A historic building in Bristol’s Clifton area, formerly owned by the Royal British Legion, has been acquired by Ikonic Holdings for £1.5 million. The acquisition includes plans for redevelopment while preserving the property’s historical essence.
The transaction covers a Grade II listed building that offers a mix of residential and commercial spaces, totalling 6,364 square feet. This development signals a new chapter for the property, leveraging its strategic location near the University of Bristol.
Acquisition Details
The historic Royal British Legion building located in Clifton, Bristol, has recently been sold to a local property company, Ikonic Holdings, for £1.5 million. This Grade II listed property encompasses two combined properties at 29-31 St Paul’s Road, offering a total space of 6,364 square feet. The transaction involves both residential and commercial elements, making it a significant asset in the area.
The building’s current configuration includes student and residential accommodations on one side, while the other features a licensed bar and commercial kitchen. Additionally, there is vacant office space accompanied by a residential and student maisonette located on the upper floors. Such a configuration presents diverse opportunities for income and utilisation.
Future Development Plans
Ikonic Holdings has expressed intentions to enhance the existing accommodation facilities. The company plans to employ the vacant spaces for its corporate offices, demonstrating a strategic move to optimise building usage. This development will not only refresh the property but also sustain its historical essence.
The Den and Terrace, a bar situated in the building’s basement, will remain operational under the new ownership. This continuity of business serves the community and maintains the property’s longstanding local presence.
Market Interest and Sale Facilitation
The prominent location near the University of Bristol sparked substantial interest during the marketing phase. Numerous competitive bids were submitted for this property, highlighting its attractiveness for various commercial purposes.
Lambert Smith Hampton, acting as the sales agent for the Royal British Legion, managed the sales process. Director Roxi Foster commented on the robust interest due to the property’s potential for refurbishment and its strategic positioning, making it an appealing investment choice.
Given its location and structural composition, the building is seen as ripe for revitalisation, catering to both student accommodation markets and commercial enterprises. The successful transaction exemplifies the current trend of developing historical properties for modern use.
The role of Lambert Smith Hampton was pivotal, facilitating engagement with prospective buyers and ensuring the property’s potential was aptly communicated. This sale is a testament to the confluence of historical preservation and contemporary real estate development.
Significance to Local Economy
The sale of this property is a notable event for the Clifton area, marking a potential rejuvenation in local infrastructure and commerce. By optimizing the use of the building, the local economy stands to gain from increased business activity and rental income.
Such investments can catalyse further economic development, encouraging additional property enhancements and attracting more businesses to the region. The refurbishment aligns with broader economic goals to bolster urban development.
This acquisition represents a forward-looking approach to commercial real estate, where heritage sites are revitalised to meet modern demands. This could inspire similar projects within Bristol, driving further investment in the property sector.
The anticipated improvements by Ikonic Holdings could foster an environment conducive to economic growth, reinforcing Bristol’s status as a vibrant hub for business and education.
Community and Educational Proximity Benefits
The property’s proximity to the University of Bristol remains a significant feature. This closeness is an asset for utilising student housing. The varied use of the property ensures continued interaction with the community and supports the educational landscape.
The building continues to serve as a bridge between commercial interests and student needs, offering accommodation and leisure facilities tailored to both segments.
The student and residential accommodations are expected to enhance the local housing options, contributing to a balanced community structure.
Preservation of Historical Features
Maintaining the historical integrity of the building is fundamental to its future development. The transition safeguards significant architectural features while allowing flexible modern usage.
Such a balance in development strategies not only preserves cultural heritage but also enhances property value through innovative adaptive re-use.
Expert Commentary
Roxi Foster notes, “The building’s strategic position and refurbishment potential made it highly desirable. Local investors are key to realising its full potential.”
The purchase of the Clifton property by Ikonic Holdings is a forward-thinking move that promises to rejuvenate a historic site while benefiting Bristol’s local economy. By retaining the building’s historical value and optimising its use, this investment is poised to enhance both the community and the city’s commercial landscape.
