Edge-of-city office park benefits from trend for sub-letting and ‘flight to quality’

March 25, 2021
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Global solar development company Lightsource bp is to relocate its Bath base in a move property agents say represents a shift in the way the city’s office market operates.

The firm, currently based on Riverside Rd, has secured a deal to take 2,318 sq ft at Crescent Office Park, pictured, just off Rush Hill on the edge of Bath. 

The first-floor office suite, which has extensive views over Bath along with 12 on-site car parking spaces, has been sub-let for to the firm for three years, in a deal negotiated by commercial property advisors Colliers.

James Preece, a director in the national offices team in Colliers’ Bristol office, which represented the intermediate landlord, said: “This sub-letting has served to highlight a number of trends that we have seen emerging in the post-Covid office market.

“Firstly, we have observed an increase in sub-letting activity over the past year since the outbreak of the pandemic, as companies have begun rationalising their portfolios.

“Secondly, there is a noticeable ‘flight to quality’, resulting in well-appointed offices attracting keen levels of interest from prospective occupiers, which was the case in this sub-letting.”

London-headquartered Lightsource bp, which is half-owned by oil giant BP, rebranded from Lightsource Renewable Energy in 2018. It is the largest solar developer in Europe and third largest in the world outside of China.

Its new office suite at Crescent Office Park extends across the first floor of units 1C and 1D has air conditioning, open-plan space plus meeting rooms, a kitchen area, plus shower and WC facilities. 

The suite came on the market last August with Colliers International stressing the first-floor office space’s ‘fantastic’ views and incentives for would-be occupiers.

Built in 2008, Crescent Office Park has 25,526 sq ft of office space across two units It is close to the A36 Lower Bristol Road, which connects to the A4 into Bristol.

Neighbourhood amenities include a Sainsbury’s supermarket, Lloyds Pharmacy, plus a Tesco Express and Esso petrol station.

 

 

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