Summary
With substantial upper parts within this period property, the primary business function and one of greatest development values, was the conversion of these areas into 8 apartments.
A former NatWest Bank, the entire property was acquired unconditionally by BHP.
Once planning consent was obtained, the ground floor was separated from the upper parts which were renovated into 8 apartments and these were sold.
Business Case
STRENGTHS
- The period property was aesthetically very pleasant
- The significant upper parts were suitable for conversion into apartments
OPPORTUNITIES
- To convert the upper parts into 8 apartments
- To secure Cheltenham & Gloucester as a tenant, a known requirement in the market place.
WEAKNESSES
- The period nature of the property restricted ideal residential layouts
- No car parking
THREATS
- Planning risk in relation to the upper parts
- Lack of car parking would deter some potential buyers