AEW Europe has acquired the a landmark tower in the southeast English city of Bristol from a fund advised by Resolution Property for £17.5 mln (€21 mln).
Resolution Property completed the comprehensive refurbishment of the 15-storey building in 2016, repositioning the office space for Bristol’s growing community of creative and digital occupiers.
The 8,270 m2 Colston Tower is located in the city centre. The property is now fully let to tenants from the creative and digital sectors, including architectural practice Childs & Sulzmann. The latest lettings include a Bambalan restaurant and the new American barbecue restaurant Smokehouse.
James Baker, asset manager 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.'
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 has got underway with its next project, Programme, which will provide 10,219 m2 of refurbished creative office space in Bristol city centre, along with integrated coffee shop and cycle hub.
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 on the Colston Tower deal.
