7th March 2017

Gloucester residential conversion scheme sold to city developers

Property consultants Alder King have disposed of the consented residential conversion opportunity at Friary House on Gloucester’s Southgate Street, just weeks after acquiring the freehold of the entire property for private investment company Rabeat Ltd.

The two upper floors of office accommodation sit above a 7,618 sq ft restaurant, currently let to Prezzo Ltd, but have been vacant for some time.  Consent had already been secured through Permitted Development Rights for their conversion into 13 or 18 residential units. 

The new long leasehold interest in the accommodation has now been acquired by the developers currently converting former office building Northgate Court in Gloucester into residential units. 

The two upper floors provide around 16,000 sq ft of open plan space with an impressive front entrance onto Southgate Street and a second entrance at the rear onto Blackfriars and the public car park. 

John Hawkins, associate at Alder King’s Gloucester office, said: “The recent acquisition of Friary House was a very attractive investment opportunity for our client, offering a secure core income from a major national restaurateur and strong rental growth prospects, as well as the consented residential conversion opportunity for the upper floors.

“The intention was always to dispose of the residential conversion scheme to a specialist developer and we’re delighted to have secured this within a few weeks of the property’s acquisition.”

Rabeat acquired the freehold interest of Friary House for £1.18 million.  Alder King acted jointly with Leavesden Consulting Ltd for Rabeat and Smith Price acted for the vendor Moon A Ltd.