Having struggled since 2009 to complete the £255 million Finzels Reach, mixed-use scheme on the site of the former Courage brewery in the centre of Bristol, the US-based property developer HDG Mansur has allowed the scheme to fall into receivership today.
Back in 2011 the developer had pleaded that the scheme would no longer be viable if it had to meet all it's planning obligations, and Bristol Council allowed it to drop a requirement to build 37 affordable homes. The completed scheme would see 398 residential units, with offices and a new, £3.6 million bridge to Castle Park.
The current consent includes office, residential, leisure and retail elements with completed phases comprises Bridgewater House - a 110,000 sq ft Grade A office building part let to BDO, who are expecting to move in in June, and The Malt House and Castle Wharf private residential apartment blocks.
Planning permissions exists for The Temple Building, a 164,000 sq ft speculative office, further apartment blocks with shops as well as leisure elements and the Fermentation Building and Hawkins Lane.
Finzels Reach also includes The Generator Building, a vacant 30,000 sq ft listed building.
The first success, letting floor 5's 8,707 sq ft of the Sheppard Robson-designed Bridgewater House to BDO came too late. In January HDG Mansur’s senior managing director and head of development for Europe, Michael Baker, said the deal was at “a rental level showing the healthy market for grade A office space in the Bristol area”, adding “The deal also demonstrates that we have the right product to match the rigorous requirements of sector leading companies like BDO.”
Kevin Mersh, director at Savills and appointed LPA Receiver, said: “Initially we will undertake a strategic review of the asset, which will take a number of months and we are not anticipating an immediate sale of the entire scheme or its component parts. It is business as usual at Finzels Reach and our appointment means that the delay in progressing this important project is nearly at an end.”