charlton kings business park, cirencester road, cheltenham … · 2020-02-11 · for sale freehold...
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FOR SALE Freehold Office / Residential Development Opportunity
Charlton Kings Business Park, Cirencester Road, Cheltenham GL53 8DZ
Former Chelsea Building Society Offices constructed in 2004 adjacent to Lilley Brook Golf Club
Office Floor Area – 38,331 sq ft (3,561 sq m)Gross Internal Area – 49,579 sq ft (4,603 sq m)136 car parking spaces (1:282 sq ft)Freehold Site Area - Approx. 3.455 acres (1.398 hectares)
• A rare opportunity to purchase a modern detached office located in Cheltenham.
• Cheltenham is a European centre for cyber security and attracts a wide range of cyber security and related high tech supply chain businesses owing to the presence of GCHC.
• Cheltenham has one of the tightest office markets in the South West which has caused strong rental growth over recent years due to limited new development and removal of existing stock through residential conversions.
• Timbercombe House was constructed by Chelsea Building Society in 2004 for their own occupation. It provides a net internal office area of 38,331 sq ft (3,561 sq m) across Ground, 1st & 2nd Floors with 136 parking spaces (1:282 sq ft).
• From a development perspective it provides a Gross Internal Area of 49,579 sq ft (4,603 sq m) on a total site area of 3.455 acres (1.398 hectares)
• Grade A Town Centre Cheltenham Rents have reached £35.00 per sq ft and Out of Town Cheltenham Rents have reached £23.50 per sq ft.
• Well suited to another corporate office HQ or could be refurbished and re-let on a floor by floor basis at headline rents of £22.50 per sq ft.
• Development potential for alternative use – we believe the building meets the criteria for permitted development to residential use. The surplus parking area at the rear of the site could provide further residential development, subject to securing the necessary planning consents.
• Freehold
• Offers are sought in excess of £4,690,000 (Four Million, Six Hundred and Ninety Thousand Pounds), subject to contract. A purchase at this level reflects a low capital value of £122 per sq ft.
Sum
mar
y
Surrounding Gloucestershire occupiers:
Gloucester
Upton St. Leonards
Fiddler's Green
Golden Valley
Hester's Way
The Reddings
Up Hatherley
Wymans Brook
Cleevemount
Montpellier
Warden Hill
Battledown
Brockworth
Coney Hill
Ewens Farm
Hucclecote
Longlevens
Marle Hill
Robinswood
Rowanfield
SpringbankSt Peter's
Abbeydale
Abbeymead
Elmbridge
HatherleyInnsworth
Kingsholm
Pittville
St Mark's
St Paul’s
Tredworth
Barnwood
Lansdown
LynworthNoverton
Podsmead
Alstone
Benhall
Naunton
Tuffley
Whaddon
Barton
Grange
Linden
Matson
Oakley
Tivoli
Wotton
Arle
Elmstone Hardwick
Charlton Abbots
Swindon Village
Charlton Kings
Down Hatherley
Great Witcombe
Andoversford
Brockhampton
Sevenhampton
Brimpsfield
Cleeve Hill
Colesbourne
Leckhampton
Shurdington
Whittington
Badgeworth
Churchdown
Withington
Nettleton
Prestbury
SandhurstStaverton
Twigworth
Uckington
Coberley
Longford
Witcombe
Birdlip
Cranham
Shipton
Southam
Sudeley
Whaddon
Cowley
Norton
Leigh Pi�s Elm10
Golden Valley Junction
Golden Valley Junction11
Golden Valley Junction
Golden Valley Junction11
Brockworth Interchange11A
Brockworth InterchangeBrockworth Interchange
Brockworth Interchange
Brockworth Interchange11A
M5
M5A4019
A4302
A417
A417A436
A436
A38
A40
A40
A40
A40
A4173
A4301
0
A435
A435
A436
A38
A46
A46
B4063
B4063
B4070
B4072B4073
B4632
B4634
B4641
Brockworth Bypass
Gloucester Road
