An office complex at Gloucester Business Park has sold for £2.1million.

Wulff Capital Holdings said it has gained an "excellent foothold" into the city's strong office market with the acquisition of Block 13 Delta Way.

It comprises eight industrial units in three separate terraces totalling 26,224 sq ft and is let to diverse mix of tenants

Originally developed in the 1960s, it offers potential for repositioning through refurbishment with opportunities for rental growth.

ARA Europe, the European platform of ESR Group, completed the deal on behalf of Straits Real Estate Pte. Ltd, a subsidiary of The Straits Trading Company Limited,

Property consultants Alder King, based in Brunswick House in Gloucester Business Park, advised the vendor on the sale.

Ben Cowles, director at Wulff Capital Holdings, said: "We're very pleased with the acquisition of Block 13 which provides us with an excellent foothold in the Gloucester market where we believe demand will remain strong over the coming years, particularly for assets such as this one."

Adrian Rowley, partner at Alder King in Gloucester, said the disposal reflects the strength of Gloucester's industrial investment market.

He added: "Industrial opportunities remain highly desirable, with the market being driven by strong occupier demand, a lack of available stock and limitations on speculative development.

"The secondary market has experienced rapid rental growth over recent years and this is anticipated to continue as existing stock continues to erode."

Gloucester Business Park opened in 1998 and features more than 2.8m sq ft of accommodation including Grade A office buildings, large distribution facilities and small industrial units. High profile occupiers include Dowty, Wincanton, GE Aerospace, BAE Systems and Ecclesiastical Insurance.

ARA Europe, on behalf of Straits Real Estate Pte. Ltd (SRE), a subsidiary of The Straits Trading Company Limited, acquired Gloucester Business Park in 2022. It then applied for detailed planning permission to develop 350,000sqft of new warehouse space on the remaining vacant plots.

Last night (March 23) plans to build three new warehouses at the business park were approved by Tewkesbury Borough Council.

The site already had outline planning permission for business use and Gloucester BP Developments Ltd applied under two separate applications to have reserved matters relating to plots 3, 4 and 5 signed off.

The plans generated more than 30 objections from local people who raised concerns which included the loss of light and overbearing nature of the proposals and that there would not be much of a buffer for wildlife, noise and pollution.

The applicant said the development could create 2,3254 sqm of commercial space and up to 504 full-time jobs.

The committee granted delegated permission for both applications.