IV REAL ESTATE ACQUIRES 50,000 sq ft OFFICE ASSET IN BRISTOL

29 May, 2019

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Bristol City

IV Real Estate, in partnership with an international fund, has announced plans to comprehensively refurbish and reposition two significant city centre buildings.

The developer and asset manager has purchased 37-39 and 41 Corn Street, two adjoining buildings comprising 50,000 sq ft of commercial accommodation located in the heart of the city.

37-39 Corn Street is an art deco building comprising 17,000 sq ft and was designed by world-renowned architect Sir Giles Gilbert Scott, famous for some of the UK’s most prominent landmarks including Battersea Power Station, Liverpool Cathedral and the iconic red telephone box.

A former bank, the building dates back to 1938. Its neighbour 41 Corn Street, comprises just over 33,000 sq ft and was built in 1964 for the Bristol and West Building Society.

Demand outstrips supply

IV Real Estate plan to fully refurbish both buildings to provide contemporary Grade A office accommodation with an active ground floor restaurant space, restoring two important buildings on the street and enhancing the local area. Both buildings will be completed and ready for occupation from Q2 2020.

Alex Jordan at IV Real Estate said ‘Our acquisition of these office buildings reflects our strategy of purchasing liquid, value-add assets in cities with strong occupational demand.
“Bristol currently doesn’t have enough available office supply to meet demand, following several years of consistently strong levels of take up and the conversion of a number of offices to residential. We will refurbish the upper floors to provide contemporary office accommodation, whilst respecting and enhancing the character of the buildings.”
Savills acted for the Vendor. Gerald Eve and Alder King advised IV Real Estate.