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.