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Bristol Leisure Focus

2015

Bristol, currently European Green Capital, the first UK city to be awarded the accolade, is regularly voted as one of the best places to live in Britain, due to its eclectic and unmistakeable identity. This has led to the city being recognised as the fastest growing hi-tech sector outside of London. Large scale redevelopment of the city centre and surrounding areas and the much needed improvement of the historic waterways is presenting new opportunities and welcoming a host of new arrivals to the city.

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The eighth largest city in the UK with a population approaching 440,000, Bristol is a vibrant and passionate city that has its own unmistakable identity.

Introduction

Bristol is the economic capital of the South offices and 250 residential apartments, it Once viewed as a much wasted and West, being home to more than 17,500 offers broad appeal and attracts 17 million neglected asset, Bristol’s waterfront areas businesses, with a third of UK-owned FTSE visitors each year. are benefitting from a series of large scale 100 companies having a significant presence developments bringing life to the waters’ in the city. Bristol was recently attributed as Growth continues with significant edge with schemes such as Finzels Reach the fastest growing hi-tech sector outside of developments underway to improve the and Wapping Wharf offering mixed use London (McKinsey and Co, 2014). city’s transport links. Bristol Airport is developments and waterfront leisure currently in the process of undergoing a opportunities. Having benefited from National Lottery sizeable £120 million expansion that is funding and other grants to finance major predicted to enable the airport to handle A planning application to extend The Mall at regeneration projects, the city is a thriving 11.6 million passengers a year by 2030. Cribbs Causeway by over 50 % has also been destination and boasts an eclectic mix of The extension of the airport’s East terminal submitted to South Gloucestershire Council. bars, restaurants, museums and art galleries. has now been completed and work has The proposal includes plans to create new The growing success of Bristol is evident commenced on the West terminal. This retail, leisure and restaurant space as from the recent accolades the city has expansion will attract new retail and well as a hotel, apartments and improved received. The city currently holds the honour restaurant brands and includes an on site transport links. The development represents of European Green Capital (2015), being hotel. A new high-speed rail service planned a £316 million transformation of the area. the first city in the UK to be awarded the for 2017 will see journey times to London If approved, it is anticipated the work will title and in 2014, Bristol was declared as the cut to 80 minutes. Proposals have also commence in 2017 and be completed by overall winner in Sunday Times’ Best Place been announced for an £8 million scheme 2021 and no doubt the arguments whether to Live in Britain, acknowledging the many to alter traffic flow in the city centre and this will have a detrimental impact on the attributes of the city from its social scene, pedestrianise areas around the Cenotaph city centre and other regional centres will scenery and heritage, through to the low and Hippodrome, as well as further continue long beyond that. levels of unemployment. infrastructure improvements, such as the South Bristol Link Road. Bristol also has a thriving student scene with two Universities; University of Bristol The long awaited development of Bristol and the University of West England, with a Arena, a £90 million development due to be student population of approximately 47,000 completed in 2017 is widely anticipated to that adds considerably to the vibrancy and have a significant impact on the city’s leisure economy of the city. industry, not least because it will provide the city with a 12,000 capacity, live music Cabot Circus is the city centre’s main venue, but this also forms part of plans to shopping centre. The scheme opened in regenerate a large 70-hectare site known 2008 and is one of the largest retail-led city as Temple Quarter Enterprise Zone. This centre urban regeneration projects in the redevelopment is set to be one of the largest UK. With over 90 shops, 15 restaurants, a and most significant regeneration projects hotel and 13-screen cinema, as well as in the UK.

