A great end to 2018
The commercial property market continued steadily in 2018 despite the many unknowns in the economy. Over the past 6 months or so, KBW has been pleased to see the completion of sales and lettings in the commercial sector on offices, retail units and industrial premises.
We are putting our best foot forward in 2019, with a whole list of properties in the pipeline, but for now wanted to take the opportunity to highlight some of our successes from 2018:
In the second quarter of 2018, we acquired 125-127 Promenade to join the Lucky Onion Group and become an extension of No. 131. After a full programme of refurbishment works, we are excited to hear the murmurs of an opening date for the first phase. Watch this space!
We were thrilled to see the ink dry on a lease for a property in Shannon Point, Tewkesbury. This letting to Sterling signified the remaining unit becoming occupied on what continues to be a popular development of units. Cheltenham Trade Park is an equally popular development in Gloucestershire and we efficiently negotiated the surrender of our client’s lease after successfully finding a suitable replacement tenant to take over a new lease.
In September, we handed over keys to Masterchef champion; Simon Wood, for a restaurant / café premises in Regent Street. We had been eagerly awaiting their grand opening and our first visit did not disappoint!
September also saw the completion of the letting of an office suite in Tewkesbury. This letting worked for all three parties involved as it allowed the existing tenant to surrender their lease early, the new tenant to take quick occupation, and the landlord’s to benefit from no void period between leases.
September continued to be a busy month for us firstly with the acquisition of a ground rent investment for a private client which comprised a 73,000 sq ft Booker Wholesale Warehouse, as well as the sale of a 4,000 sq ft industrial unit in Severn Drive, Tewkesbury which had become vacant.
We don’t always work on behalf of landlords, and this was proved during the recent assignment we completed on a retail unit in Cheltenham. The former tenant no longer required a customer facing premises in town, and was keen to find a business to take over the lease which had just under 2 years remaining. This opportunity was ideal for a local hairdresser who had been given notice to vacate due to refurbishment. The premises signified the next step on the business plan, so the shorter term was of great benefit.
November was a busy month for the retail property sector. Retailers have had a challenging 12 months generally, but two local businesses saw the opportunity Cheltenham brings by investing in premises. The first property is found at the lower end of the High Street and will be home to a new A1 use business. The second property is located close to Pitville Park on Winchcombe Street, and is sure to serve up many tasty treats in the not too distant future.
November also saw the completion of a circa 2 acre site sold to Newland Homes, a sale that was conditional on planning consent for residential redevelopment. Yet another string to our bow.
Finally, we completed the letting of a high quality office building in Imperial Square in December. This prestigious building has become the new home of a growing local business and they can now benefit from a building that matches their branding. KBW worked hard to ensure a smooth transition between the outgoing and incoming tenant, with a period of just 6 days in between.
Our experience crosses regions, property types and transactions types. Whether you are a landlord or tenant, looking to acquire or dispose, the Commercial Agency team at KBW would be pleased to help you in 2019 (and beyond!).
Call Richard Knightley or Laura Hatten on 01242 244744 today for more advice and further information on how we can help you.