St Margaret's Rd, Cheltenham
Pate Court was purchased in 2013 as an office investment, however low occupation levels combined with the introduction of Permitted Development Rights for office to residential change of use led to a shift in strategy in favour of conversion to residential.
Conversion under Permitted Development was subsequently approved and the detailed design process to complete the works for onward disposal to a Registered Provider with a pre-existing private rental portfolio commenced.
However, whilst the intention was to convert the building to add to the rental portfolio of a well known social housing operator, Churchill Retirement Living subsequently made an approach to purchase the property on a subject to planning basis for the demolition and re-development of a 64 unit retirement home, which became the preferred exit strategy. The development is now complete and occupied.