Bargoed investment sold

Hanbury Road Bargoed

Noroc Estates Limited has purchased 2 Hanbury Road, Bargoed, which is let to Coral Racing Limited at a rent of £11,250 pax. The investment was purchased for £130,000, showing an initial yield of 8.4% after purchasers costs of 2.8%.

HESA expands within 95 Promenade

95 Promenade caldes

Higher Education Statistics Agency (HESA) has expanded within 95 Promenade, Cheltenham. It now occupies the whole ground and first floors of the prestigious, town centre office building.

New gym to open on Malmesbury Road

Unit 14 Malmesbury Road new

3D Fitness Limited will open a new gym in Cheltenham after completing its lease of Unit 14 Malmesbury Road following a successful change of use planning application. KBW agreed terms for the new lease on behalf of Antler Property Investment. Several smaller units remain available To Let on Malmesbury Road, with further details available here – Malmesbury Road 2015

Packaging company secures relocation

Unit 3 Charlton Kings          Unit 3 Charlton Kings

CB Creative Packaging Limited has completed its relocation to Charlton Kings Industrial Estate from The Runnings in Cheltenham. KBW agreed terms on behalf of landlord Yorkshire Building Society.

Office occupier expands at Stamford House

Stamford House

Templewood Group has taken the second floor suite within Stamford House, Regent Street for its cleaning services company. Its security business already occupies the first floor. The third floor is now the only vacant floor remaining in the building.

Leases complete on several central office suites

1 Imperial Square           Stamford House

KBW has agreed leases on the 2nd floor of 1 Imperial Square and both the ground and first floors at Stamford House, Regent Street. Hayward Associates has moved into 1 Imperial Square and Revolve Studios has expanded into the ground floor at Stamford House, having taken a lease of the lower ground floor last year. Templewood has taken the first floor suite at Stamford House, where now only second and third floors remain vacant.

Three promotions at KBW!

Promotions Promotions

Three surveyors at KBW Chartered Surveyors are celebrating after being given promotion.

Kevin Allen has been promoted to Associate Director and both Bob Allen and Chris Furze have been promoted to Principal Surveyor.

 

 

Full occupancy at Churchill Industrial Estate

Greenoak Building Services is the latest tenant to take occupancy at Churchill Industrial Estate in Cheltenham. The Leckhampton estate continues to prove popular with a variety of companies and provides a mix of good quality secondhand warehousing and modern two storey business units. KBW represent landlord Cavendish Homes.

New and existing retailers commit to Regent Arcade

Regent Arcade May 2014

Two existing tenants within Cheltenham’s premier shopping centre have committed to longer leases within the scheme. KBW has agreed new leases with Sugarloaf (Unit 27) and Time Watch (Unit K1) on behalf of Canada Life. Having been in occupation on a flexible basis, Sugarloaf has committed to a new 5 year lease and will be undertaking a full shop refit shortly. Time Watch has re geared its existing lease to also commit to 5 years. They are joined by Quest (Unit 44), which has opened its fourth shop in the southwest, on a new 10 year lease with tenant break option at year 5 and temporary occupier Arts & Crafts Collections (Unit 22).

Residential development site sold

With the benefit of planning consent for 11 dwellings, 88 Prestbury Road, Cheltenham has been sold by KBW, acting on behalf of retained client Cheltine. Cotswold Homes purchased the site and construction of its ‘Prestbury Mews’ scheme has commenced.

Influx of new tenants at Cheltenham office building

Normandy House

Office building Normandy House on Cheltenham’s High Street has experienced an influx of new tenants over recent months including Cheltenham Fine Art School, 360 Health & Fitness and Cheltenham Reflexology & Massage. KBW has been assisting owner Beam Construction with securing tenants for the building, which Beam also occupies as its head office.

High Street lease completes

Cheltenham Chinese Medic Centre, specialising in herbal remedies and acupuncture,  has taken a new lease of 88 High Street, Cheltenham. KBW agreed terms on behalf of the landlord.

Abercrombie & Kent expands within St Georges House

Luxury travel operator Abercrombie & Kent has expanded its Cheltenham office in St Georges House by taking a new lease of the first, second and third floors. KBW negotiated the lease on behalf of Helix Property Advisors, which has seen A & K take a further 6,700 sq ft on the first floor.

New occupier at Neptune Business Centre

Gloucestershire’s leading flooring specialists, The Winnen Furnishing Company, has completed a new lease of Unit 18 Neptune Business Centre. KBW agreed the letting on behalf of retained client Head Ruddy Partnership. Units 1,3 & 8 remain available to let on flexible terms.

Rent review agreed with Space NK

KBW has negotiated agreement of a 5 yearly rent review with Space NK for its shop on Promenade in Cheltenham. The rent was increased by 24%. KBW acted for the landlord, Cheltine Limited.

Greengrocer sprouts up on Bridge Street

Bridge Street Evesham

KBW has acquired 36 Bridge Street, Evesham on behalf of The Evesham Greengrocer. A Schedule of Condition limiting the client’s repair/reinstatement obligations and a list of landlords works to be undertaken prior to completion were agreed following a pre acquisition survey completed by KBW.

