buckey Gray Yeoman as architect and Workman as project manager. Cushman & Wakefield and CSquared are joint leasing agents.

Comments

Steve Lane, head of office agency in Bristol, at Cushman & Wakefield, said to CoStar: “Bristol city centre office take-up reached 604,000 square feet last year, the strongest since 2022, with Grade A space accounting for over half.

“With vacancy at just 2.5% and limited new supply, Portwall Place will deliver much-needed Grade A space and help set a new benchmark for prime rents in Bristol.”

Seonaid Butler, partner at CSquared, said to CoStar: “The transformation of Portwall Place will provide best-in-class Grade A floors, strong amenity and 7,600 square feet of terraces with outstanding city views.

“Its prominence and location are expected to attract high-quality occupiers and drive prime rents in the city centre.”