Triodos Bank has bought its showpiece Bristol head office for £11m in a move the ethical lender says demonstrates its long-term commitment to the city.
Triodos moved into the 30,500 sq ft Grade A office building in Deanery Road in February 2012 – part of an award-winning mixed-use scheme by London-based developer UK & European Investments, which also includes the neighbouring 70,000 sq ft Environment Agency head office and 78 residential apartments.
As well as its head office, Triodos’ deal with UK & European Investments also includes the property at 1 St George’s Rd, home to award-winning sustainability communications agency 375 and its innovative OpenSpace event area.
Triodos Bank managing director Charles Middleton said: “We’re delighted to have secured the purchase of our offices. The building is an ideal home for Triodos Bank and reflects our values and ethos.
“It not only meets exceptionally high environmental standards, but we’ve made sure the space reflects our approach to business, sustainable materials and showcasing the work of local artists and craftspeople.
“Buying the property cements our commitment to our Bristol location for the long-term and gives us greater flexibility with the space and a solid asset for the future.”
UK & European Investments formerly owned two other office schemes in Bristol city centre – the flagship 150,000 sq ft 10 Templeback office scheme and the 80,000 sq ft Templepoint building in Redcliffe Way, which is leased to Orange.
UK & European Investments asset management director John Stacey added: “Our long-term strategy in the UK is to pro-actively manage our investment portfolio and to pursue opportunities to maximise value and returns.
“We see this transaction as a strategic sale of an asset where the business plan has been successfully implemented, at a time when there is significant demand for UK Regional Office Investments.
“The business will continue to focus on new investment and value-add opportunities in key towns and cities throughout the UK and Europe in line with wider longer term investment strategy.”
Bristol law firms Burges Salmon and TLT acted as legal advisors while GVA and JLL were commercial property advisors on the deal.
Pictured: Triodos Bank staff with managing director Charles Middleton, centre, outside its head office