Office building sold in central Cheltenham

The sale of 11/12 Bath Street, Cheltenham has completed following the grant of planning consent to convert the vacant offices to residential use. The sale follows the disposal of 10 Bath Street, which was concluded earlier this year. Both sales were agreed by KBW on behalf of Kerguelen Investments.

Occupier expands at Brunel Court, Gloucester

Röchling Engineering Plastics (UK) Limited has taken a new lease of Unit 11 Brunel Court at Waterwells Business Park, Gloucester, in addition to their lease on the adjoining Unit 10. A letting of Unit 12 is currently being finalised to another occupier, which will result in a fully let estate.

Evans Cycles rides into Cheltenham

         

National cycle retailer Evans Cycles has taken a new lease of Unit P4 Kingsditch Lane. KBW agreed terms on behalf of Prupim, continuing a recent run of success on the scheme, following lettings to Granite Transformations, National Plastics and Bon Catering Supplies over recent months.

         

New railings for prestigious Imperial Gardens

KBW has obtained planning and listed building consent to reinstate railings to the perimeter of Imperial Gardens in Cheltenham on behalf of our Client the Friends of Imperial Square Heritage and Conservation.  The original railings were scrapped and recycled in 1940 as part of the war effort.

10 lettings in 12 months for BAM

Orchard Catering has taken a new lease of Unit 5J Delta Drive, Tewkesbury Business Park. Completion of the letting marks the tenth deal that KBW has completed on behalf of client Berkshire Property Asset Management (BAM) over the past 12 months. Deals have included 7 new lettings at Delta Drive, 2 units at Goodridge Avenue, Gloucester and Unit 17 Malmesbury Road, Cheltenham.

Chris Furze promoted to Senior Surveyor

Chris Furze of KBW’s Professional Services team has been promoted to Senior Surveyor.  Chris joined KBW in 2010 and specialises in lease consultancy and business rates, working nationally for landlords and tenants.

Investment sale of mixed use building completes

KBW has completed the sale of 11 Imperial Square, Cheltenham on behalf of administrators BDO LLP. The four storey grade II listed property comprises a lower ground floor retail unit and 3 no. two bedroom apartments on the upper floors. The retail unit and two of the three flats were income producing.

Central office building sold

KBW has completed the sale of part of Spa Court, Bath Street to Cheltenham Mediation Services. Building regulations approval was secured to subdivide Spa Court, which resulted in 10 Bath Street being sold separately providing a 2,126 sq ft self contained office building. The remainder of Spa Court has been sold subject to planning.

Further letting success in Tewkesbury

EG Carter & Co have taken a new lease of Unit 1 Shannon Point in addition to lettings of three units at Delta Drive Industrial Estate. Vehicle modification specialists Volkwrecks have secured Units 4G & 4H Delta Drive, with heating firm Chilly Heat taking Unit 5H. KBW acted for Cheltine Ltd at Shannon Point and Berkshire Property Asset Management at Delta Drive.

New gallery to open on Rotunda Terrace, Cheltenham

KBW has completed the letting of 4 Rotunda Terrace on behalf of Townease Ltd. The new tenant, The Paragon Gallery, is due to open 8th March 2013. The letting was completed simultaneously with the expiry of the previous tenant’s lease, resulting in no void period for our client.

Out of town office letting

KBW has completed the letting of Bramery House to Turning Point on behalf of retained client The Minton Group. Turning Point has taken a 5 year lease, subject to tenant break clauses on the 3rd & 4th anniversaries and will use the self contained office building as an advisory clinic for substance misuse.

For Sale – Residential Development Sites

KBW is marketing two residential development sites (Alma Road & Prestbury Road) in Cheltenham on behalf of a retained client. The site on Alma Road in Hatherley has consent for 4no. houses and 4 no. apartments, with a deadline of 12 noon on 22nd February 2013 for offers. The site on Prestbury Road has consent for 11no. houses.

Unit available on popular Cheltenham industrial estate

Unit 1, totalling approx 4,450 sq ft, is available To Let on Cheltenham’s largest modern industrial development, Neptune Business Centre. The unit represents the only current opportunity to lease a unit in this sought after location. Further information from joint agents KBW and Ash & Co.

Permitted Development – Commercial to Residential

The government has unveiled its plans to breath life back into under utilised office buildings by introducing “permitted development rights” which will permit conversion to residential use, subject to a number of conditions.

In a statement released by Eric Pickles, Secretary of State for Communities and Local Government, the main aim of the plans is to encourage ‘a swift and responsive planning system’ to facilitate growth and deliver sustainable development. The plans will run for a period of 3 years from Spring 2013 and will allow a change of use from B1(a) offices to C3 residential.

It also recognises that there may be exemptions for localities with exceptional circumstances although Pickles explains that these authorities will need to ‘demonstrate clearly that the introduction of these new permitted development rights in a particular local area will lead to (a) the loss of a nationally significant area of economic activity or (b) substantial adverse economic consequences at the local authority level which are not offset by the positive benefits the new rights would bring.”

Parliament will have the opportunity to review the benefits of the plans at the end of the initial 3 year period and extend the policy further should it be deemed to have been a success.

You can access this link to the Department for Communities and Local Government website for further information –https://www.gov.uk/government/news/planning-measures-will-make-best-use-of-underused-buildings-for-providing-new-homes