CBRE Global Investment Partners (GIP) and Palmer Capital have bought a development site in Bristol's Finzels Reach regeneration zone with planning consent for a seven-storey office.
The Aurora site was acquired for the Palmer Capital Development Fund III, which is managed by Palmer and funded by clients of CBRE GIP.
The 17,000 m2 site occupies a gateway position in Finzels Reach, a major mixed-use regeneration scheme in Bristol city centre, and has consent for a Grade A office development with a total internal area of 8,875 m2.
The end-value of the project is forecast to be in excess of £40 mln (€50 mln). Cubex Land is the development manager and completion is scheduled for October 2017.
The PCDF III fund has grown to more than £200 mln of assets since it was launched in mid-2014.
Chris Button, director at Palmer Capital, said: 'Bristol has a shortage of Grade A office space which has already resulted in rental growth. Aurora will be the first new development to be completed and will deliver the very best office space Bristol has to offer in a vibrant, mixed-used location.'
