Downing, the family-owned and vertically integrated real estate developer and manager, has successfully completed its first acquisition in Bristol, with the purchase of NCP’s Nelson Street Car Park, as part of a long-term strategic acquisition.
Situated in the heart of Bristol, Nelson Street Car Park is located on an island bound by Fairfax Street, The Pithay and All Saints Street. It is near St Nicholas Market, Castle Park, Queen Square, Cabot Circus, Finzels Reach and Bristol Temple Meads.
Downing operates sites that span the length of the country, including London, Manchester, Edinburgh, Glasgow, Newcastle and Liverpool, with this being the first time Downing has added Bristol to its portfolio.
The purchased site covers a total of approximately 0.64 acres, with 295 car parking spaces arranged over ten split levels at ground floor level fronting Nelson and Fairfax Street. In addition, there are eight self-contained retail units.
Being the fifth largest conurbation in the UK, Downing sees Bristol as a key investment opportunity to add to its substantial investment portfolio, with a dominant economy in the South West and a leading big six office market.
The city has developed a strong service sector and is one of the largest employment bases for the banking, finance and insurance sectors outside London. It is also a popular relocation destination, supported by a flourishing professional services sector and large business relocations.
In addition, Bristol benefits from two outstanding universities, which contribute to Bristol’s skilled labour pool, one of the highest retention rates in the UK.
Paul Houghton, Director at Downing said: “The site on Nelson Street is a strategic acquisition for Downing to further expand its portfolio in the South West.
“Bristol is a city that boasts impressive retention rates, great green space and a thriving economy. We see it as a key growth area for Downing, as we look to build on our impressive investment portfolio.”