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Gloucestershire Business News

Substantial investment in Gloucester business park shows confidence

Hundred of thousands of pounds is being spent by new owners upgrading a little-known Gloucester business park.

In what is being called a "substantial investment" Telereal Trillium has not only bought the property off Eastern Avenue, but is refurbishing it too.

The London-headquartered company manages a £6.5 billion portfolio of properties, which now includes the Chancel Close Trading Estate which it describes as being in an "excellent location".

According to a statement from the firm, which made the purchase of the Gloucester park last year, it is about to begin "the estate's extensive refurbishment".

John Hickson, Telereal Trillium said: "We are delighted to be bringing forward the refurbishment program of Chancel Close which will modernise a well-established estate and enhance the benefits of its excellent location and range of unit sizes.

"We look forward to delivering a market leading product to appeal to the trade counter occupiers seeking quality space in the Gloucester area"

CBRE and ASH Chartered Surveyors will be joint agents for the scheme.

Simon McKeag, of Ash, which has its Gloucester offices in Pullman Court off Great Western Road, said: "Telereal Trilliums' investment in Chancel Close reinforces Gloucester's reputation as a popular trading location and confidence in the area.

"Demand remains strong for good quality units and the improvements at Chancel Close will offer occupiers high quality accommodation when considering relocation."

According to Telereal Trilliums the scheme "will be redeveloped on a fast-track basis to meet the area's strong occupier demand".

It will initially refurbish the estate's two vacant units, 3 and 5, with further improvements made as and when other units become available in the future.

The refurbishment works to Unit 3 which is 7,104 sq ft, and Unit 5 which is 7,667 sq ft, will begin in August and will be completed and ready for occupation by October 2018.

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