UK mixed-use investor Mission Street and global real estate management advisor BentallGreenOak has acquired 1 Temple Way in central Bristol, with plans to deliver the largest commercial science scheme in the South-West.
With planning consent for an area of around 135,000 ft2 (12,500 m2), the building will provide wet lab, dry lab and high-specification office spaces. Financial details have not been disclosed.
The AHMM-designed scheme, which gained planning consent in April 2022, will be delivered speculatively.
1 Temple Way was built in 1974 as a printworks, and the new scheme exploits its industrial qualities, including large floor plates, resilient structure and floor-to-ceiling heights, which are ideal for R&D use.
The JV, formed in January 2021, has been scaling in key UK R&D locations, having acquired assets in Oxford and Cambridge. The total portfolio now includes four projects which will total 500,000 ft2 once completed, with a significant pipeline of future projects.
Inventa, the first phase of the JV’s wider plans for OX2, a new urban innovation district west of Oxford City Centre, is currently under construction to deliver a new, purpose-built 65,000 ft2 laboratory and office building due for completion in mid-2023.
The joint venture continues to grow its platform via ground-up developments and re-purposing of existing assets in areas across the UK that are anchored by strong research and development credentials.
Artem Korolev, founder and CEO of Mission Street, commented: 'we have been monitoring the Bristol market for the last two years and have had extensive engagement with the key stakeholders in the emerging R&D ecosystem.
'Our intention is to work collaboratively, diligently and at speed to create a next-generation science building of local, regional and national significance, retaining and attracting innovative companies to Bristol.'
Toby Phelps, managing partner at BentallGreenOak, added: 'BentallGreenOak is excited to add a fourth project to our growing life science portfolio with Mission Street.
'There continues to be a severe shortage of supply of high-quality, purpose-built space for the growing life science, deep tech, and R&D sectors.
'Our partnership is focused on delivering exceptional spaces that meet the needs of the dynamic and innovative companies in the innovation sectors today with consideration for their growth aspirations well into the future.'
