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Gloucestershire Business News

Property agents flock to landmark Cheltenham building taking shape

Property agents interested in relocating their business clients to Cheltenham's £12m new landmark office building have flocked to see Honeybourne Place take shape.

More than 45 agents from Bristol, Swindon and the South West came to Cheltenham to tour the live construction of the 64,000 sq ft of prime grade A office space which will be ready for occupation from early 2019.

Up to 500 workers are expected to be based at Honeybourne Place, with some likely to be jobs new to the town. The site visit took place as agents begin to ramp up their interest in the first new build office development of this scale in Cheltenham for more than 15 years.

Detailed discussions with potential occupiers are already progressing, with part of the top floor under offer and a pre-let deal close to fruition. The potential occupiers for Honeybourne Place are a mix of relocations within the town plus new entrants to Cheltenham.

Richard Crabb, partner at the project's agent THP, said: "Honeybourne Place is a significant innovation in Cheltenham's office market. A lot of office space has been lost to residential conversions, diminishing the supply of offices that are attractive to occupiers.

"A building with real presence, of the highest quality specification, Honeybourne Place is of a premium standard not just in the local context but in the regional picture too. It would be entirely at home in the business districts of a major city like Bristol or London.

"That's why so many agents from across the region, and further afield, came to take a look at a building that will stand tall in the regional context. New employers, drawn to the building and to the town, will be a welcome inward investment for Cheltenham.

"These businesses would not be interested if this was just another office building. Honeybourne Place fits their expectations of the quality they are looking for."

The flexible and high-specification space is in a superb Business Quarter location with excellent transport links and boasts a highly insulated design, by Roberts Limbrick architects of Gloucester, maximising the use of daylight and featuring high quality materials including limestone, glass and rainscreen cladding.

Developer Formal Investments and contractor Barnwood Construction welcomed the agents, showing them how the full height glazing, dramatic external lighting and commanding views will make Honeybourne Place an attractive addition to Cheltenham.

Available space starts from 1,000 sq ft and range from 6,990 sq ft on the ground floor to more than 11,600 sq ft on the middle storeys with more than 10,000 sq ft on the top floor.

Formal Investments, the award-winning developer based at the nearby Festival House on Jessop Avenue, is creating Honeybourne Place as a speculative build thanks to its confidence in Cheltenham's Business Quarter. Formal Investments, at the forefront of developing in the Cheltenham office market, believe rent in excess of £30 per sq ft is likely to be a reality.

Clare Savage, head of estates and asset management at Formal Investments, said: "The high level of interest from the agents, who visited in significant numbers, reflects the quality and desirability of Honeybourne Place. This will be a very special building for Cheltenham, an impressive new landmark with an exceptional level of finish and a real wow factor."

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