Proposals will enhance Cheltenham’s cultural scene
‘Exclusivity agreement’ begins for a 3 month period of due diligence
The Municipal Offices – an iconic Grade II* listed building situated at the heart of Cheltenham – could become a luxury spa hotel. The news follows a thorough marketing and bidding process, after the borough council listed the building for sale toward the end of last year.
The preferred bid sets out a proposal to transform the Municipal Offices into a vibrant, luxury brand hotel, offering 125 rooms, a spa, event, banqueting and conference space. A hotel which is a destination for locals and travellers alike, a versatile offering for business, adventures, culture and relaxation.
The signing of an ‘exclusivity agreement’ means that the council will engage with the bidder over the next three months and during this time, the proposals will be evaluated. Details of how much the council will gain from the sale, as well as further detail of the scheme, remain commercially confidential throughout this stage.
The bid has been submitted by an international team who have previously delivered high end hotels across Europe.
Heading up the team, Mario San Jacinto of Almiranta Capital Ltd said: ‘’We are incredibly pleased to have reached this stage and will continue to remain focused on bringing our proposals forward. We have assembled a truly world-class delivery team, comprising a commanding combination of both local and international real estate experts.
‘’Our portfolio includes the delivery of international hotels, as well as the refurbishment and management of many regency buildings. We have created a vision that will transform the Municipal Offices, recognised as a landmark heritage building, into a prized asset for Cheltenham as the Festival Town and beyond.
‘’We recognise the building is at the heart of the town and understand that in addition to the sale of the building, ensuring final delivery of the project will also be of primary importance to the borough council and all those who have an interest in this much-loved building.
‘’What remains important in our proposal is the economic and civic pride boost that our scheme will offer to Cheltenham and the region. We want to create a place where visitors and local people will come together socially and for business, which is well connected to all that Cheltenham and the Cotswolds have to offer.’’
Councillor Rowena Hay, leader for Cheltenham Borough Council added: ‘’We are now entering a period of due diligence and it’s vital that throughout these next few months, we ensure that the proposals will deliver against our aspirations and for the economic, environmental and cultural benefits of the town. At every stage, we have committed to ensuring that the sale will bring benefit to Cheltenham, and retain the heritage of this magnificent building, which is, and will continue to be, at the very heart of our town centre.
‘’The proposals to transform the offices into a luxury hotel, I feel are incredibly positive for the town centre and county as a whole. If this bid is successful, we will see a new lease of life for the building and a space which can be used and loved by visitors, residents, community groups and businesses. This is what I feel is so right about the scheme – it’s about bringing people together, and creating a vibrancy and positive change in this part of our town centre.’’
The council is dedicated to working alongside the bidder, towards delivery of this opportunity. Future steps involve planning and deal completion, with the potential buyers keen to engage with local, regional, national and international stakeholders.
Cheltenham is a thriving town, known for its culture, retail and restaurant offer with strong footfall and low town centre vacancy rates. The world-famous festival calendar includes horse racing, literature and music among others and is a major draw for visitors throughout the year.
The 68,290 sq ft, Grade II* listed building is an iconic landmark, at the heart of the regency town centre. The borough council has been in the building for 100 years and has committed to retaining a town centre presence after the sale; opportunities are currently being explored.
The council is committed to safeguarding the building and respecting its heritage, whilst taking the opportunity for a purchaser to make improvements and create space for future opportunities.
