FOR SALE Freehold Office / Residential Development Opportunity

Charlton Kings Business Park, Cirencester Road, Cheltenham GL53 8DZ

Former Chelsea Building Society Offices constructed in 2004 adjacent to Lilley Brook Golf Club

Office Floor Area – 38,331 sq ft (3,561 sq m)Gross Internal Area – 49,579 sq ft (4,603 sq m)136 car parking spaces (1:282 sq ft)Freehold Site Area - Approx. 3.455 acres (1.398 hectares)

• A rare opportunity to purchase a modern detached office located in Cheltenham.

• Cheltenham is a European centre for cyber security and attracts a wide range of cyber security and related high tech supply chain businesses owing to the presence of GCHC.

• Cheltenham has one of the tightest office markets in the South West which has caused strong rental growth over recent years due to limited new development and removal of existing stock through residential conversions.

• Timbercombe House was constructed by Chelsea Building Society in 2004 for their own occupation. It provides a net internal office area of 38,331 sq ft (3,561 sq m) across Ground, 1st & 2nd Floors with 136 parking spaces (1:282 sq ft).

• From a development perspective it provides a Gross Internal Area of 49,579 sq ft (4,603 sq m) on a total site area of 3.455 acres (1.398 hectares)

• Grade A Town Centre Cheltenham Rents have reached £35.00 per sq ft and Out of Town Cheltenham Rents have reached £23.50 per sq ft.

• Well suited to another corporate office HQ or could be refurbished and re-let on a floor by floor basis at headline rents of £22.50 per sq ft.

• Development potential for alternative use – we believe the building meets the criteria for permitted development to residential use. The surplus parking area at the rear of the site could provide further residential development, subject to securing the necessary planning consents.

• Freehold

• Offers are sought in excess of £4,690,000 (Four Million, Six Hundred and Ninety Thousand Pounds), subject to contract. A purchase at this level reflects a low capital value of £122 per sq ft.

Sum

mar

y

Surrounding Gloucestershire occupiers:

