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Kurt Wyman Surveyors The South West


Despite distractions along the way the Gloucestershire Property market has continued to perform well during the last 12 months.


In Gloucester a substantial amount of development continues to take place within the City Centre. This has included new student accommodation within Blackfriars, a substantial residential apartments scheme on the former ‘Kwik Save’ site off Black Dog Way and a major refurbishment of the County Council Offices. The need for student accommodation is being driven by the continued expansion of Hartpury University to the West of the City and University of Gloucestershire Campus at Oxstalls. The new residential schemes will help to breathe life back into the City


Centre. The new bus station has also now been completed and presents visitors with a far better first impression to the City than its 1960,s built predecessor! Additionally plans have recently been submitted for the much needed redevelopment of Kings Square. The plans include 40,000 sq ft of offices, 150 new homes, a new hotel and a multi-storey car park as well as restaurants and outside performance areas.


On the industrial side, development has continued to take place in the area of Waterwells Business Park with St Modwens building units in the 24,000 sq ft & 34,000 sq ft size range at Gateway 12 Business Park and also development of a scheme of smaller units around 3,000 sq ft size at the Gabwell Centre.


The Forest of Dean continues to experience steady demand particularly for industrial accommodation. In December the Tolls on the Severn Bridge were removed making the Forest more accessible and offering a real alternative to warehouse/industrial occupiers that would traditionally have taken accommodation within the Bristol/ Avonmouth area. Just prior to Christmas and acting on behalf of clients we sold a 2.8 acre industrial site in Ruspidge near Cinderford which the purchaser is currently refurbishing to provide a mixture of industrial and office accommodation available to Lease.


Vantage Point Business Village in Mitcheldean remains popular with both office and industrial occupiers offering attractive refurbished accommodation at competitive rentals. In the Autumn of 2018 we were instrumental in relocating All Fleet Services from Gloucester into a newly refurbished 12,000 sq ft office on the site.


In Cinderford the new Gloucestershire College Campus opened its doors to Students for the first time in September. Located in an area known as the Northern Quarter it is hoped the College will act as a catalyst for further investment into the area.


In Cheltenham the Office and Industrial market remains robust with limited stock driving rental levels up. Rentals in the region of £9 psf have been achieved for modern industrial units on Lansdown Industrial Estate highlighting the current strength in the market. Lansdown has always been popular with occupiers and the current estate owners are investing heavily to improve the working environment and also refurbishing vacant units as they come available. There are currently a number of units available on a leasehold basis ranging in size from 2,000 to nearly 100,000 sq ft. Elsewhere in the Town we acted for international cosmetics brand SLG Beauty in the acquisition of 27,000 sq ft of offices within Cheltenham’s popular Brewery Quarter. With occupation due for March 2019 this represents one of the regions largest single leasehold office deals. The letting demonstrates SLG,s confidence in the Brewery Quarter and the many benefits of being at the very heart of a vibrant Town such as Cheltenham.


And so to 2019….whilst we are constantly told of economic uncertainties the year has got off to a positive start. On the completions we have recently completed the sale of a 28,000 sq ft industrial investment in Tewkesbury. The property let to the MX Group had 9 years remaining on the lease.


46 COMMERCIAL PROPERTY MONTHLY 2019


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