7th June 2017
Former Cheltenham Road Library sold for residential development
Acting on behalf of Bristol City Council, Alder King has sold the freehold of the former Cheltenham Road Library in Bristol for residential redevelopment.
The property, which has planning permission for 36 new apartments with underground car parking, was acquired unconditionally by MD Homes following a highly competitive bidding process handled by Alder King. The property eventually sold for considerably more than the guide price.
Ben St Quintin, associate at Alder King’s Bristol office, said: “Apartment prices in this part of Bristol rose around 10% in the six months prior to our marketing of this site and the projections for continued price growth resulted in unprecedented demand for the site from local and national developers.
“The property sits within a popular residential area on one of Bristol’s most thriving thoroughfares, with a wide variety of local and independent shops, restaurants and bars. The location and potential of this site ultimately helped us secure a very satisfactory sale price for the City Council.”
The library has recently been relocated to new premises at the former Bristol North Baths site nearby. The first phase of redevelopment of the former Victorian swimming baths was project managed by Alder King’s building consultancy team and also includes 10 new residential apartments.