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Hotels

Bristol’s hotel sector is experiencing further Premier Inn nearing completion at bedroom hotel with a spa complex, rooftop significant growth, with hotels increasingly Lewins Mead, joining their two existing city swimming pool, restaurant and conference anchoring major developments across centre hotels. facilities in this 19th century Grade II listed the city. The city offers a plethora of building and adjacent Grade I listed former accommodation options from quirky hostels The aforementioned airport expansion will Bank of England. This would be a welcome such as the Full Moon and The Lanes, see the welcome addition of an on-site 201- addition to a city the size of Bristol, which through to country estate hotels on the edge bed hotel at the airport, managed by Hilton currently lacks 5 star accommodation. of the city, many of which are highly sought Worldwide group under its Hampton by after wedding venues. Hilton brand, due to be open in Spring 2016. Whilst individual transaction numbers within Hampton will further enhance its presence the city centre remain low, primarily due The city is also well served by a number with the opening at York House near St to the fact that most hotels are operated of budget hotel operators, predominantly James Barton, following the conversion of by corporate brands, portfolio transactions located at the Harbourside and near to the a former office block, a scheme Fleurets continue apace, one such example being city’s transport hubs. marketed on behalf of the owner, which Marathon Asset Management’s acquisition includes additional ground floor of a 1,200 bed hotel portfolio earlier this With numerous, large scale developments restaurant space. year, which included Bristol’s Hilton Garden underway, the city is set to welcome the Inn on Temple Way. arrival of at least six new hotels in the The proposed extension of Cribbs Causeway near future. also includes plans for a 120-bed hotel. Other notable activity includes the re- branding of the Grand Hotel on Broad In the city centre, the developers behind Plans are in place for Bristol to welcome Street, one of the city’s best known hotels, Finzels Reach plan to convert the former its first 5 star hotel, with the £10 million formerly operated by Thistle, however since Courage Brewery site into a 168-bed conversion of the historic Guildhall, located July now forms part of the Hotel Collection. Premier Inn, this phase of the development on Broad Street. The Trevor Osborne is due to be completed in 2016, with a Property Group plans to create a luxury 93

4 Bristol Leisure Focus 2015 Bristol Hotels’ Performance (STR Global)

Year 2013 2014 YTD 2015

Occupancy 77.3% 80.1% 81.4%

ADR £62.46 £68.63 £73.56

RevPAR £48.30 £54.99 £59.89

% Change

Occupancy 6.1% 3.6% 2.2%

ADR 2.2% 9.9% 10.1%

RevPAR 8.5% 13.8% 12.6%

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1. Bristol Marriot Royal

2. Radisson Blu

3. Mercure 1

Pubs & Bars

Despite its size, Bristol has a pub and Some areas, such as Clifton Village, have bar scene that rivals most. Alongside the long been established as sought after underlying ethos of Bristol, diversity is the locations and popular drinking destinations, key to its success, with an impressive array whereas other areas continually emerge and of venues from traditional pubs and fine wine add further diversity to the city. Areas such bars, through to hip trendy microbreweries as Stokes Croft, once a widely avoided part and discrete, speakeasy cocktail bars. of the city, have now been transformed into However, unlike the majority of UK cities, the bohemian neighbourhood of the city, Bristol does not conform to the canonical with street art throughout and an array of city centre setup with a dominant primary fiercely defended independent coffee shops, wet led pitch, rather the city comprises of a pubs, bars and restaurants, many being a collection of distinct areas, each with their hybrid of all these, trading from all day and own character and personality, influenced evening formats. by the diverse mix of cultures within the city. Whilst brands within Harbourside and Corn Street may reflect those observed in many city centres, it is the distinct areas that set Bristol apart, encourages the independent market and allows new concepts to flourish.

6 Bristol Leisure Focus 2015 In recent years, Bristol has witnessed a opening throughout the city, with operators rapidly evolving Craft Beer scene. Whilst such as Brewhouse & Kitchen opening micro-breweries are popping up throughout within the former Hill public house, the city, King Street and the surrounding acquiring the property via Fleurets, joining area have now established themselves as the established operators such as Beerd and craft beer pitch of the city, with a collection Bristol Beer Factory. of specialist operators dominating the pitch including national operators such as Another rising trend in the city is that of Brewdog, as well as independent operators the Cocktail Bar. With creative ventures such as the Beer Emporium, Small Bar and such as the secretive prohibition style Kongs of King Street, all serving a wide speakeasy bars, run by private operators range of fine beers. The latter three lettings including Hausbar, Red and The Milk Thistle, were all transacted by Fleurets and we will through to the bustling and vibrant Be At shortly be announcing the arrival of a further One (their first site outside of the South operator making their debut in Bristol, with East, which was acquired by Fleurets). The the letting of the newly configured Riverside vast selection of high quality cocktail bars House on the junction of Welsh Back and puts Bristol firmly on the map as a city that King Street. The Craft Beer operators, takes its cocktails seriously. The new arrival together with a good selection of hotels of Her Majesty’s Secret Service further 1. Browns and independent restaurants have made increases the choice. The concept takes this area an extremely popular location over the former Charlie’s Bar at Clifton 2. The Old Fish Market within the city, particularly with the over Down, the lease of which they acquired 25s market. The Craft Beer movement is through Fleurets. 3. King Street not restricted to this area, with concepts