Easte
rn A
venu
e
Crick
ley
Hill
Suffolk Road
London Road
Finlay Road
nue
Shurdington Road
Shurdington Road
Cirencester Road
Tew
kesb
ury Road
Glou
ce
ster Road
Cheltenham Road
Cheltenham Road
Cheltenham Road
Painswick Road
Estcourt Road
Eves
ham
Roa
d
Evesham Road
Stro
ud R
oad
Stro
ud R
oad
Trier Way
Bath
Roa
d
Metz Way
Cheltenham Road East
Chelte
nham
Roa
d EastOld Glo
ucest
er Road
Cheltenham Road
Pres
tbury Road
Painswick Road
New Barn Lane
Stockley Way
Valia
nt W
ay
Stroud Road
Prio
rs R
oad
Upto
n Hi
ll
Hales
Road
ChedworthWood
Island
CheltenhamRacecourse
WithingtonWoods
CoombeHill Nature
Reserve
GloucesterBusiness
Park
DowdeswellWood
CowleyWoodPrinknash
Park BuckholtWood
LeckhamptonHill
Hilcot Wood
MercombeWood
CrickleyHill Country
Park
CoopersHill LocalNatureReserve
PuckhamWoods
Imjin Barracks
Popes Wood
PinchleyWood
CranhamWood
LineoverWood
ChatcoombeWood
PittvillePark
BuckleWood
Hazel HangerWood
CleeveHill
330 m
310 m
LeckhamptonHill
300 m
300 m
FoxcoteHill
295 m
SouthHill
280 m
280 m
270 m
CoopersHill
240 m
CrickleyHill
228 m
RobinswoodHill
198 m
ChurchdownHill
155 m
Nut Hill120 m
rrowHill5 m
SandhurstHill
WainlodeHill
GloucestershireAirport
HartleyHill
TaylorsHill
BirdlipPeak
Shab Hill
UptonHill
RAF Chedworth
Ham Hill
Kites Hill
Horsbere
River Churn
Twyver
River Chelt
Riv er
River Severn
Horsbere
harp
ness
Can
al
River Severn
River Severn
River Chel t
Le igh Brook
Twyver
The Cotswolds AO
NB
Th
e Cotsw
olds A
ONB
GL53 8DZ
Loca
tion
Timbercombe House is located on the South East fringe of Cheltenham set back from Cirencester Road (A435). Cheltenham Spa Railway Station is an approximately 9 minute drive to the North West and the national motorway networks are reached via Junction 11 for Cheltenham of the M5 Motorway or Junction 15 for Swindon of the M4 Motorway.
Historically the site was a former railway station hence the long rectangular configuration. Lilley Brook Golf Club and the Doubletree Hotel by Hilton is situated at its southern boundary.
CHELTENHAM
Free
hold
Site
Pla
n
3.455Site Area
acres (1.398 hectares)
CR
ED & Ward Bdy
LilleyBrook
Pond
96.0m
97.9m
LB
FB
FB
SMITHWOOD
PARKWOOD GROVE
GROVE
CIRENCESTER ROAD
BRANCH HILL RISE
KINGS HOLLOW
El Sub Sta
Charlton Kings Business Park
9
182
15
178
11
1
184
243
25
28
25
168
15
31
166
32
11
15
239
2
14
12
2
22
7
The
Coach
House
1
2
22
12
1
Lyefield Court9
170
176
Timbercombe House
3
5
4
1
12
1
9
11
7
11
3 to
8
0m 25m 50m 75m
This map was created with Promap
Timbercombe HouseCharlton Kings Business Park, Cirencester Road
Cheltenham GL53 8DZ
Ordnance Survey © Crown Copyright 2019. All rights reserved. Licence number 100022432. Plotted Scale - 1:1152
Doubletree Hilton Hotel
Lilley Brook Golf Club
DoubleTree by Hilton HotelLilley Brook Golf Club
Spec
ifica
tion Construction
Timbercombe House is a purpose built, three storey office building developed in 2004 for Chelsea Building Society’s own occupation. It was constructed simultaneously in two parts, Building 1 and Building 2, and connected by way of an internal glazed link bridge at 1st and 2nd Floor levels above the ground floor main reception.
It is of steel frame construction and composite beams with reinforced concrete floors and cast to permanent hollow rib steel decking. The property’s rear and south facing elevations are largely glazed with a steel briese soliel projecting from roof level.
A detached sub-station building provides dedicated functional enclosure to host incoming utilities and fenced enclosures to conceal a bin store, generator set and dry cooler decks.
