This city is now in a prime location for inward investment – but that wasn’t always the case
July 24, 2019
When it comes to property, the old maxim is that only three things matter: Location, location, location.
At the turn of the millennium, it is fair to say Gloucester was far from a prime spot with businesses unwilling to relocate to the city. At this time, Tayntons had only one member of staff dedicated to commercial property reflecting the lack of demand in Gloucester.
Due to the fantastic regeneration of the docks area the city, as a whole, has changed and so too has it’s reputation to prospective investors. As a result, Tayntons have had to increase staff numbers to meet this demand.
Chris Price, Partner, is Gloucester-born and bred and is delighted in seeing his city being transformed and not just because it has meant an increase in business.
“At Tayntons we have always championed and encouraged investment into Gloucester” Mr Price said. “We very much believe that Gloucester and Gloucestershire areas are ripe for investment when it comes to commercial properties.”
“Location is vital, when it comes to any property purchase and for commercial property it’s no different. We are seeing a dramatic increase in clients instructing us who are interested in the city of Gloucester because of its location.”
“Gloucester is just off the M5, there are good transport links and the city is comparatively cheaper than its neighbours. It is great value for money and that’s a big consideration, especially for first-time business owners.”
“In addition, we find that because of historically low interest rates borrowing is relatively inexpensive. Some of those incentives come from the council because they want to encourage investment into the city.”
“Our experience is that clients are, quite often, able to afford premises they thought would exceed their budget as a result of the great value Gloucester offers.”
While Tayntons has been a fixture of the city for more than a century-and-a-half and always championed their home, they know that others haven’t always felt the same.
The major regeneration of the early 21st century has seen the bricks and mortar of the city transformed, and the minds of investors changed beyond all recognition.
“At networking events Gloucester is now known as a city where people want to do business. This was not always the case.” Mr Price said.
“Many people are aware of The Quays, but while clients are drawn to new developments, they quite often move on to the other existing sites.
As a firm we have long and historical links with businesses and individuals that have been key players in regenerating the city.”
“We are regularly instructed in assisting with sales on industrial units that have been built on the RAF site at Quedgeley. New business and people moving into the city can only be a positive.”
“The Growth of Gloucester as a city is demonstrated by the fact that 10 years ago there was one solicitor dealing with commercial property. We have now 4 solicitors in this area plus support staff. There has been at least a 300% increase in new work. It’s a fantastic thing for the city.”
Tayntons are in a prime position to see the next stage of redevelopment, having been keen watchers of the transformation of the transport hub. The Kings Quarter redevelopment will see the shopping centre, public spaces and pedestrian access routes between the transport hub and King’s Square transformed.
The hope is that development will energise the historic centre in the way the Quays transformed the docks area and Mr Price can’t wait to see the next stage take shape.
“For a local Gloucester lad, who has been here all my life, it’s been brilliant. But from a business perspective it is brilliant too, we want Tayntons to grow,” he said. “The more businesses and workers that come into the city, the greater the demand for legal services.”
It’s great for any local business, that the increased development brings more people in.
“It improves the vibrancy of the city, encouraging people to spend their money in the city’s businesses on a daily basis. That can only be a positive thing for Gloucester as we move towards a brighter future.”
For more information about Tayntons Solicitors visit www.tayntons.co.uk or call 0800 158 4147.