We saw in Stokes Croft an area with a strong creative community, but with limited options for those looking for a clustered work space. Frankly, that’s like catnip to us. St James House is currently occupied by one company until 2018, but lends itself to conversion into a campus for varying sizes of business, all built around one central, collaborative heart.
The plan is to split the various floors into units offering 400 – 5,000 sq. ft. of space to satisfy both small and medium-sized company needs. The central area will form a co-working and collaborative space, to ensure a vibrant and active community atmosphere can be developed. Plus, with its convenient location for Bristol University, we have gained permission to develop the rear of the building – currently a 10,000 sq. ft. car park – into a 105-bedroom student housing scheme.
The project was acquired with a combination of bank debt and equity. The running yield is 14% through to 2018, at which point significant capital value will be created through the redevelopment initiatives above.