Addington Capital secures new 10 year leases on office floors in Cheltenham
Addington Capital, the property investment and asset management specialist, has secured a significant office letting at 109-117 High Street in Cheltenham, adjacent to the town's John Lewis store.
Just Go Holidays Ltd is expanding within the building and has agreed to take a new 10-year unbroken lease of 3,700 sq ft on the second floor, at a rent of GBP27.50 per sq ft In addition, Just Go has restructured its existing 1st floor lease of just over 7,400 sq ft, providing 10-year unbroken income at a rent of GPB25 per sq ft. In April 2020, the travel company relocated from a traditional office location on the edge of the town centre to be on the high street in the newly redeveloped office space.
Just Go now occupies 11,193 sq ft of office space in the building over the two floors, and has four car parking spaces.
Addington originally acquired the former retail block in 2015 with its joint venture partner and has since redeveloped the building. It has converted the redundant upper floors creating modern office space and a new courtyard on the first floor.
The property has three retail units on the ground floor - one of which was let to Tesco who started trading at the beginning of July. The middle unit is currently under-offer to an F & B operator and there are good levels of interest in the last remaining unit, with ongoing discussions with several well-known retailers.
David Dalrymple, Partner at Addington Capital, says: “We have re-purposed this tired, old building to provide contemporary office and retail space in the centre of the town and it is great news that Just Go is expanding its offices and is prepared to commit to the building on long leases, highlighting the occupational demand for this type of refurbished product. Cheltenham is a thriving regional town and the demand for quality real estate space continues to steadily grow.”