Chase Commercial has completed a £3.1 million strategic land deal, with an immediate forward sale to David Lloyd Leisure, in Bishop’s Cleeve, Cheltenham, after acquiring a consented 6.2-acre site from IM Properties.
Located at the foot of the Cleeve Hills, Gloucestershire, the site forms part of a wider mixed-use scheme brought forward by Spitfire Homes, the residential arm of IM Properties, which has delivered 215 two- and four-bedroom homes at its Fairmont development. The adjoining parcel held outline planning permission for light industrial use.
Seeing greater long-term placemaking potential, IM Properties and Chase Commercial repositioned the opportunity, working closely with Spitfire Homes. IM Properties invested in enabling and infrastructure works, with Chase Commercial completing a conditional purchase and structuring a simultaneous back-to-back deal with David Lloyd Leisure.
The new flagship David Lloyd Club will feature indoor and outdoor swimming pools, learner pools, tennis courts, six padel courts, two sports halls, a fully equipped gym, fitness studios, children’s soft play and an extensive spa with relaxation pools, sauna and steam facilities. Business lounges and terraced areas will also form part of the scheme.
Justin Parker, Director at Chase Commercial, commented “This transaction demonstrates the value of collaborative working and proactive asset management. IM Properties and Chase Commercial recognised the potential for a higher-value leisure use and were pleased to work alongside Spitfire Homes to help secure a best-in-class operator that will benefit both the residential development and the wider community.”
Lewis Payne, Development Director at IM Properties, added “This is the first time IM Properties and Spitfire Homes have worked together to deliver a mixed-use scheme. We believe the non-residential parcel could contribute far more to the community than a standard industrial allocation.
“Working with Chase Commercial and Spitfire Homes, we used our financial strength and commercial development expertise to unlock a premium leisure use that adds long-term value to the Fairmont development and the wider area, helping to support home sales and enhance the overall place.
“It demonstrates our ability to maximise the potential of sites with both residential and commercial opportunity, optimising value even on smaller commercial plots which, although not part of our larger industrial pipeline, still add value to our wider portfolio.”