The property’s single-ply roof covering presents in a good condition without reports of leaks to the interior.
Office Specification
• Modern open plan office accommodation with excellent natural light and floor to ceiling height.
• Well configured and sub-divisible office floor plates.
• Suspended ceilings with perforated metal ceiling tiles and integrated LG3 lighting.
• Ceiling mounted chilled beam air conditioning with mechanical fresh air supply through the office floor void via swirl diffusers.
• Heating is provided from perimeter trench heaters and radiators to core areas via 2 x boilers located in each building.
• Ground source heat pump serving chilled beam air conditioning.
• Passenger lift serving all upper floors providing DDA compliant accommodation.
• Ground floor reception incorporating access control security barrier and turnstiles.
• High quality male, female and disabled WC facility.
• Large ground floor shower, changing area and gym.
• Access controlled entry security gates with ability to entirely secure building perimeter and provide a secure office compound.
Net Internal Areas Gross Internal Areas
Second Floor 13,832 sq ft 1,285 sq m 16,114 sq ft 1,497 sq m
First Floor 14,144 sq ft 1,314 sq m 16,275 sq ft 1,512 sq m
Ground Floor 10,355 sq ft 962 sq m 17,190 sq ft 1,594 sq m
TOTAL 38,331 sq ft 3,561 sq m 49,579 sq ft 4,603 sq m
Ground Floor Plant Rooms 4,306 sq ft 400 sq m n/a n/a
Floor Areas
The property has been measured in accordance with the RICS Code of measuring practice 6th Edition.
Floo
r Pla
ns
COLDROOM
BUILDING ONE: GROUND FLOOR BUILDING TWO: GROUND FLOOR
LIFTWC
DIS.WC
STAIR
LOBBY
LIFT
STAIR
LOBBY
STAIR
CORE 2CORE 1 CORE 3
CORE 4
WCs
DIS.WC
RECEPTION
GYM
SHOWER/CHANGING
SHOWER/CHANGING
COMMS
MECH
PLANT PLANT
KITCHEN
SERVERY
CAFE
WCs
WCs
CLNR
PLANT PLANT
DELIVERIES
BIN ENCLOSURE
PLANT
MEETING
DIS.WC
SHOWER
WCs
13 WORKSTATIONS
CHELTENHAM
POST ROOM
1
2
3 4
5 6
8 9
10
12
11
13
15
14
16
17
18
10002000
30004000
5000
Scale Block
DISABLED REFUGE
SYNDICATEROOM 2
CLEANERSSTORE
TRAININGSTORE
BUILDING ONE: 1ST FLOOR BUILDING TWO: 1ST FLOOR
DISABLED REFUGE
WC
DIS.WC
STAIR LOBBY
LIFT
DIS.WC
STAIR
LOBBY
WCs
STAIR
CORE 2CORE 1 CORE 3
CORE 4
CORE
DIS.WC
WCs
96 WORKSTATIONS(excluding training)
EXISTING LAYOUT138
CHELTENHAM
29 WORKSTATIONS(excluding training)
9
1011
12 13
14
1
2 3
15 16
17
20
18
19
21 22
23
24
25 26
27 2829
33
34 35
30 31
32
36 37
38
42
4443
4039
41
54
5556
5758
59
5351 52
50
48
49
46 45
47
71
6970
6768
66 78
7980
8182
83
60
61 62
63 64
65 77
7675
73
72
74 8485
86
87
88
89
9091
92
101
99 100
102106
104 105
103
111 112
113 114
109
107115
116 117
120119118
121
122 123
124
125
127126 128
3A
3B
99
101
102
103104
114A 114B
105
129
130
131
132 133
134
135
136
137
10002000
30004000
5000
Scale Block
DISABLED REFUGE
DIS
AB
LE
D R
EF
UG
E
WC
DIS.WC
STAIR
LOBBY
LIFT
DIS.WC
STAIR
LOBBY
WCs
STAIR
CORE 2CORE 1 CORE 3
CORE 4
CORE
DIS.WC
WCs
BUILDING ONE: 2ND FLOOR BUILDING TWO: 2ND FLOOR
105 WORKSTATIONS 89 WORKSTATIONS
EXISTING LAYOUT
CHELTENHAM
910
11 12
13
14
1
8
1516
17
20
18
19
2122
2324
25
2627
28
29
3334
35
3031
32
36
37
38
42
44
43
4039
41 5455
5657
58
5953
5152
50
4849
4645
47 71
6970
67
68
66
7879
8081
82
83
6061
6263
64
65
77
7675
7372
74
84
85 8687
88
89 90
91 9293
94
95 96
97 98
101
99 100
102
106
104
105103
111112
113 114
109 110
108107
115116
117 120119
118
121122
123
124125
132
137138
136
135
131
130
133134
129127
126128
139141
140 142
143144
145
146
147
148
149150
151 152
153154
155 156
157 158
159 160
161 162
163 165
164 166
167 168
169 170
171 172
173 174
175
176177
178
179181
180
182183
184
187185
186190
188189
191192193
194
10002000
30004000
5000
Scale Block
Ground Floor
First Floor
Second Floor
Glo
uces
ters
hire
Offi
ce M
arke
t
Headline Rents
Cheltenham Town Centre
£35.00 per sq ft.