Gloucester

Upton St. Leonards

Fiddler's Green

Golden Valley

Hester's Way

The Reddings

Up Hatherley

Wymans Brook

Cleevemount

Montpellier

Warden Hill

Battledown

Brockworth

Coney Hill

Ewens Farm

Hucclecote

Longlevens

Marle Hill

Robinswood

Rowanfield

SpringbankSt Peter's

Abbeydale

Abbeymead

Elmbridge

HatherleyInnsworth

Kingsholm

Pittville

St Mark's

St Paul’s

Tredworth

Barnwood

Lansdown

LynworthNoverton

Podsmead

Alstone

Benhall

Naunton

Tuffley

Whaddon

Barton

Grange

Linden

Matson

Oakley

Tivoli

Wotton

Arle

Elmstone Hardwick

Charlton Abbots

Swindon Village

Charlton Kings

Down Hatherley

Great Witcombe

Andoversford

Brockhampton

Sevenhampton

Brimpsfield

Cleeve Hill

Colesbourne

Leckhampton

Shurdington

Whittington

Badgeworth

Churchdown

Withington

Nettleton

Prestbury

SandhurstStaverton

Twigworth

Uckington

Coberley

Longford

Witcombe

Birdlip

Cranham

Shipton

Southam

Sudeley

Whaddon

Cowley

Norton

Leigh Pi�s Elm10

Golden Valley Junction

Golden Valley Junction11

Golden Valley Junction

Golden Valley Junction11

Brockworth Interchange11A

Brockworth InterchangeBrockworth Interchange

Brockworth Interchange

Brockworth Interchange11A

M5

M5A4019

A4302

A417

A417A436

A436

A38

A40

A40

A40

A40

A4173

A4301

0

A435

A435

A436

A38

A46

A46

B4063

B4063

B4070

B4072B4073

B4632

B4634

B4641

Brockworth Bypass

Gloucester Road

Easte

rn A

venu

e

Crick

ley

Hill

Suffolk Road

London Road

Finlay Road

nue

Shurdington Road

Shurdington Road

Cirencester Road

Tew

kesb

ury Road

Glou

ce

ster Road

Cheltenham Road

Cheltenham Road

Cheltenham Road

Painswick Road

Estcourt Road

Eves

ham

Roa

d

Evesham Road

Stro

ud R

oad

Stro

ud R

oad

Trier Way

Bath

Roa

d

Metz Way

Cheltenham Road East

Chelte

nham

Roa

d EastOld Glo

ucest

er Road

Cheltenham Road

Pres

tbury Road

Painswick Road

New Barn Lane

Stockley Way

Valia

nt W

ay

Stroud Road

Prio

rs R

oad

Upto

n Hi

ll

Hales

Road

ChedworthWood

Island

CheltenhamRacecourse

WithingtonWoods

CoombeHill Nature

Reserve

GloucesterBusiness

Park

DowdeswellWood

CowleyWoodPrinknash

Park BuckholtWood

LeckhamptonHill

Hilcot Wood

MercombeWood

CrickleyHill Country

Park

CoopersHill LocalNatureReserve

PuckhamWoods

Imjin Barracks

Popes Wood

PinchleyWood

CranhamWood

LineoverWood

ChatcoombeWood

PittvillePark

BuckleWood

Hazel HangerWood

CleeveHill

330 m

310 m

LeckhamptonHill

300 m

300 m

FoxcoteHill

295 m

SouthHill

280 m

280 m

270 m

CoopersHill

240 m

CrickleyHill

228 m

RobinswoodHill

198 m

ChurchdownHill

155 m

Nut Hill120 m

rrowHill5 m

SandhurstHill

WainlodeHill

GloucestershireAirport

HartleyHill

TaylorsHill

BirdlipPeak

Shab Hill

UptonHill

RAF Chedworth

Ham Hill

Kites Hill

Horsbere

River Churn

Twyver

River Chelt

Riv er

River Severn

Horsbere

harp

ness

Can

al

River Severn

River Severn

River Chel t

Le igh Brook

Twyver

The Cotswolds AO

NB

Th

e Cotsw

olds A

ONB

GL53 8DZ

Loca

tion

Timbercombe House is located on the South East fringe of Cheltenham set back from Cirencester Road (A435). Cheltenham Spa Railway Station is an approximately 9 minute drive to the North West and the national motorway networks are reached via Junction 11 for Cheltenham of the M5 Motorway or Junction 15 for Swindon of the M4 Motorway.

Historically the site was a former railway station hence the long rectangular configuration. Lilley Brook Golf Club and the Doubletree Hotel by Hilton is situated at its southern boundary.

CHELTENHAM

Free

hold

Site

Pla

n

3.455Site Area

acres (1.398 hectares)

CR

ED & Ward Bdy

LilleyBrook

Pond

96.0m

97.9m

LB

FB

FB

SMITHWOOD

PARKWOOD GROVE

GROVE

CIRENCESTER ROAD

BRANCH HILL RISE

KINGS HOLLOW

El Sub Sta

Charlton Kings Business Park

9

182

15

178

11

1

184

243

25

28

25

168

15

31

166

32

11

15

239

2

14

12

2

22

7

The

Coach

House

1

2

22

12

1

Lyefield Court9

170

176

Timbercombe House

3

5

4

1

12

1

9

11

7

11

3 to

8

0m 25m 50m 75m

This map was created with Promap

Timbercombe HouseCharlton Kings Business Park, Cirencester Road

Cheltenham GL53 8DZ

Ordnance Survey © Crown Copyright 2019. All rights reserved. Licence number 100022432. Plotted Scale - 1:1152

Doubletree Hilton Hotel

Lilley Brook Golf Club

DoubleTree by Hilton HotelLilley Brook Golf Club

Spec

ifica

tion Construction

Timbercombe House is a purpose built, three storey office building developed in 2004 for Chelsea Building Society’s own occupation. It was constructed simultaneously in two parts, Building 1 and Building 2, and connected by way of an internal glazed link bridge at 1st and 2nd Floor levels above the ground floor main reception.

It is of steel frame construction and composite beams with reinforced concrete floors and cast to permanent hollow rib steel decking. The property’s rear and south facing elevations are largely glazed with a steel briese soliel projecting from roof level.

A detached sub-station building provides dedicated functional enclosure to host incoming utilities and fenced enclosures to conceal a bin store, generator set and dry cooler decks.

The property’s single-ply roof covering presents in a good condition without reports of leaks to the interior.

