Eight residential investment blocks in Cheltenham and Gloucester have been snapped up for in excess of £10 million in three transactions.
Of particular interest is a portfolio of six Regency buildings in Cheltenham, owned by Lansdown Estates. These include tenanted properties in Clarence Square, Suffolk Square, Lansdown Terrace, Bath Road and Wellington Street. The properties, comprising six prestigious unbroken freehold regency blocks in the town, contain a total of 68 apartments.
William Matthews MRICS, a Senior Surveyor in Bruton Knowles’ Gloucester office, who acted on behalf of the vendors, said: “The Lansdown Estates portfolio disposal, undertaken on behalf of two private investors, is believed to be the largest openly marketed single portfolio of residential investment properties sold in Cheltenham in recent years.” Allsop was joint agent on the disposal.
Bruton Knowles also secured buyers for a block of 27 newly converted apartments, Beatrice Webb House in Eastgate Street, Gloucester, as well a block of 14 flats in St George’s Street, Cheltenham.
William said: “We have seen significant investment into the region from both investors based in London and from overseas. Investors see the potential for capital growth in the Gloucestershire region and they recognise that apartment block investments are a relatively secure asset.”
In total the disposals contained some 109 residential apartments, the majority of which were tenanted.
William believes that interest in the three investment portfolios was buoyed by the scarcity of such investments coupled with the fact that all three are in “very prestigious locations.”
He said: “Investments of this nature are very rarely available – especially in this quantum. Most Regency apartments are sold individually. Substantial Freehold blocks only come onto the market very rarely. While Cheltenham has long been a very sought-after location, Gloucester is moving up the ranks because significant regeneration is taking place in the city. We are now seeing strong growth in values in the city.”
William works in the development team across all sectors including commercial, land and residential investment sales. Bruton Knowles has a pipeline of further residential investment assets coming to the market shortly in 2022
Bruton Knowles’ ambition is to create a one-stop-shop for clients, with its National Teams providing a point of contact to deliver an entire project to the exacting standards required by each client.
Business Consultancy is the fourth National Bruton Knowles Team to be introduced to the UK market in 2021. It sits alongside Utilities & Infrastructure, Valuations, and Commercial within the business portfolio. National Teams have been significant for the business, and there are plans to launch more over the coming year.
An 84-year-old Warwickshire rugby club has taken the first big step in securing its long-term future with the acquisition of a new site, after its current ground was secured by HS2 for the planned London to Birmingham route.
The Old Saltleians, more widely known as The Old Salts, will move from their current but temporary site near Shard End to a new purpose-built ground at Water Orton in time for the new season start in September 2022 – with contractors just about to break ground.
This will be the third time that the Club has had to move. Previously the construction of the M42 and M6 Toll Road enforced a relocation, and now the planned HS2 route has meant that yet another move has had to be negotiated – causing some disruption and anxiety for this heritage sports club.
Ian Mercer, Partner at Chartered Surveyor firm, Bruton Knowles, has been representing the club since 2011 and throughout: “It has been a difficult time for Old Salts but with work starting on site we can now look forward to a more secure future and an opportunity for the club to set down permanent roots and ensure that its presence in the local community provides real value. Complex negotiations with HS2 have taken us a little longer than anticipated but all parties can now be genuinely delighted with the end result.
“This has been a truly memorable and challenging development, given the need to ensure uninterrupted play, whilst waiting for the new permanent site to be completed.”
The Club’s Design Team, alongside an independent project manager, has worked with HS2 to ensure that initial site preparations and planning progressed well with ecological surveys conducted and mains services all now in place.
Once complete, The Old Salts new home will cover some 17 acres, boast a new clubhouse equivalent in modern standards of significant size (with facilities planned for use by the local community as well as the club) extensive car and coach parking to serve the entire site, 3 senior pitches with state-of-the-art floodlighting to one, 3 junior and 2 dedicated mini-rugby pitches.
Mick Lee, Club Chairman at The Old Saltleians explains: “Old Salts has always been a community rugby club, providing a strong, vibrant identity in the local area for youth and adult players and spectators. The intention now is to break out of ‘survival mode’ and kick on, provide a home that we can all grow into, open the doors wide, inviting players of all ages and all skill levels to enjoy, whilst developing the women’s and girls’ section. Thus, continuing to introduce new generations to the sport and to the family environment it offers.”
“We also believe that investment made at our temporary home in Shard End will leave a useful legacy for another club to use, expand into or relocate to. We are grateful to Birmingham City Council for their support, in our exile, since 2018.
"We must thank the club members, partners and professional advisors RLF, the RFU for their guidance, North Warwickshire Borough Council for their governance and O'Brien Contractors for their support, hard work and belief in the project. This will mark a new era for the club, its players, supporters and the community. Rugby! A game for life!"
The CGI overview of the proposed plans for the new ground can be found here.
Bruton Knowles is an independently owned chartered surveyor firm with 10 offices across the UK. The team is highly knowledgeable in sale and purchase, valuation, leasing and strategy, providing specialist insightful advice across commercial property, infrastructure, utilities, public sector and social housing sectors, helping clients to achieve more from land and property.
Bruton Knowles has extensive expertise and in-depth market knowledge of local and national property markets throughout the UK. Utilising its team of motivated resourceful surveyors, the firm can provide the very best commercial property advice.