Developers say there is huge interest in major Gloucester regeneration scheme
Developers leading the regeneration of a major Gloucester scheme have confirmed strong interest from occupiers with almost three quarters of available space already taken up.
The Forum will be completed and open for occupiers in 2024, and the year has started positively in terms of interest expressed in remaining available space, Reef Group’s development director Peter Langly Smith has confirmed.
Across the various uses including a four star hotel, offices, retail and café spaces, fitness space and car parking, around 70% of the space is already taken up.
And Reef, who are bringing forward the development with partners Gloucester City Council, expects to confirm more new deals very soon.
“It’s an incredibly positive start to an important year for The Forum,” said Mr Langly-Smith.
“Companies have committed to being part of The Forum before construction completion. This is testament to the quality of this future-ready place and demonstrates the confidence these parties have in Gloucester’s future as an exceptional place to work, live and visit.
“With our partners at the city council, our commitment to sustainability and low occupational costs has encouraged early agreements and driven high levels of tenant interest. The Forum will offer cost savings for fit out and running costs for tenants, achieved via market leading design. We understand that the way we work has changed since the pandemic, and The Forum provides high quality space that speaks to innovative businesses and projects.
“The year has started with a high number of enquires, which have quickly progressed to detailed and advanced negotiations for the space. We hope to be able to make some further announcements in the coming months”.
To date, the space already taken on The Forum includes:
- Hotel Indigo, IHG Hotels: The hotel will open as a 131-bedroom boutique hotel, including a restaurant, conferencing facilities and a glamourous roof top cocktail bar.
- Car park – Q-Park: 398-space car park, with 39 electric vehicle charging points.
- Retail space: Tesco has relocated a Tesco Express within the development.
- Residential – Whitefriars: Just one of the 19 apartments remains available.
Gloucester City Council leader councillor Richard Cook added: “The huge investment into Gloucester’s city centre is setting the city in good stead for a bright future. To see such confidence from businesses in The Forum before construction completes is most welcome.
“As we move towards a Gloucester that is focusing on leisure and business excellence, we are thrilled that The Forum is paving the way for its future, with appropriate office space to put Gloucester on the map.”
This news comes as the commercial property market is predicted to rally in 2024, with experts * saying that occupiers are focusing more on spaces with sound environmental and sustainability credentials and strong energy efficiency.
The Forum is situated next to Gloucester’s transport hub, including the £6.4m new bus station and the train station, as well as providing bicycle parking on-site.
The building is part of Gloucester’s £200m regeneration project, which includes the University of Gloucestershire’s City Campus development on Kings Square and Kings Square itself.
Bruton Knowles and JLL are the letting agents for the office space and are working with partners to bring new occupiers to Gloucester’s flagship development.
Dorian Wragg, a partner at Burton Knowles, said: “The office elements of the scheme, 1 and 2 Cathedral Walk are flying up. Now the distinctive external cladding is being installed and the shape of the buildings is much easier to see, we are getting lots of calls about the availability of desk space. We hope to announce a significant letting shortly.”
