MYSTERY BUYER SNAPS UP OFQUAL’S FORMER OFFICES IN COVENTRY

A high-specification 20,000 sq ft office in Coventry has been sold in a multi-million pound deal completed by commercial property advisers Bromwich Hardy.

The two-storey office site at 1410 Spring Place, Coventry Business Park was previously the home of education regulator Ofqual. It has been bought by a Coventry-based company for a new head office whose name has not been disclosed.

Bromwich Hardy partner Michelle Mills said the offices generated considerable interest since going on the market six months ago, illustrating the need for more high-quality office accommodation across the city.

“These are superbly-located offices on a dynamic business park on the western edge of the city, offering excellent, up-todate facilities and transport links.

“The fact that we have seen so much interest reflects the shortage of Grade A stock of all sizes in the city and the wider Warwickshire business environment.”

More than 35 companies are based at the business park including The Deeley Group, I-Nexus, Bellway Homes,

Palmer and Harvey, The Village Hotel and national retail outlets such as Sainsbury’s, McDonald’s, Pizza Hut and Citroen.

Carter Jonas sells 24 acres of employment land to Tungsten

Property consultancy Carter Jonas has sold a 24-acre employment site in Witney to industrial and warehouse developer Tungsten Properties on behalf of Oxfordshire Land.

The site, which forms part of a larger mixed-use development, has outline consent for B class employment uses.

Located on the corner of Downs Road and Range Road, it is close to a new junction on to the A40 which provides direct access to Oxford to the east and Cheltenham and the M5 to the west.

Representing Oxfordshire Land, Jon Silversides from Carter Jonas said: “Witney has experienced considerable growth in recent years and the promotion of the larger West Witney development scheme, of which this site is part, has played a vital role in its progression.

“Witney is fast becoming a destination of choice for investors and occupiers attracted to its improved infrastructure and the development options available.

“Such factors - coupled with the fact that this is the first site of this scale to become available in the region for 15 years – meant strong levels of interest were received.”

Bruton Knowles chosen to manage two business centres in Gloucestershire

Property consultancy Bruton Knowles has been appointed to manage two new business centres in Gloucestershire, owned by property development and investment company AC Lloyd.

The Space Business Centres in Cheltenham and Gloucester were acquired by the Warwick-based business in 2018 in a £6.475 million deal.

The site in Tewkesbury Road, Cheltenham features four separate buildings with a total of 56 units ranging from 275 sq ft to 774 sq ft and a mix of tenants from health and fitness to building and construction services.

The centre in Olympus Park, Quedgeley, Gloucester, has five separate terraces containing 53 units from 357 sq ft to 721 sq ft and is home to retailers, engineers, electrics and design, and lifestyle and leisure providers.

Head of Commercial Property and Partner at Bruton Knowles, Dorian Wragg, based in Gloucester, said: “We’re pleased to have been appointed to manage such an active pair of properties for AC Lloyd as they make their first investment venture into the Gloucestershire market.

“Both business parks are ideally placed and configured to attract SMEs, boasting town centre postcodes and manageable spaces which are the perfect size for a range of purposes.”

Tony Hargreave, Property Asset Manager at AC Lloyd, said: “We are impressed with Bruton Knowles’ knowledge of the market in Gloucestershire and it is important we have a high-level of expertise managing these centres on our behalf.”

Property consultancy Harris Lamb is calling for local planning authorities to take a proactive approach to dealing with soaring town centre vacancy rates.

Figures released by the British Retail Consortium show that town centre vacancy rates have hit a four-year high at 10 per cent. However, the number of retail properties approved for conversion to residential use has plummeted and too many long-term empty units remain empty.

According to Harris Lamb, which has offices in Stoke, Birmingham and Worcester, a contributory factor is the restrictions imposed by some local authorities which prevent developers from using Permitted Development Rights (PDR), introduced in 2013 to allow them to convert commercial property for residential use without a full planning application. The aim was to incentivise developers to convert disused commercial property into housing and help reduce the shortfall in new homes.

Head of Planning at Harris Lamb, Patrick Downes, believes planning authorities need to take a more realistic view.

“There are real opportunities right now for specialist developers to revitalise such locations with appropriate commercial, residential and mixed-use schemes, and they are not being maximised,” he said.

“Whilst these may not be necessarily retail-led, they can still provide excellent opportunities for other commercial uses and residential accommodation.

“Allowing existing retail units to be converted will not only help to revitalise existing floor space, but would be entirely consistent with the government’s requirement in the framework to make the best use of previously-developed land and will also help to boost development and construction activity.”