Verve Properties, the niche developer behind Bristol's highly-successful Paintworks creative quarter, has started work on the first speculative office refurbishment in the city for five years as the market recovery continues to gathers pace.
London-based Verve said it saw a gap in the Bristol office market for trendy office workspace of the type now common in the Shoreditch/Tech City area of East London that would appeal to the Bristol’s vibrant creative sector. 
Work is now underway on Company House, a Grade II listed former brewery on Tower Hill near Old Market, to create 25,000 sq ft of flexible and creative commercial workspace. The striking four-storey building will be known as the Brew House.
The move follows the return of speculative new office development after a four-year gap, with schemes now under construction at 66 Queen Square and 2 Glass Wharf, Temple Quay.
Property consultants Alder King’s office agency specialist Tom Dugay said: “We are now seeing the return of speculative office refurbishment after a similar period, as property owners and developers capitalise on the pent-up demand for flexible space.”
“Bristol’s growing creative and cultural sector values space with character. Verve’s aim with this scheme is to bring some trendy Shoreditch character to the Bristol office market specifically to appeal to this sector, which now accounts for 12% of all businesses in the city.
“The property has a distinctive stone façade and arched windows and the interior will be redeveloped to maximise its large floor plates and industrial heritage. Its location midway between Temple Meads and Cabot Circus and close to the Temple Quarter Enterprise Zone and the heart of the city adds to its very strong credentials.”
Tom says that the return of speculative refurbishment is another important indicator of improving confidence in the market as owners and developers invest in their property assets.
“Refurbishment offers a quick and cost-effective way of maximising the value of a property and, with the right treatment, delivering the type of commercial space that the market requires,” he said. “We’re confident that the creative sector will want to be a part of the Brew House.”
Verve’s Paintworks scheme has successfully redeveloped a former Brislington industrial estate into a creative hub with TV studios – used to film Deal or No Deal – marketing, design and web agencies, meeting space and a café/bar.
Alder King and GVA have been appointed as agents on the Brew House, which will be available by the end of this year. The property will available to let as a whole or in suites starting from 1,500 sq ft.
