James Frost (Investment Surveyor) and Ian Lambert (Investment Partner) at Hartnell Taylor Cook are proud to announce that they have acted for Acorn Property Group in its acquisition of Somerset House – the firm’s old Bristol HQ office.
Having first occupied the space as a tenant in 1989, Hartnell Taylor Cook called Somerset House home for over three decades before the decision was made to move to Nightingale House, opposite the Downs, in 2021. Located in the heart of Clifton Village, the building spans a total of 14,267 sq. ft. of office space in one of Bristol’s most attractive and affluent areas.
Prior to the move Somerset House was sold to a fund, and in 2023 Hartnell Taylor Cook has advised its long-standing client Acorn on the building’s acquisition. Following planning permission for change of use, Acorn will convert the former office building into thirty apartments, along with five new-build apartments subject to planning.
The move follows a wider trend of office-to-residential development across the city as residential values continue to rise under the influence of a buoyant market.
Commenting on the news, Ian Lambert, Investment Partner at Hartnell Taylor Cook said: “It’s been great to be involved in the last leg of Somerset House’s journey. Clifton Village presents a prime opportunity for residential development and Somerset House provides the perfect asset and location for a new residential scheme. With residential values and demand growing, the decision to redevelop the property seems an obvious one ”.
Chris Grazier, Office Agency Partner, added: “Whilst office values have remained robust, the decision to pursue an alternative use here is something that we are increasingly seeing in the wider market. The market is ever-changing and whilst Somerset House has played its part as a prime office location over the past few decades, it’s time for a new chapter ”.
Robin Squire, Regional Managing Director of Acorn’s Bristol region commented “We are thrilled to have acquired Somerset House, a prime site in Clifton Village, with the support of Hartnell Taylor Cook. We look forward to transforming Somerset House into an exceptional residential development, bringing high-quality homes to one of Bristol’s most prestigious locations ”.
Knight Frank acted for the institutional vendor.
ABOUT ACORN PROPERTY GROUP
Acorn Property Group has offices in Bristol, Exeter, Cornwall, Cardiff and London and is an independent house builder and regeneration specialist that has successfully created a range of residential, mixed-use refurbishments and new-build schemes for more than 25 years. The company focuses on bespoke developments to meet the needs of local communities, the majority of which are on brownfield land.
The company’s ‘Different by Design’ ethos has a strong focus on the provision of interesting, complementary and sustainable architecture that adds quality and a sense of purpose to its immediate environment. Its in-house team includes architects, interior designers, town planners, surveyors and construction managers who can be trusted to make the most of every opportunity.
Acorn is also the flexible joint venture partner of choice in the Southwest, working with landowners, introducers, investors, public bodies, housing associations and charities.
Acorn Green was launched in 2021 and gives body and direction to Acorn’s holistic approach to sustainable placemaking. The sustainability focused vision covers all live and pipeline sites, with a roadmap towards Acorn’s ultimate net-zero carbon goal.
Acorn has a countrywide portfolio with a GDV in excess of £1 billion, including urban and rural locations, brownfield and greenfield sites, new build or conversions including listed buildings and numerous residential and commercial mixed-use sites.
ACORN – DIFFERENT BY DESIGN
www.acornpropertygroup.org
