Andrews Land & New Homes, the specialist property development team within the Andrews Property Group, has been appointed joint agent to secure a sale of the prestigious Marlborough House office development in Bristol city centre. The sale is being handled on behalf of investor Ropemaker Properties Ltd which purchased the building in 2014.
With full planning consent to transform the building, which is currently home to part of the AXA Insurance business, in to 106 residential apartments with parking and a ground floor retail outlet, Andrews Land & New Homes is focusing its efforts on marketing the property to developers interested in taking this building on to its next exciting era. Meanwhile, Jackson Criss, a London-based commercial agent, is handling the marketing for investors who would wish to maintain the property as a commercial office facility.
Speaking on the appeal of the property, James Read, Land and Development Manager at Andrews Land & New Homes, said: “With such a significant shortage of housing across the South West, especially around Bristol and Bath, Marlborough House presents a unique and enormously attractive investment opportunity to any developer wishing to add quality city-centre accommodation to its portfolio.
“With close proximity to transport links, shopping facilities and with both the University of Bristol and Bristol Royal Infirmary nearby, the potential target market for properties in Marlborough House is wide, but largely focused on young professionals and students for whom the convenience of city centre living is particularly appealing.”
Built in 1982 and arranged over six floors with basement parking, Marlborough House offers any future investor almost 60,000 square feet of floor space with which to transform the building in to 21 studio flats; 47 one bedroom flats and 38 two bedroom apartments. A total of six of the units would need to be made available as affordable homes under an existing S106 Agreement.
James concludes: “Bristol remains incredibly attractive and city centre living itself has grown in popularity over the past decade. Demand continues to outstrip supply and we see no reason for this trend to end which means that for any investor with the vision to transform a large commercial unit in to prime residential real estate, Marlborough House must surely be top of their wish list.”
Full marketing details, including access to the data room, or to arrange a site inspection, contact James Read or Martin Blake at Andrews Land & New Homes (residential investors) on newhomesbristolandbath@andrewsonline.co.uk.
Commercial investors wishing to maintain the building as office accommodation should contact Kieran Mitchell at Jackson Criss on 020 7637 6857 / kieranm@jacksoncriss.co.uk
