Construction & Commercial Property News

Private investment firm to begin new Cheltenham office development

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Written by: Andrew Merrell | Posted 09 August 2017 7:39

Private investment firm to begin new Cheltenham office development

A private investment firm which already has a significant stake in Gloucestershire’s property market is on the verge of marking the beginnings of its next office development in Cheltenham.

Formal Investments plans to conduct the ground-breaking ceremony for what is being called Honeybourne Place, Jessop Avenue, near the town’s Waitrose supermarket.

The company’s portfolio already includes Festival House, home of the likes of Festival Law, and Crescent Bakery, Formal House – both in Cheltenham – as well as Gloucester properties Formal Place, on Southgate Street, and Railway House.

“Honeybourne Place is a £12m office development (visualisation attached) and will become a major new addition to Cheltenham’s Business Quarter when completed in early 2019. It will be the first new build office space in the town for many years and will provide over 64,000 sq ft of Grade A office space,” said a spokesman for the firm.

“Work on Honeybourne Place starts at an exciting time for Formal Investments. The company are in the last phase of a total refurbishment of Formal House in St George’s Place, Cheltenham and have recently been granted planning permission for a visionary scheme on a 110 acre site near Heathrow.”

The Heathrow scheme refers to what is billed as the first new park in West London for more than 100 years.

Councillors have only recently approved planning for the extraction of minerals from underneath and currently disused land creating underground warehouse space.

According to Formal Investments together with the extraction and construction, the project will attract new economic development to the area and provide up to 2,500 new jobs – including roles in the park’s delivery, management and maintenance.

Bridget Outtrim, director at Savills, said: “Rectory Farm offers a pioneering and innovative solution to the shortage of industrial space inside the M25.”

David Blackett, chairman of the Heston Residents Association, which represents people who live near to the land, said: “This project, strongly supported by residents, will provide the local community with a new landscaped public park with attractive amenities, replacing an area of former farmland which has suffered the ravages of vandalism and anti-social behaviour for some 20 years.”

 

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