25 February 2021
Telereal Trillium has completed the sale of a decommissioned and disused BT repeater station in Cheltenham to Brookworth Homes for circa £2.25m.
The sale will bring forward plans to demolish the existing 1950s building on Parabola Road and redevelop the site into new residential apartments located at the heart of Montpelier, one of the most popular areas to live in Cheltenham.
In March 2020, Telereal Trillium secured planning permission to demolish the vacant, two-storey building and develop 12 luxury apartments, contributing to local affordable housing provisions in the process.
In contrast to its other residential developments in Cheltenham, the completed Oriel House in Montpelier and the under construction Rivershill on St. Georges Road, Telereal Trillium has opted not to undertake direct development of the Parabola Road scheme, but take advantage of significant market interest in the site.
Brookworth Homes, based in Reigate, Surrey, has recently opened a new regional office in Cirencester. As a regional residential developer that has delivered a number of high-quality residential developments across the South East they are now looking to bring this level of product to sites in the South West.
Tom Harling, Senior Development & Disposals Manager at Telereal Trillium said:
“We are pleased to reach an agreement with Brookworth Homes on this redevelopment which will bring a derelict brownfield site in central Cheltenham back in to use. It will provide high-quality housing more in character with the neighbouring contemporary and periodic buildings on Parabola Road.”
Ben Gardener, Regional Director at Brookworth Homes South West added:
“The Parabola Road site will be the first of many sites in the South West region for us and is a fantastic opportunity for Brookworth Homes to demonstrate our premium product, company values and ethos in this new region which in turn will leave a lasting legacy for the local area and its local stakeholders.’’