David Thame reports on the hippest new headquarters in the South West.
Along with the logo and the staff Christmas party, nothing says more about the way a company sees itself than its corporate headquarters.
Big, swanky and modern, or small, old and charming, an office building is never just an office building. Values, style and personality have as much to do with the choice of headquarters as the rent per sq ft and the quality of the internal fit-out. That’s because a new building can say how confident a company is – or how green, or wealthy.
And according to some observers, too many of today’s occupiers are investing heavily in what has become “Eco-bling” – flashy but useless green technology.
Rather than insisting on wind-turbines, companies would be better off insisting on good public transport and efficient use of floorspace if they want their headquarters to feel green.
John Wright, divisional director with Bristol architecture practice Stride Treglown, says: “When you come across a company that wants wind-turbines, or solar-panels on the roof, it sometimes takes time to explain that the best way to cut their carbon footprint is to ensure staff can get to work by public transport, and that the building – which has an enormous carbon output – is used as effectively as possible. If they insist on turbines that are almost never going to generate any kind of economic return, we call that eco-bling.”
According to Wright, the best way to get a genuinely green headquarters is to build one yourself from scratch. He says: “If you have to rent then you will get whatever the landlord thinks is cost-effective, but if you own the building you can make costing decisions about the whole life of the building, meaning you can invest in energy efficiency now to save money later.”
Occupiers must also think carefully – because the obvious answer isn’t necessarily the greenest.
“Natural ventilation seems green, and can be, but one upshot is that you can’t have high densities of people workingin an office because otherwise they produce too much heat. That means you need more floorspace, and can’t be as efficient,” he says.
Despite the complexities, for many occupiers signing up for a new building is an opportunity to show they are keen to be green. It comes as no surprise that the Environment Agency’s new Bristol headquarters will be one of the greenest in the city. But other companies also have a chance to burnish their green credentials. At Victoria Street, Bristol, developer Cubex Land hopes its Paragon development will live up to the name. Director Peter Walford says: “I would say this, but it is going to be one of the finest headquarters in the city.
“The specification and environmental credentials are top-notch, having achieved a BREEAM ‘excellent’ rating at design stage and a low EPC score. We are also proud of the quality of finishes proposed, including walnut doors, limestone lobby floor, a feature staircase and superior light fittings.”
The 76,000 sq ft building has already secured its first pre-let in a 21,500 sq ft deal with law firm Thring Townsend Lee & Pembertons. Joint agents King Sturge and Hartnell Taylor Cook have been quoting rents of £28 per sq ft.
But occupiers don’t need to sign up for a newly built office block if they want to go green. GVA Grimley’s Bristol office has been appointed by BT to market space in the city’s six-year-old 1 Rivergate building Temple Quay. The 70,000 sq ft property, completed in 2002, is BREEAM ‘very good.’
The letting agents hope the block is sufficiently green to appeal to image-conscious occupiers. And with the price a shade below new builds, it should appeal to cost-conscious occupiers too.
Ben O’Connor of GVA Grimley says 1 Rivergate has the status to make it an ideal headquarters for companies wishing to relocate in the city.
“While Bristol has a steady flow of new grade A properties, there are few buildings of such quality available at a cheaper price than new builds,” he says “With a quoting rent of £24 per sq ft, and flexible lease terms to 2018, 1 Rivergate offers value for money.”
Green is important, but so is glitz. Earlier this year staff from law firm Beachcroft moved into Portwall Place, opposite the city’s historic St Mary Redcliffe Church. Boasting some of the largest floorplates in the region – meaning up to 350 staff can work on one floor – it looks and feels more like an office in London than Bristol.
David Freed, director of developers Deeley Freed Estates, says: “This building is providing firms with the environment they need to develop their businesses more flexibly, while delivering regeneration benefits for the city.”
The layouts of the building have been designed to reflect changing working practices. Huge open-plan spaces and cosier zones for socialising have been mixed to encourage communication.
Beachcroft has taken 90,000 sq ft on the ground, first and second floors, while accountancy firm Smith & Williamson has 32,000 sq ft on the top floor, sub-letting 6,000 sq ft to real estate consultants EC Harris, while sports injury specialist the Jonathan Webb Clinic has the ground floor.
A rival to Beachcroft is Burges Salmon, which decided to increase the size of its headquarters at Temple Quay to 174,000 sq ft, saying the move was a sign of its confidence, despite the global financial crisis. Managing partner Guy Stobart says the decision to expand the space in Castlemore Securities’ £200m Temple Quay Central scheme reflects its bullishness about clients, quality of service and the prospects for growth.
“The commitment to extra space at Temple Quay is a true reflection of the scale of investment we are making to develop our business,” he says.
The building taking shape is at One Glass Wharf at Temple Quay, with construction expected for completion in 2010. Castlemore has consent for a further 200,000 sq ft of office space, a 14-storey residential tower and 23,300 sq ft of retail and leisure space.
Another new development to add to the supply of Bristol’s headquarters is Bridgwater House, being developed by HDG Mansur at Finzels Reach. The development, on the six-acre former Courage Brewery site, will include 400 apartments and 87,000 sq ft of shops.
And at Bank Place, Carlyle Group is soon to start work on two buildings – 84,000 sq ft and 155,000 sq ft. Which starts first, and exactly when, will depend on market conditions. Yet those troubled market conditions that make building a new headquarters a headache for property developers could make life easier for potential occupiers.
The supply of headquarter space in Bristol is likely to exceed demand into 2010, meaning occupiers with good negotiating skills could come away with a bargain. Whether you want green, glamorous, or simply cost-effective, the next few years are likely to be better for strong companies seeking new headquarters than 2009.
Also in: December 2008/January 2009
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