Savills, acting on behalf of Local Pensions Partnership Investments (LPPI), an investment management client of Knight Frank Investment Management, advised by V7, has secured planning consent for a landmark development at One Passage Street in Bristol.
The consent paves the way for the development of a net zero enabled office building at a prime site on Bristol’s historic floating harbour in the city centre.
The building has been designed to meet the highest energy efficiency and wellbeing standards, including BREEAM Outstanding, EPC A, Net Zero Carbon (whole life cycle – embodied and operational), Well Platinum, Active Score, SmartScore, WireScore, NABERS and Soft Landings.
Its design accommodates a significant amount of outside space, including 15,367 sq. ft. of terraces overlooking the water, and a landscaped area at ground floor level.
It will provide 106,020 sq. ft. of Grade A office space, new public realm space on the waterfront, a ground floor café for public use, and auditorium space for use by the office occupiers and external organisations.
The new building will replace a dated 1970s structure that currently occupies the site, which could not be re-positioned to meet current occupier and energy efficiency standards.
Craig O’Brien, head of planning for Savills Bristol, said: "We are very pleased to have secured permission for this transformative project. Despite being only four decades old, the original low-quality building was deemed obsolete from a sustainability perspective, meaning redevelopment was the only option. The proposal to deliver a best-in-class sustainable building has been recognised in its BREEAM Outstanding rating – one of only a handful in Bristol to achieve this accreditation.”
Matt Leach, Director, V7 commented: “We are delighted to secure planning on this prominent city centre site. It has been a real team effort in getting this far and we look forward to working with our client and consultants to bring forward a new and exciting development for the city.”
John Styles, CIO, Knight Frank Investment Management said: “We are delighted that the Fund has been able to achieve this consent reflecting our strategy of continuously upgrading the assets in our Client’s portfolio to align to modern occupier and ESG requirements.”
Louise Warden, Investment Director, Real Estate, LPPI, commented: “As a responsible investor of our pension fund clients’ assets, with a commitment to building a net zero portfolio by 2050, we are excited to enable the development of a best in class building which will add to the sustainable office landscape in Bristol.”