This year, Glastonbury is not just about Artic Monkeys and The Rolling Stones.
Cubex Land has declared The Morlands Enterprise Park in Glastonbury is also sold-out.
Just 17 months after its purchase of The Morlands Enterprise Park in Glastonbury from the now defunct South West Regional Development Agency, Bristol based property company Cubex Land has completed on its promise to put the town on the map for other reasons than the music festival.
The previously troubled 30 acre business park, which was acquired and rescued in November 2011 with funding from the Palmer Capital Development Fund II (PCDF II), has now been fully developed and/or sold to a number of local entrepreneurs creating a flourishing and successful environment for Glastonbury and the wider community.
A 60 bed Premier Inn hotel and 190 cover Brewers Fayre restaurant share the headline billing at the front of the Park with the Avalon Plastics HQ/production facility. Howdens Joinery is now trading from a new 8,000 sq ft trade counter alongside Screwfix and Thompsons Security.
Other deals have been concluded with the Beckery Island Regeneration Trust and two local entrepreneurs meaning the whole Park is now fully accounted for.
Cubex Land Director, Peter Walford commented: “Our first task was to review the overall planning, marketing and infrastructure strategy adopted by SWRDA with a view to targeting and securing known occupier requirements quickly. This involved close and co-operative dealings with Mendip District Council, the Environment Agency and the local utility providers and it was refreshing to receive excellent support from all levels”.
“GVA’s Bristol office, together with a team of enthusiastic local consultants, was instrumental throughout in helping us deliver on the project with their marketing, planning and project management teams heavily involved throughout. TLT Solicitor’s Bristol office was equally invaluable in advising us and pulling together a complex legal package”.
“Having completed the outstanding infrastructure works and secured more appropriate planning consents we were able to set about delivering new, quality buildings that have rejuvenated the Park in perfect time for the arrival of The Rolling Stones and the Festival-goers this summer”.
Director of independent property adviser GVA, Paul Hobbs, who has acted as agent for Cubex, adds, “This has been a great example of a “can-do” attitude from Cubex Land. The opportunity was there to encourage growth and generate new employment, and the results are now on show. This area can only go from strength to strength now development at Morlands is complete.”
Palmer Capital Director and PCDF II Fund Manager, Chris Button commented, “Our investment in Glastonbury has out-performed the business plan and provided an exceptional return for the investors in our fund. The project has broken all records for speed of delivery – in and out in under two years with eight separate disposals. Unlike the Rolling Stones, I can get plenty of satisfaction from this deal!”
