c

Skanska hands over Bristol development to Aviva

Skanska hands over Bristol development to Aviva
Press release 10/12/2015 09:00 CET

Skanska’s Bristol development 66 Queen Square was today handed over to new owner Aviva Investors, closing out Skanska’s first speculative commercial development under the Workplaces by Skanska banner.

Working as both developer and contractor and combining finance, construction expertise and development knowledge, Skanska creates inspiring and sustainable properties that make a positive contribution to society.

Skanska acquired the site in 2013 and initiated the development of a 61,484sqft (5712sqm) Grade A office building at a time when only one other new office scheme was being built in the city of Bristol. With 90 per cent of the building pre-let at a rent of £28.50 per sqft, and the subsequent sale to Aviva for £32.7million, all prior to completion, the success of 66 Queen Square highlights the resurgence of interest in the Bristol office market.

The development has won several industry awards, most recently being announced both Office Development of the Year and Property Deal of the Year at the 2015 Insider South West Property Awards. It has also been shortlisted in the upcoming Estates Gazette awards for Deal of the year – Business Impact.

Andreas Lindelöf, Managing Director, Development, said: “We took a risk when we originally bought the site. We were confident that the time was right for commercial development in Bristol – and we were correct. The success of 66 Queen Square has exceeded our expectations.”

Skanska’s development business continues to build on its success, with contracts now exchanged on a 0.75 acre (0.3 hectare) site near to Temple Meads train station, which will be Skanska’s next office-led commercial development in the city.