Aurora is a landmark Grade A sustainable office building of circa 95,000ft2. At the time of its development it was one of the 6 most sustainable office developments in the UK and the only one outside of London to achieve a BREEMA Outstanding rating. The generous open plan light office floor plates of 15,000ft2 cluster around a spectacular full height atrium with feature staircases. The top two floors benefit from a landscaped terrace complimented by electric car charge points, showers, cyclist amenities and a drone landing pad for parcel deliveries.
Aurora was speculatively developed with funding through the Palmer Capital Development Fund IV, a programmatic venture managed exclusively on behalf of clients of CBRE Global Investment Partners (“CBRE GIP”). Occupiers include Mewburn Ellis, Simmons & Simmons and the building secured 85% occupancy prior to build completion with a subsequent sale for £62M to Royal London Asset Management, achieving 4.75%, a record net initial yield.
AXA Real Estate Investment Managers completed a forward funding deal for a 168-bedroom Premier Inn hotel at Finzels Reach in Bristol. The fund manager, on behalf of its long lease fund, agreed to pay £17.8m – a 4.85% yield – to fund the construction of the hotel, which was been prelet let for a 30-year term. Cubex and Palmer Capital secured the prelet in October 2015.
The Premier Inn opened in October 2017 and is a major enhancement for the area providing up to 80 jobs as well as high-quality accommodation for business and leisure visitors to the city, Premier Inn will be a valuable asset to Finzels Reach and Bristol.
With its light, spacious floors flooded with natural daylight Paragon became the new benchmark in Bristol’s office market when it was completed. In its 100% prime location this speculative development achieved market leading rentals of £27.50/sq ft to a variety of blue chip tenants. The six floorplates share a luxurious full height atrium and a top quality specification.
The building became one of Bristol’s greenest and most energy efficient buildings – one of only a handful in the area to be awarded an energy performance certificate with a high-grade B rating. Cubex speculatively funded the development through Palmer Capital Development Fund II, then successfully marketed, fully let and sold the created investment to INVESCO for £26.5 million. Paragon’s current occupiers are Ernst & Young, Marsh & McLennan, Thrings, Brewin Dolphin, Tesco, Friska and Pret A Manger.
This prime city centre office building, overlooking the Floating Harbour, was comprehensively refurbished with internal reconfiguration and specification upgrade. Additional roof level increased the net area to 48,000 sq. ft. of Grade A office space.
This was a speculative project undertaken at lease expiry, which we took on as a joint venture with Prupim (M&G). We managed the design, implementation and planning of the scheme, which was completed in 2013 and the building was fully let to Spanish insurer firm (MAPFRE) in 2014. Working in close partnership with a large fund we delivered a city centre scheme to be retained by the JV partner. The entire project, from business plan to idea and delivery was completed to the benefit of both parties.
Cubex bought the College Square site in 2006 with the intention of speculatively developing space sympathetic to the location at the heart of an historic conservation area whilst incorporating the best of contemporary design. The building made full use of traditional materials such as limestone, natural slate and stone, delivering an elegant and classical façade with period features reflecting its historic surroundings. At the same time, the internal accommodation is fully open plan with lofty ceilings and large footplates of 3.000 sq ft apiece.
Offering 12,500 sq ft of Grade ‘A’ office accommodation on four floors with basement parking and views across the fast evolving Harbourside regeneration area Cubex sold College Square House to Bristol Cathedral School only two months after its practical completion. Both the original acquisition and subsequent development of the scheme were funded by Palmer Capital through their Palmer Noble Fund.
In 2005 Cubex and Palmer Capital acquired a portfolio of 105 petrol filling stations (PFS) from Chevron Texaco for £70m in joint venture with Somerfield Stores Ltd (now part of the Co-operative Group). All were immediately let on 20 year leases to Somerfield but with the option for the tenants to break c. 20% of the leases to give them operational flexibility.
A core portfolio of 86 were redeveloped with a convenience stores and newer fuel infrastructure. The sites being sold went either to other operators as they did not fit the operational requirements or for alternate use where a premium value could be obtained, such as residential.
Cubex set out to maximise the planning potential for each site In terms of the redevelopment. Somerfield accessed property skill that they didn’t have in-house, specifically to deliver development and promotion of land for higher uses.