2 3 Restaurants

Restaurant demand remains insatiable throughout the city, demonstrated by the for Bristol and the city is experiencing likes of Bravas, Poco, The Gallimaufry and considerable interest from national La Tomatina, the relaxed atmosphere and operators and emerging concepts seeking relatively informal style of dining harmonises sites in the city. This can be attributed to with and appeals to a city that does not the city’s location, economic performance, always conform to the norm. two strong Universities and significant regeneration projects. The Gallimaufry situated on Gloucester Road replaced the iconic Prom Bar, a Bristol The city boasts quality, independent institution, via a transaction handled off restaurants and is extremely proud and market by Fleurets. Whilst most would defensive of this fact. This individuality define the ‘Galli’ as a pub/bar, they have has created a hot bed of innovation with introduced a superb all day menu. This and a number of rapidly expanding operators others represent the increasing emergence having started their business in Bristol, of venues that sit between the traditional such as Boston Tea Party, Loungers and definition of what is a pub and what is a Las Iguanas. There are also many other restaurant? Café Bar concepts such as independent operators that are starting to Loungers and the increasing percentage of roll out their operations by opening sites food sales in venues which historically would within the city including the award winning be viewed as pubs are blurring the lines in Burger Joint, Urban Standard, Zazu’s terms of the use classes and what customers Kitchen and Bosco. perceive the operation to be.

One dining concept that is proving to be ever popular in the Bristol market is tapas or small plates, albeit not always of the Spanish variety, although having a significant Spanish 1. The Stable population no doubt helps. Restaurants serving such small plates are prevalent 2. Cabot Circus

3. Whiteladies Road

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The fine dining scene is also advancing in Bristol, with the economy The opening of Cabot Circus and Quakers Friar witnessed an improving and operators benefiting from a fantastic array of local influx of restaurants into the city centre, which is continually produce. Three Bristol restaurants: Casamia, The Ox and Lido have expanding. The presence of a multi-screen cinema within the main recently been listed in the Top 100 Best Restaurants in the National shopping centre attracted considerable branded presence and the Restaurant Awards 2015. There are a number of high profile ambience and continental feel of Quakers Friar provides superb chefs currently circling Bristol, seeking venues, recognising the al fresco dining. potential for their concepts in the city with Casamia having recently announced plans to relocate to a city centre restaurant. Bristol is embracing its waterfront, a much under utilised part of the city with several large scale developments underway. Finzels Reach The key restaurant pitches have evolved following the recession and and Wapping Wharf, mixed use developments which include various areas such as the Triangle have transformed from retail to a more restaurant opportunities are now coming to fruition, alongside the food-led pitch, with the arrival of national operators such as Cau, continued expansion of the Harbourside, which is moving towards a Byron and Bills joining long established brands including Browns more food led, family-friendly destination. and Wagamamas. This looks set to continue with Wahaca’s latest opening. Whiteladies Road is similarly experiencing a resurgence with restaurants opening including the River Cottage Canteen, Aqua and Bosco, making Whiteladies Road a destination for both eating out and drinking in Bristol. Clifton Village remains a popular foodie destination, but due to the area’s architecture, there is a shortage of opportunities. Gloucester Road continues to thrive with both the bar and restaurant scene proving to be popular as ever, with Southville emerging as a serious restaurant pitch in its own right.

