Cheltenham BID, which represents the interests of city center businesses, said an investment of more than £5million by a Guernsey investment firm was a huge show of confidence.
Picton (UK) REIT (SPV) Limited has paid property investment firm Addington Capital £5.3 million for 109-117 High Street, Cheltenham.
Addington has redeveloped the building, which last changed hands in 2015, creating a new courtyard, first floor and new offices – 11,193 square feet of which now house travel company Just Go Holidays, as well as shops Tesco and Barnardo.
Heath Gunter, Managing Director of Cheltenham BID, said: “It’s great to see this investment and it shows investors’ confidence in Cheltenham.
“Cheltenham town center continues to outperform similar towns, not just regionally, but nationally as well.
“The traditional town center is changing from a predominantly commercial town center to a good mix of retail, leisure and office. The redevelopment of 109-117 High Street is an excellent example of this development.
It is understood that the property generates a net income of £409,699 a year, with a potential of up to £511,798.
David Dalrymple, Partner at Addington Capital, said: “Cheltenham is a thriving regional town and demand for quality property continues to grow.