First acquisition sees Treveth kick start its commercial property portfolio
Treveth has completed on its first commercial real estate transaction as it focuses on growing its commercial activity alongside the delivery of more than 300 new homes currently on site across Cornwall.
The portfolio of commercial properties includes 8,680m2 (93,432 sq ft) of assets in Bodmin, Falmouth, Pool and Helston, all of which were previously owned by Cornwall Council.
Treveth is a partnership company set up by Cornwall Council to deliver new homes and commercial development to benefit people who live and work in Cornwall. It has a growing residential portfolio and planning permission to deliver more than 600 new homes over the next three years, with three schemes totalling 331 homes already on site in Liskeard, Bodmin and Tolgus, near Redruth.
In addition to its residential activity, Treveth’s ambition is to invest in a diverse investment portfolio that brings economic, environmental and social value to Cornwall, and generates a return that is reinvested back into local communities.
Dominic O’Neill, Treveth’s Development Director, said: “We’re pleased to see the commercial side of Treveth’s activities under way with this acquisition following the significant progress already made in rolling out our residential development pipeline.
“Treveth’s mission is to play a part in shaping Cornwall’s communities and places positively, so commercial development has always been a central element of this. We want to develop workspace and commercial to ensure jobs as well as homes, improve the quality of commercial space in Cornwall and play our part in supporting the property needs of businesses looking to grow and invest here.”
Louis Gardner, Cornwall Council cabinet portfolio holder for economy, said: “I very much welcome Treveth’s initial commercial property portfolio investment which will help support the availability of much needed workspace and offices across Cornwall’s communities.
“We want businesses to be able to develop, grow and thrive in Cornwall. Our work with Treveth and through business organisations such as the Cornwall and Isles of Scilly Growth Hub aims to do just that.”
Treveth’s first acquisition consists of mostly light industrial and storage units on 3.23 hectares of land that includes six active assets, with 45 units let on 34 tenancies, together with a further two development opportunities and one site with potential for redevelopment/refurbishment. Vickery Holman advised Treveth on the transaction and have been appointed as managing agents.
Going forward, Treveth’s strategy involves growing its commercial estate during 2022-2025 through acquisition and development to meet an ambitious target of creating at least 5,000 sq m of high quality commercial workspace across Cornwall per year.
This is targeted at the industrial and office sectors in high demand areas. In addition, Treveth is bringing forward plans for several mixed-use development schemes with retail and commercial space alongside its mix of long-term market rent, open market sale and affordable rented housing for local communities.
Treveth is always happy to be contacted to see if it can help satisfy specific commercial property requirements of businesses as well as exploring with land and property owners suitable residential or commercial development opportunities across Cornwall which fit its values and objectives.
The Treveth team can be contacted at: [email protected]