Cheltenham Out Of Town
£23.50 per sq ft.
Gloucester Business Park
£21.50 per sq ft.
Cheltenham has one of the tightest office markets in the South West which has caused strong rental growth over recent years due to limited new development and removal of existing stock through residential conversions.
Timbercombe House ERV after refurbishment
£22.50 per sq ft (£862,000 per annum on existing NIA floor area)
Leasing Strategy Single let or multi-let via lettings of whole floors and wings of approximately 4,000 – 14,114 sq ft (372 sq m – 1,314 sq m).
Resi
dent
ial D
evel
opm
ent P
ersp
ectiv
e • Existing office structure provides 49,579 sq ft (4,603 sq m) of gross internal area which we understand meets the criteria for residential conversion via permitted development.
• Extensive rear car park providing approximately 90 car parking is likely to be surplus to the parking meets of the permitted development scheme and therefore this could provide an additional residential development scheme.
• Limited future development pipeline and no article 4 direction preventing residential conversion of existing office stock via permitted development rights.
• Potential to provide an attractive landscaped apartment scheme adjoining Lilley Brook Golf Club.
• The Residential Sales values of the apartments would be in the order of £300 - £350 per sq ft for well specified new homes.
3.455Site Area
acres (1.398 hectares)
CR
ED & Ward Bdy
LilleyBrook
Pond
96.0m
97.9m
LB
FB
FB
SMITHWOOD
PARKWOOD GROVE
GROVE
CIRENCESTER ROAD
BRANCH HILL RISE
KINGS HOLLOW
El Sub Sta
Charlton Kings Business Park
247
9
182
15
178
11
1
184
243
25
28
25
168
15
31
166
32
11
15
239
2
14
1
12
2
22
7
The
Coach
House
1
2
22
12
1
Lyefield Court9
170
176
Timbercombe House
3
5
4
1
12
1
Shelter
9
11
7
11
3 to
8
0m 25m 50m 75m
This map was created with Promap
Timbercombe HouseCharlton Kings Business Park, Cirencester Road
Cheltenham GL53 8DZ
Ordnance Survey © Crown Copyright 2019. All rights reserved. Licence number 100022432. Plotted Scale - 1:1190
Residential Apartment PD Scheme2.291 acres (0.927 hectares)
Rear Development Site1.142 acres (0.462 hectares)
Lega
l & C
onta
ct Tenure Freehold with vacant possession
Guide Price Offers are sought in excess of £4,690,000 (Four Million, Six Hundred and Ninety Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a low capital value of £122 per sq ft on the net internal office floor area.
Business Rates Rateable Value: £367,500 Rates Payable 2019/20: £185,220 per annum (£4.83 per sq ft)
EPC – D84
Asbestos – The building was constructed after 2000 and does not require an asbestos register.
Use - B1 Offices
VATThe property has been elected for VAT, therefore VAT will be payable on the sale price.
Legal CostsEach party to bear their own legal fees.
Christopher Meredith Harry AllenSouth West Office Agency South West Office Agency0117 910 2216 0117 910 235607870 999 732 07807 999 440cmeredith@savills.com hrallen@savills.com
Further InformationFor further information or to arrange an inspection, please contact the following;
Savills, their clients any joint agents give notice that:1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. September 2019. Design: www.qubedesign.com
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