Portland Street Car Park Acquisition

Portland Street Car Park in the centre of Cheltenham was acquired earlier this month by the MF Freeman Group company based in Drybrook, Gloucestershire.

The 2 acre site between North Place and Portland Street in central Cheltenham is currently operated as a 325 space car park but has planning consent for 143 houses and flats with a gross development value of approximately £40 million.

Luke Freeman, Joint Chief Executive, commented “We are delighted to have acquired Portland Street Car Park on the 50th anniversary year of the business. It is an important strategic investment for us and we are exploring a number of development opportunities for the site and look forward to working with Cheltenham Borough Council, the Task Force and other stakeholders in bringing forward a residential-led scheme. In the meantime, we will continue with the use of the site as a car park but in light of some negative press we are currently conducting a review of its operation.”

The MF Freeman Group is a leading privately owned and family run, South West based organisation with specialist residential, retirement and commercial property development, contracting, plant hire, leisure, forestry and farming divisions. The Group has won a number of awards recently including the 2014 Gloucestershire Echo and Gloucester Citizen Business of the Year award the 2015 British Chambers of Commerce Regional Award for High Growth Business of the Year. “The Avenue”, their residential development in Ross-on-Wye also won the 2015 “Best Development” in the WhatHouse? Awards.

David Moore, Land and Planning Manager at MF Freeman Group adds “Our multi-disciplinary approach provides us with an advantage when acquiring and developing complex projects. For Portland Street, we will be drawing on the skills and knowledge we employed in bringing forward the redundant Cadbury’s factory in Keynsham into a £70 million project.”

Jeremy Williamson of the Cheltenham Development Task Force says “It is pleasing that the site has been acquired by a local business and we look forward to working with them to bring this site to fruition, along with the neighbouring North Place. The last year has been extremely frustrating for all parties, and this change of ownership is the first step to bringing forward a development.”

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