Newly completed Bristol landmark office building Aurora has been sold for just over £62m after setting the highest-ever rent for the city centre.
Following weeks of speculation, contracts have been exchanged on the 95,000 sq ft grade A building at Finzels Reach – more than 85% of which is now let. 
As the only speculatively-built office scheme in the city centre, Aurora has attracted largescale attention from expanding businesses.
A major supply shortage of prime office space has also led to rents in the state-of-the-art building reaching record levels, with the latest arrivals at Aurora paying more than £35 per sq ft – a significant increase on the previous highest of £32.50 achieved last year with an earlier letting at Aurora and at the extensively refurbished One Cathedral Square let to Dyson and the University of Bristol.
Grade A office rents have now risen by 23% in less than two years in Bristol city centre.
Aurora, developed by Bristol property firm Cubex and funded by London-based Palmer Capital, has been bought for £62.13m by Royal London Asset Management (RLAM), the developer behind the 393,000 sq ft Glassfields mixed-use scheme less than a quarter of a mile away on Temple Way. Work has recently started on the development, which will include offices, a hotel, residential and retail.
The latest arrivals at Aurora are online investment platform developer Parmenion, part of Aberdeen Standard Investments, and professional recruitment and consulting specialist Experis, owned by Manpower Group.
They join previously announced tenants law firm Simmons & Simmons and intellectual property specialist Mewburn Ellis inside the glass-fronted building.
Parmenion is taking 31,233 sq ft on the third and fourth floors while Experis is taking the ground floor rear suite of 5,002 sq ft. Both are relocating from other city centre locations – Parmenion from College Square in Anchor Road and Experis from 1 Redcliff Street – providing them with upgraded working environments.
With software developer Amdaris, currently based on the Bristol & Bath Science Park at Emersons Green, lined up to take 3,200 sq ft in a self-contained ground floor suite, just one floor of 15,552 sq ft remains in Aurora. That has attracted several inquiries, according to Cubex.
Aurora is the only building outside London and one of just six in the UK to achieve the BREEAM ‘Outstanding’ environmental award under the new, toughest rating scheme.
It also holds a LEED Gold sustainability standard and a Platinum Wired Score accreditation, the highest rating for connectivity and digital infrastructure.
Cubex director Peter Walford said: “Our commitment to delivering a first-class, highly sustainable office building in the heart of the city has been instrumental in helping us attract an excellent mix of quality tenants, and to consistently push rental levels to record highs.
“We are therefore delighted that Royal London has recognised these attributes and chosen to purchase our landmark Aurora building.”
Palmer Capital director Steve Wright added: “We are delighted to conclude a successful business plan, delivering a high-quality asset in Bristol, and outstanding performance for the fund.”
Savills acted for Cubex and Palmer Capital with Knight Frank acting for Royal London Asset Management.
