A landmark office building on Waterwells Business Park in Gloucestershire has been sold to corporate clients of FraserCRE for an undisclosed sum.
The freehold sale of the 25,015 sq ft building at 4 Carter Court represents one of the largest office transactions in the county to date this year and significantly erodes the amount of available Grade A office space.
Adrian Rowley, partner at Alder King’s Gloucester office which advised FraserCRE’s corporate client on the sale, said: “4 Carter Court was the largest single Grade A office building available in Gloucestershire and its sale leaves us with an acute shortage of large, high specification buildings.
“We are already seeing pre-lets and pre-sales in the local office and industrial markets to address the shortage of good quality space. Stock levels are now at the lowest levels recorded and whilst we are seeing the return of some speculative development in Gloucestershire and in the wider region, the overall trend of diminishing stock continues. In the short term we are seeing a hardening of terms as a result and this is likely to lead to rental and capital growth in the not too distant future.”
Waterwells Business Park is one of Gloucester’s premier out of town business parks with occupiers including Gloucestershire Police, British Red Cross and Parcel Force.