Urban Creation has expanded its portfolio with the purchase of the upper parts of a Grade II listed building in a prime city centre location.
The Bristol developer has bought the top three floors of five-storey 49 Queens Road on the Clifton Triangle in Bristol. The space was formerly used as a storage area by Jones Bootmaker but is currently sitting empty after the closure of the shop on the ground floor.
Pension fund Bristol Securities LLP sold the property to Urban Creation, which plans to convert the building into a six-bed cluster flat for the student market, meaning residents will have a shared communal area.
The deal comes after Urban Creation arranged a £12million re-finance of some of its portfolio with Hodge Bank. This arrangement transferred some of its property assets onto long-term investment finance and released additional funds to enable Urban Creation to acquire other development opportunities.
Jonathan Brecknell, director and owner of Urban Creation, explains: “We are pleased to have added this Grade II listed property in a prime Bristol city centre location to our growing portfolio. We are currently drawing up our plans to revamp and breathe new life into the building, which is right in the heart of the student scene.
“We will be paying careful attention to the preservation of the historic fabric of the building, for example the beautiful cornicing in the main kitchen-lounge-dining space, whilst giving the site a new lease of life. Our aim is to get the very best out of this characterful building, and we will be drawing on our experience of converting complex properties into spaces that are fit for modern living in order to do this.”
Currently, Urban Creation is also creating boutique student accommodation at Charlotte’s Rise on Charlotte Street in Clifton, which is now nearly 60 per cent let, and The Manor House, off St Michael’s Hill, by the University of Bristol campus, which is now 50 per cent let. Both are beautiful, historic properties, whose character and charm are being preserved as part of the renovation projects, in fantastic locations in the heart of Bristol.
TLT Solicitors acted for Urban Creation in its purchase of the upper parts of 49 Queens Road. Hartnell Taylor Cook advised the vendor.
The new apartments at 49 Queens Road are expected to be ready for occupation from September.