Cheltenham BID, which represents the interests of businesses across the town centre, has said a £5 million-plus investment by a Guernsey investment firm is a huge show of confidence.
Picton (UK) REIT (SPV) Limited has paid property investment firm Addington Capital £5.3 million for 109-117 High Street, Cheltenham.
Addington redeveloped the building, which last changed hands in 2015, creating a new courtyard, first floor level, and new offices – 11,193 square feet of which are now home to travel firm Just Go Holidays, as well as Tesco and Barnardo's shops.
Heath Gunter, chief executive of Cheltenham BID, said: ‘It is great to see this investment and it shows the confidence investors have in Cheltenham.
‘Cheltenham town centre continues to outperform similar towns, not just regionally, but also nationally.
‘The traditional town centre is changing from being predominately retail, to having a good mix of retail, leisure and offices. The redevelopment of 109-117 High Street is an excellent example of this evolution.’
It is understood the property provides a net income of £409,699 a year, with potential to reach £511,798.
David Dalrymple, partner at Addington Capital, said: ‘Cheltenham is a thriving regional town and the demand for quality real estate continues to grow.’