Funding package arranged for residential tower in Bristol

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by Lin Freestone

The decision by a Bristol law firm to relocate its headquarters to a new office building in Temple Quay has acted as a catalyst for the regeneration of the entire waterfront of the area in Bristol.

Burges Salmon has arranged a pre-let of 160,000 sq ft of the available new office space.

Temple Quay is a £300m mixed-use commercial development on a 23-acre site adjacent to Temple Meads station being developed by West Midlands-based Castlemore Securities.

A number of headquarter office buildings are under construction, and shops, restaurants and other amenities are planned. Other companies already signed up include Bristol & West, the Department of the Environment Transport and Regions and Osborne Clarke.

The plans include a public footbridge due to open towards the end of August, which will provide direct access to the main public realm at Temple Quay Central.

The scheme will include Bristol’s first high-rise residential tower, called The Eye, which will reflect a floor plan in the shape of an eye and on completion will be 13-storeys high, with spectacular views of the water from all 72 luxurious apartments.

At the height of the current market turbulence, Castlemore has arranged an £89m funding package on the residential tower, which has been put together by Lloyds TSB Corporate Markets.

It is the second Bristol-based Castlemore Securities’ development that has been funded by Lloyds TSB in 18 months, reflecting its confidence in the venture.

The Temple Quay development is a joint venture between Castlemore and the South West of England Regional Development Agency.