The UK’s biggest supermarket chain, Tesco, is extending its Gloucestershire network with a new store planned for Cheltenham’s high street – adjacent to John Lewis.
The announcement came from Addington Capital, the property investment and asset management company which manages 111 High Street in Cheltenham, where the forthcoming Tesco store will be situated.
Tesco is to take up a 4,100 sq ft space on a new 20-year lease on a unit which forms half of the ground floor of a repurposed retail unit.
The first and second floors of the building have been redeveloped into self-contained offices, with the first floor – at 7,400 sq ft – being let on completion of the redevelopment works to Just Go Travel.
While the second floor office suite at 3,700 sq ft, and one high street retail unit at 4,700 sq ft, remain available to let.
Matthew Allen, Addington Capital principle and co-founder, commented: ‘We have re-purposed this circa 20,000 sq ft three storey retail building to provide contemporary office and retail space and we are delighted to secure this letting to Tesco. The project is a template for future repurposing of large stores on UK high streets.
‘Cheltenham is a historic spa town which can re-invent itself and thrive beyond the economic and retail trauma of 2020’.