Office Specification

• Modern open plan office accommodation with excellent natural light and floor to ceiling height.

• Well configured and sub-divisible office floor plates.

• Suspended ceilings with perforated metal ceiling tiles and integrated LG3 lighting.

• Ceiling mounted chilled beam air conditioning with mechanical fresh air supply through the office floor void via swirl diffusers.

• Heating is provided from perimeter trench heaters and radiators to core areas via 2 x boilers located in each building.

• Ground source heat pump serving chilled beam air conditioning.

• Passenger lift serving all upper floors providing DDA compliant accommodation.

• Ground floor reception incorporating access control security barrier and turnstiles.

• High quality male, female and disabled WC facility.

• Large ground floor shower, changing area and gym.

• Access controlled entry security gates with ability to entirely secure building perimeter and provide a secure office compound.

Net Internal Areas Gross Internal Areas

Second Floor 13,832 sq ft 1,285 sq m 16,114 sq ft 1,497 sq m

First Floor 14,144 sq ft 1,314 sq m 16,275 sq ft 1,512 sq m

Ground Floor 10,355 sq ft 962 sq m 17,190 sq ft 1,594 sq m

TOTAL 38,331 sq ft 3,561 sq m 49,579 sq ft 4,603 sq m

Ground Floor Plant Rooms 4,306 sq ft 400 sq m n/a n/a

Floor Areas

The property has been measured in accordance with the RICS Code of measuring practice 6th Edition.

