Canynge Bicknell, in association with Homebase, is to redevelop the existing Homebase store and the neighbouring Bang & Olufsen site at the junction of Eastern Avenue and Metz Way, Gloucester, as a retail scheme.
The new 4,780 sq m (51,440 sq ft) development will provide a 3,500 sq m (37,960 sq ft) Homebase store and a 1,245 sq m (13,390 sq ft) Comet unit. Both units have been let at rents equating to £129 per sq m (£12 per sq ft).
Planning consent has been obtained and development will start on site in March. The scheme has been prefunded by Abbey Life for £8.564m, which reflects an initial yield of 7%.
This is Canynge Bicknell’s third retail warehouse development with Abbey Life in the past two years following schemes in Poole and Dorchester.
Colliers Erdman Lewis and Alder King acted for Canynge Bicknell while Vail Williams advised Abbey Life.
EGi News 07/03/97
