Mayor George Ferguson has announced Bristol city council's intention to buy central Bristol office accommodation at 100 Temple Street near Temple Meads.

Contracts have been exchanged with current owners Aviva Investors Property Trust who were represented in this transaction by Alder King and a purchase price in the region of £18 million has been agreed.

The purchase is part of the council's ongoing programme to radically improve the way it works and save money. This includes:

•Reduction in office space from 53,000sq m to at most 32,000sq m. This is a reduction of 40% of office area. The Mayor has asked officers to draw up plans for further reductions.

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•Consolidation of central Bristol offices primarily into City Hall and 100 Temple Street

•Long-term direct revenue savings of an estimated £40 million over the following 25 years.

•The plans include a refurbished City Hall on College Green, including new public facilities.

Mayor George Ferguson said: "It makes complete sense for the council to vastly reduce the number of offices it currently owns or leases across the city, and consolidate into a few core offices. The location of 100 Temple Street is very strategic next to Temple Meads and the planned Metrobus interchange, as well as being right at the heart of our ambitious plans for Redcliffe and the whole Enterprise Zone area.

"The recession makes this a good time to make this purchase and it represents a good deal for the taxpayer. It is a sustainable solution that will bring long-term environmental benefits through our investment in energy efficiency measures.

"We looked carefully at A Bond but it was not right for this move. It would have been more expensive, would have provided less functional workspace and was in an inappropriate location. However there remains a great opportunity for A Bond to be developed in partnership as a residential or mixed use development as part of a wider regeneration of Cumberland Basin."

(CD)