London (June 27, 2022) — Mission Street and BentallGreenOak (“BGO”) announced the acquisition of 1 Temple Way in central Bristol with plans to deliver the largest commercial science scheme in the South-West. With planning consent for 135,000 sq. ft of NIA, the building will have the scale to support the emerging R&D and Deep Tech ecosystem in Bristol via the provision of wet lab, dry lab and high-specification office space. The AHMM-designed scheme, which gained planning consent in April 2022, will be delivered speculatively.
1 Temple Way is an iconic building originally built in 1974 for the Bristol United Press and was highly innovative for its time. It is located in the heart of Bristol’s emerging Tech and Science district, near Bristol University’s new Enterprise Campus and is in close proximity to Temple Meads station. The industrial qualities of the building, having originally been developed for a printworks, provide the large floor plates, resilient structure and floor-to-ceiling heights ideally suited for R&D use, which is unique for City Centre office buildings.
The Joint Venture, formed in January 2021, has been scaling in key UK R&D locations, having acquired assets in Oxford and Cambridge. The total portfolio now includes four projects which will total 500,000 sq ft once completed, with a significant pipeline of future projects. Inventa, the first phase of the JV’s wider plans for OX2, a new urban innovation district west of Oxford City Centre, is currently under construction to deliver a new, purpose-built 65,000 sq ft Laboratory and Office building due for completion in mid-2023. The Joint Venture continues to grow its platform via ground-up developments and re-purposing of existing assets in areas across the UK that are anchored by strong research and development credentials.
Artem Korolev, Founder and CEO of Mission Street, commented: “we have been monitoring the Bristol market for the last two years and have had extensive engagement with the key stakeholders in the emerging R&D ecosystem. This has demonstrated world class academic anchors, a rapidly growing start up environment and several proven local success stories. For us, it has all ingredients to continue to make Bristol a thriving hub for innovative businesses and we will continue to work with the stakeholders to accommodate and support innovative companies via a design-led purpose-built hub in the City Centre. Our intention is to work collaboratively, diligently and at speed to create a next-generation science building of local, regional and national significance, retaining and attracting innovative companies to Bristol”
Toby Phelps, Managing Partner at BentallGreenOak, added: “BentallGreenOak is excited to add a 4th project to our growing Life Science portfolio with Mission Street. There continues to be a severe shortage of supply of high-quality, purpose-built space for the growing Life Science, Deep Tech, and R&D sectors. Our partnership is focused on delivering exceptional spaces that meet the needs of the dynamic and innovative companies in the innovation sectors today with consideration for their growth aspirations well into the future.“
Marvin Rees, Mayor of Bristol, said: “It’s fantastic to announce further investment into our city as we continue to grow Bristol’s reputation as a centre for cutting edge research and technology. Located within walking distance of the Temple Quarter regeneration area and the University of Bristol’s new Enterprise Campus, this new innovation hub will be a welcome addition to Bristol’s burgeoning tech sector and the wider area as we continue to bring new jobs and investment into our city to benefit all communities.”
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $78 billion USD of assets under management (as of March 31, 2022) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BentallGreenOak has offices in 28 cities across thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BentallGreenOak is a part of SLC Management, which is the alternatives asset management business of Sun Life.
The assets under management shown above includes real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bentallgreenoak.com
About Mission Street
Mission Street was established in 2017 and is a specialist mixed-use investor, developer and operator of real estate for the sciences and innovation sector.
Since inception, the company has managed over 700,000 sq ft of UK commercial property with major institutional investors and family offices, involving development and value add asset management
The company is a proven innovator and market leader in the Innovation Real Estate sector, delivering successful and complex projects including both new build R&D buildings and creative conversions of industrial and retail buildings.