Case Studies

St Modwen plc - Gloucester

In 1997 ASH & Co acted for St Modwen plc when they acquired two major sites south of Gloucester. Each comprised approximately 30 acres of Ministry of Defence storage buildings. They were renamed Quedgeley West & Quedgeley East.

They were purchased as strategic acquisitions with the knowledge that they would offer long term redevelopment opportunities. For 7 years ASH & Co acted successfully to let the vacant buildings which ranged in size from 2,000 sq ft up to 60,000 sq ft. They proved attrractive to a number of occupiers including Deroma UK Ltd who store and dsitribute terracotta pots throughout the Country.

As Gloucester's road links improved, ie the upgrade of junction 12 of the M5 and annoucement of further funding for the South Western Bypass, St Modwen realised that it was now time to pursue the longer term option of redevelopment.

In 2003 they achieved an overall planning consent to build 550,000 sq ft which showed an increase on the existing density of some 220,000 sq ft. The site was then remarketed and in 2006 a prelet of 94,000 sq ft was achieved to Prestoplan a subsidary of the Taylor Wimpey Group plc. This was completed in October that year.

To build on this success St Modwen decided to commit to one of the largest speculative developements in Gloucestershire namely the construction of 120,000 sq ft in 6 buildings, known as Phase 2. 30,000 sq ft was prelet to City Link Group, 16,000 sqft to Valley Forge, 30,000 sqft sold to Gardiner Brothers and 13,000 sqft sold to Shires Accident Services.

On part of the remaining land a presale was signed to CM Downton a local haulier who comissioned St Modwen to build 102,000 sqft. This was completed in November 2008.

Phase IV remains avaliable for design and build from 10,000 sqft upwards

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New lease of life for city 'eyesore

Work should be completed this month on one of Gloucester's biggest city centre office developments, replacing what was once a major eyesore. The former Courts furniture store in Bruton Way, Gloucester, which lay empty and deteriorating for several years, has been given a new lease of life. The building has been transformed into modern office accommodation and is now partially occupied by Gloucester City Homes, which has leased more than 10,000 sq ft of offices on the ground floor.

Work is progressing on the remaining 20,000 sq ft, with completion anticipated in January, to provide further offices to accommodate traditional lettings for small to large occupiers alongside a serviced office operation with a staffed reception.

Now renamed Railway House with the city station just a short distance away, the architects were Roberts Limbrick, who previously transformed the neighbouring Gloucester Carriage and Wagon Works building unveiled last year. It is now the prestige headquarters of Roberts Limbrick and has won praise for the company's joint managing directors Stephen Limbrick and Jeff Roberts.

Railway House was purchased in 2010 by private investment company Formal Investments Limited, based in Festival House, Cheltenham.

Clare Savage, of Formal Investments, commented: "We wanted to raise the game and bring a high standard of flexible, modern office accommodation to Gloucester city. Many occupiers want to stay in the city, but can't find the flexibility or standard they need and, despite the tough market, we are confident of our product."

Nick Bevan Consulting Limited are agents for Formal Investments Limited and Gloucester City Homes was represented by ASH and Co Chartered Surveyors, based in Gloucester.

10th January 2012