Yet more plans have been launched on Victoria Street in Bristol. Yesterday saw the launch of London & County's Victoria Central (there's a nice shiny picture opposite) an 88,000 sq ft redevelopment. There's no mention of a start date and we've heard work will wait for a prelet before going ahead.In the speeches at the launch there was a lot of talk of confidence in the market, the lack of grade A space and a limited development pipeline; all of which is true. But, it's worth remembering that London & County will be competing against some other high profile stock in the market that is still waiting to let (£).
For example, just down the road is Prupim and Cubex's One Victoria Street, which went for planning last September. This will deliver 48,000 sq ft into the marketplace. Then there's HDG Mansur's 110,000 sq ft Bridgewater House which was completed to shell and core in May 2011. At the end of last year it secured one letting - 9,000 sq ft to accountants BDO - but is still waiting for its first big deal. Whispers that another deal might soon be in the offing, a large deal at that, are yet to materialise.UK & European Investments is also on the prowl for a juicy letting at its Templeback development.
Things are slow in any of the big regional markets, and until there are a few more occupiers putting pen to paper sadly more and more developments are likely to remain just a shiny image. But after a drought of shiny images for many, many months its still nice to see them starting to roll back in.
| Tweet |
|