Floo

r Pla

ns

COLDROOM

BUILDING ONE: GROUND FLOOR BUILDING TWO: GROUND FLOOR

LIFTWC

DIS.WC

STAIR

LOBBY

LIFT

STAIR

LOBBY

STAIR

CORE 2CORE 1 CORE 3

CORE 4

WCs

DIS.WC

RECEPTION

GYM

SHOWER/CHANGING

SHOWER/CHANGING

COMMS

MECH

PLANT PLANT

KITCHEN

SERVERY

CAFE

WCs

WCs

CLNR

PLANT PLANT

DELIVERIES

BIN ENCLOSURE

PLANT

MEETING

DIS.WC

SHOWER

WCs

13 WORKSTATIONS

CHELTENHAM

POST ROOM

1

2

3 4

5 6

8 9

10

12

11

13

15

14

16

17

18

10002000

30004000

5000

Scale Block

DISABLED REFUGE

SYNDICATEROOM 2

CLEANERSSTORE

TRAININGSTORE

BUILDING ONE: 1ST FLOOR BUILDING TWO: 1ST FLOOR

DISABLED REFUGE

WC

DIS.WC

STAIR LOBBY

LIFT

DIS.WC

STAIR

LOBBY

WCs

STAIR

CORE 2CORE 1 CORE 3

CORE 4

CORE

DIS.WC

WCs

96 WORKSTATIONS(excluding training)

EXISTING LAYOUT138

CHELTENHAM

29 WORKSTATIONS(excluding training)

9

1011

12 13

14

1

2 3

15 16

17

20

18

19

21 22

23

24

25 26

27 2829

33

34 35

30 31

32

36 37

38

42

4443

4039

41

54

5556

5758

59

5351 52

50

48

49

46 45

47

71

6970

6768

66 78

7980

8182

83

60

61 62

63 64

65 77

7675

73

72

74 8485

86

87

88

89

9091

92

101

99 100

102106

104 105

103

111 112

113 114

109

107115

116 117

120119118

121

122 123

124

125

127126 128

3A

3B

99

101

102

103104

114A 114B

105

129

130

131

132 133

134

135

136

137

10002000

30004000

5000

Scale Block

DISABLED REFUGE

DIS

AB

LE

D R

EF

UG

E

WC

DIS.WC

STAIR

LOBBY

LIFT

DIS.WC

STAIR

LOBBY

WCs

STAIR

CORE 2CORE 1 CORE 3

CORE 4

CORE

DIS.WC

WCs

BUILDING ONE: 2ND FLOOR BUILDING TWO: 2ND FLOOR

105 WORKSTATIONS 89 WORKSTATIONS

EXISTING LAYOUT

CHELTENHAM

910

11 12

13

14

1

8

1516

17

20

18

19

2122

2324

25

2627

28

29

3334

35

3031

32

36

37

38

42

44

43

4039

41 5455

5657

58

5953

5152

50

4849

4645

47 71

6970

67

68

66

7879

8081

82

83

6061

6263

64

65

77

7675

7372

74

84

85 8687

88

89 90

91 9293

94

95 96

97 98

101

99 100

102

106

104

105103

111112

113 114

109 110

108107

115116

117 120119

118

121122

123

124125

132

137138

136

135

131

130

133134

129127

126128

139141

140 142

143144

145

146

147

148

149150

151 152

153154

155 156

157 158

159 160

161 162

163 165

164 166

167 168

169 170

171 172

173 174

175

176177

178

179181

180

182183

184

187185

186190

188189

191192193

194

10002000

30004000

5000

Scale Block

Ground Floor

First Floor

Second Floor

Glo

uces

ters

hire

Offi

ce M

arke

t

Headline Rents

Cheltenham Town Centre

£35.00 per sq ft.

Cheltenham Out Of Town

£23.50 per sq ft.

Gloucester Business Park

£21.50 per sq ft.

Cheltenham has one of the tightest office markets in the South West which has caused strong rental growth over recent years due to limited new development and removal of existing stock through residential conversions.

Timbercombe House ERV after refurbishment

£22.50 per sq ft (£862,000 per annum on existing NIA floor area)

Leasing Strategy Single let or multi-let via lettings of whole floors and wings of approximately 4,000 – 14,114 sq ft (372 sq m – 1,314 sq m).

Resi

dent

ial D

evel

opm

ent P

ersp

ectiv

e • Existing office structure provides 49,579 sq ft (4,603 sq m) of gross internal area which we understand meets the criteria for residential conversion via permitted development.

• Extensive rear car park providing approximately 90 car parking is likely to be surplus to the parking meets of the permitted development scheme and therefore this could provide an additional residential development scheme.

• Limited future development pipeline and no article 4 direction preventing residential conversion of existing office stock via permitted development rights.

• Potential to provide an attractive landscaped apartment scheme adjoining Lilley Brook Golf Club.

• The Residential Sales values of the apartments would be in the order of £300 - £350 per sq ft for well specified new homes.

3.455Site Area

acres (1.398 hectares)

CR

ED & Ward Bdy

LilleyBrook

Pond

96.0m

97.9m

LB

FB

FB

SMITHWOOD

PARKWOOD GROVE

GROVE

CIRENCESTER ROAD

BRANCH HILL RISE

KINGS HOLLOW

El Sub Sta

Charlton Kings Business Park

247

9

182

15

178

11

1

184

243

25

28

25

168

15

31

166

32

11

15

239

2

14

1

12

2

22

7

The

Coach

House

1

2

22

12

1

Lyefield Court9

170

176

Timbercombe House

3

5

4

1

12

1

Shelter

9

11

7

11

3 to

8

0m 25m 50m 75m

This map was created with Promap

Timbercombe HouseCharlton Kings Business Park, Cirencester Road

Cheltenham GL53 8DZ

Ordnance Survey © Crown Copyright 2019. All rights reserved. Licence number 100022432. Plotted Scale - 1:1190

Residential Apartment PD Scheme2.291 acres (0.927 hectares)

Rear Development Site1.142 acres (0.462 hectares)

Lega

l & C

onta

ct Tenure Freehold with vacant possession

Guide Price Offers are sought in excess of £4,690,000 (Four Million, Six Hundred and Ninety Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a low capital value of £122 per sq ft on the net internal office floor area.

Business Rates Rateable Value: £367,500 Rates Payable 2019/20: £185,220 per annum (£4.83 per sq ft)

EPC – D84

Asbestos – The building was constructed after 2000 and does not require an asbestos register.

Use - B1 Offices

VATThe property has been elected for VAT, therefore VAT will be payable on the sale price.

Legal CostsEach party to bear their own legal fees.

Christopher Meredith Harry AllenSouth West Office Agency South West Office Agency0117 910 2216 0117 910 235607870 999 732 07807 999 440cmeredith@savills.com hrallen@savills.com

Further InformationFor further information or to arrange an inspection, please contact the following;

Savills, their clients any joint agents give notice that:1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. September 2019. Design: www.qubedesign.com