9 Bristol Leisure Focus 2015 Leisure & Night Clubs

The leisure scene in Bristol is just as diverse underground clubs, which have reinvented family-friendly environment, worthy of the as that of the pub and restaurant offering, themselves in recent years into quasi bar/ attractive setting. comprising both larger national chains club/cocktail lounge late night venues. One operating super-clubs, such as Pryzm, as well example is Bar 135 on Whiteladies Road, In addition to the aforementioned leisure as various smaller independent operators. which previously traded as Bijou, prior to venues, Bristol hosts a plethora of festivals The high number of students from Fleurets selling the lease. throughout the year attracting hundreds Universities within both Bristol and Bath of thousands of visitors annually. Harbour provides a continuous supply of partygoers Bristol is well served with cinemas and Fest, a three day event celebrating the every night of the week. The city has theatres alike. In addition to a number city’s finest musical and performance acts, recently been awarded Purple Flag status of multiplexes within the city including is one of the largest free UK festivals. This for the third year running, acknowledging Showcase Cinema de Lux, the city has a year it was reported to have attracted over the city’s excellence in managing the evening number of excellent independent cinemas 250,000 people and is estimated to have and night-time leisure scene. and a reputation for independent film and generated over £12 million for the city’s art house cinema. The Watershed, a cross economy. Similarly, Bristol International Enthusiasts of live music are well catered art-form venue is the leading centre in Balloon Fiesta, Europe’s largest ballooning for in Bristol with a multitude of live the South West for film culture and digital event, sees half a million visitors descend performance venues. The Colston Hall and media. For theatre, there is a wide selection on the city in August each year. A number 02 Academy provide the city with popular of venues showing a range of performances of other festivals including Love Saves the and prominent bands. Some, like the Bristol to suit all tastes, from the Hippodrome that Day, St Pauls Festival and Grillstock are must Folk House or the Old Duke, specialise in holds national performances and West End see events and attract visitors from far and particular genres, whereas venues such as musicals, through to the Bristol Old Vic, one wide, the latter building on its success by Motion, Thekla and Basement 45 provide of the most famous venues in Bristol and expanding its highly acclaimed restaurant homage to the alternative and underground the longest continuously running theatre concept beyond Bristol. scene with live music and DJ sets, all having in the UK. The Bristol Old Vic is currently reputations as being something of an benefiting from a £12 million refurbishment institution in Bristol, exemplified by Thekla to modernise the theatre. recently being shortlisted as the Best Small Venue in the UK by NME. The development The city also benefits from a number of of Bristol Arena will undoubtedly enhance other attractions such as @Bristol, Bristol Bristol’s presence on the music scene, Aquarium, Bristol Zoo, M Shed, SS Great 1. The Harbourside attracting both national and international Britain and the Arnolfini, many of which performers. are located within or near to Bristol 2. Hippodrome Harbourside. These attractions, combined In a similar vein to the distinction between with the large number of restaurants, 3. Pryzm pubs and restaurants, Bristol historically has bars and hotels has seen the Harbourside accommodated a number of small capacity expand and develop, creating an all day, 4. Colston Hall

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10 Birmingham Leisure Focus 2015

Our areas of expertise

> Buying & Selling – Our experienced > Landlord & Tenant – Fleurets is the market > Taxation, CPO, Consultancy and local teams together with our extensive leader in Rent Review negotiations across Litigation – specialist advice if required. database of buyers give you the best the hotels, restaurants, pubs and other chance of achieving a sale. leisure property sectors. Established for nearly 200 years, Fleurets is the largest firm of Chartered Surveyors to > Valuations – We can help if you are > Viability Studies – Considering a change specialise nationally and exclusively in the purchasing a property, considering of use? We advise owners, developers sale and valuation of hotels, restaurants, pubs refinance or need an independent valuation and local authorities with regard to and leisure property. for other purposes. business viability.

> Rating – Rates can be one of the highest > Expert Witness – Our Chartered outgoings of a business. Fleurets expert Surveyors are frequently appointed as rating team can let you know if you are Expert Witness in a range of disputes, paying too much. including the preparation of evidence for use at High Court, Lands Tribunal and Arbitration.

Our team for Bristol Fleurets West & South Wales Reflections House, 26 Oakfield Road Clifton, Bristol, BS8 2AT

T: 0117 923 8090 F: 0117 923 8470 E: [email protected]

Kevin Conibear Senior Associate T: 0117 923 8090 M: 0758 763 8268 E: [email protected]

Stuart Parsons Divisional Director T: 0117 923 8090 M: 07788 422967 E: [email protected] London 0207 280 4700 North West 0161 683 5445 Chris Irving North 0113 234 0304 Divisional Director Midlands 0121 236 5252 T: 0117 923 8090 West & South Wales 0117 923 8090 M: 07818 412762 South 01273 429500 E: [email protected] East Anglia 01223 402600

www.fleurets.com

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