Client: Stratford-Upon-Avon District Council - Timothy’s Bridge Road
Similar to many local authorities, Stratford-Upon-Avon District Council has a large leasehold and freehold portfolio which is expensive to run and subject to a considerable amount of churn, whilst offering redevelopment opportunities in some instances.
Gerald Eve has an Estate Management contract with the Council which means we advise on all aspects of agency and professional work. Two recent examples include:
- The sale of 4.5 acres of development land on Timothy’s Bridge Road, located to the north of the town centre
- The letting of two offices which were surplus to requirements
Solution
The Timothy’s Bridge Road site was subject to a number of issues, including riparian rights, access problems and a variety of Green Travel Plan initiatives. Following a competitive tender process, the site was sold to Gladman Developments for a new office scheme of 51,015 sq ft.
The two office buildings were Elizabeth House (8,635 sq ft) and Winton House (2,296 sq ft). Elizabeth House was difficult to market because it formed part of the ground floor of the Council’s main offices and the ingoing tenant would share its entrance, it had no parking allocation and the display of marketing boards was prohibited. Meanwhile, Winton House was a period building with unrefurbished cellularised office accommodation and limited parking facilities.
The result
Our agents sold the Timothy’s Bridge Road site and the two offices were successfully let to the Royal Shakespeare Company and Warwickshire County Council at rents of £11.95 per sq ft and £13.00 per sq ft respectively. Gladman Developments has also reappointed us as letting agents on its new scheme, known as Cygnet Court.
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