Residential & PRS
Bristol is one of the strongest residential markets in the South West with demand for housing in Bristol rising dramatically over the past five years, both across the city and outside of its boundaries. Residential property market analysts, Hometrack, put Bristol at the top of the league table for house price growth out of the 20 major cities in the UK in 2016, with a year-on-year (September 2016) growth of 11.8%, and Year-on-year growth to September 2017 at 5.1%.
C&W would expect a high quality residential led development to achieve strong values in the region of £450- £500 per sq ft. Additionally, over the past year, Bristol has seen the emergence of the Private Rented Sector with a number of development sites proposed to deliver PRS schemes including, ND6/7, Redcliff Quarter and Castle Park View.
The Soapworks is situated in an emerging city centre fringe location linking Cabot Circus with Temple Quay business district and Temple Meads train station. There is currently a distinct lack of quality retailing / leisure (including food and beverage) within the immediate area to cope with the increasing office and residential population in the Old Market quarter.
The car park adjacent to the Site is accessed by pedestrians via Straight Street and provides significant provision, and generates good levels of footfall during peak periods. Equally the new Gardner Haskins homestore will remain a key anchor having traded for 60 years in this location.
The old soap factory offers modern well configured space that will appeal to local & regional occupiers.
In 2017 Bristol recorded the highest rate of rental growth anywhere in the UK at 14%. This was largely driven by the acute lack of supply with today only a 2.9% vacancy rate and only 15,000 sq ft of new stock available. Bristol is one of the most sought after locations for property investment with its strong economic and demographic characteristics, particularly the vibrant and rapidly expanding technology sector which is largely behind the reason why Bristol was recently named the ‘Most Connected City’ in the UK. Occupiers are also keen to tap into the strong labour pool making it an attractive place to relocate and/or expand
Grade A office rents in the city centre have increased from £32.50 at the start of 2018 to £34.50 per sq ft at the end of Q3 and are forecast to continue to increase. The supply / demand imbalance is particularly acute for good quality suites of 10,000 sq ft+ in the city centre.
Bristol is regarded as one of the UK’s top destination Cities and has been named as Europe’s trendiest city in the National Geographic Traveller UK’s Cool List.
The Hotel market in Bristol is strong with a current under supply of accommodation and high occupancy rates, this has been evidenced by the proposed development of two hotels located near the Site, including the Jury’s Inn on the Glassfields site and the new proposed hotel at Bristol Temple Meads.
Bristol is home to two major universities, the University of Bristol and University of West of England, with the number of combined full time students totalling around 50,000.Bristol is considered one of the core university cities with a significant undersupply of PBSA.
In addition, the University of Bristol is anticipated to increase its student population by over 5,000 over the next five years and is also proposing to open a new £350m Temple Quay Enterprise Campus by 2021/2022, which is within a 5 minute walk of the site.