CBRE has negotiated terms for Unite Students to remain in its Bristol Headquarters at South Quay House, Temple Back, until 2027.
CBRE’s Bristol office originally undertook a search for offices on behalf of Unite Students, resulting in the acquisition of South Quay House in January 2017.
South Quay House comprises a self-contained, four-storey office building located on Temple Back, close to Temple Way and Temple Meads station. The building comprises a total of approximately 26,300 sq ft, which is owned by DAS, the current occupier of the adjacent building.
Vedran Kosoric, Asset Management Director of Unite Students, commented: “Since moving our office in Bristol in 2017, incorporating new ways of working for our staff, any desire to relocate to alternative premises has diminished. Having worked with CBRE, we were happy to commit our future to the building, and to Bristol, until at least 2027.”
Peter Martin, Office Agency Director at CBRE Bristol, undertook the original acquisition and also the recent negotiations. He explained: “Unite Students originally signed up to acquire the offices at South Quay House in 2017 with the option to relocate to a purpose-built new Headquarters in the city, so we negotiated the original lease to have three tenant-only break options. Having moved into the new office, the client’s requirements changed and we were able to unlock further incentives from the landlord in return for removing these break options.
“While demand for office space in Bristol remains relatively strong, current availability in the city is now less than 500,000 sq ft, which equates to less than one year’s average take up, thus limiting options for larger organisations looking to expand or relocate to Bristol.”
DAS were advised by Simon Price of Alder King.