Summary
A former NatWest Bank, the entire property was acquired unconditionally by BHP.
The very pretty period property consisted of significant upper parts and planning consent was obtained for their conversion into residential apartments.
Separated from the ground floor, the upper parts were subject to extensive renovation with the creation of 8 apartments which were sold.
The self contained ground floor was leased to Cheltenham & Gloucester and sold by private treaty.
Business Case
STRENGTHS
- The period property was aesthetically very pleasant
- The significant upper parts were suitable for conversion into apartments
OPPORTUNITIES
- To reposition the asset to benefit from the increasing footfall through Regent Star Arcade
- To convert the upper parts to residential
- To secure Cheltenham & Gloucester as a tenant, a known requirement in the market place.
WEAKNESSES
- High Street was not prime pitch
- The period nature of the property restricted a traditional shop front
- A recent retail development, Fremlin Walk, had absorbed a significant element of retailer demand
THREATS
- The shop unit was not in a prime retail pitch
- Planning risk in relation to the upper parts