intelligence PROFESSIONAL EXPERTISE


Development schemes put east Bristol on the map


Bristol’s centre of gravity is moving east – with a host of multi-million-pound development schemes set to transform areas such as Old Market and St. Philip’s. Global real estate


advisor Colliers International says the University of Bristol’s acquisition of the Royal Mail sorting office, near Temple Meads station, will be the catalyst for this radical change. The demolition of


‘The


university has been the catalyst for a whole raft of schemes which are now coming on stream’


the former Royal Mail sorting office is now under way, which will make way for the university’s £300, Temple Quarter Campus. This has unlocked areas of redevelopment to the east of Bristol’s existing city centre beyond the railway line, which has always acted as a natural barrier for further development. But Tom Watkins, associate director in the industrial and


logistics team at Colliers International in Bristol, says this raises a question mark over many long-established industrial sites currently operating in the area. He said: “The amount of redevelopment which has gone on in this area in the past 18 months is amazing. The university has been the catalyst for a whole raft of schemes which are now coming on


stream and there is a real momentum


behind what amounts to an eastward shift of the


city centre. “There are a number of key redevelopment sites with residential potential that have recently been transacted, most recently a large plot on Silverthorne Lane in St. Philip’s, early plans for which show hundreds of new homes, offices, shops and accommodation for around 800 students.


“One of the areas which will


benefit from this transformation is Old Market. This was a thriving area until the mid-20th Century, when Bristol’s shopping area at Castle Street was moved to Broadmead. “In the 1970s, the value of what


remained started to gain recognition and in 1979 Old Market was declared a Conservation Area. Since then a more sensitive approach to development has done much to improve the area. In recent years, more areas have been zoned for redevelopment, and it is this which will begin the eastward shift of Bristol’s city centre.” However, Tom added that while


this eastward shift will bring many advantages, this should not be allowed to happen at the expense of industrial employment. He said: “There is a major caveat


to this positive development. “I suspect the St. Philip’s flyover


will act as a natural barrier for further expansion to the east - which begs the question as to where all of the industrial occupiers currently based in this area will relocate.


“Bristol’s industrial market is booming and availability in the city, especially in St. Philip’s, is at an all-time low. If occupiers, for whatever reason, do not want to relocate to other industrial areas such as Avonmouth, then they will be asking themselves: ‘Where else can we go?’”


PROPERTY


Tom Watkins


28 insight JULY/AUGUST 2019


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