Cheltenham Tourism boosted by land mark development, The Brewery
PUBLISHED: 11:15 17 February 2016 | UPDATED: 11:15 17 February 2016
February has seen a significant moment in the development of The Brewery in the centre of Cheltenham. The framework is now in place for the three-floor Premier Inn allowing for internal works to start on the building and it was recently confirmed that it will be open in winter 2016.
The investment into the fit out of the hotel is expected to be in excess of £6million and furthers the on-going investment into The Brewery and Cheltenham as a whole. The tourism industry in Cheltenham is worth circa £125million a year, of which accommodation accounts for 11 per cent. With on-going re-development and increased investment into leisure and retail, tourism is expected to grow throughout 2016 and 2017 making The Brewery an attractive opportunity for brands looking to get established in the town.
The various ongoing developments in Cheltenham highlight the credible tourism and retail offer that the town gives consumers. The Cheltenham festival weekend has a tourism value of approximately £50million and welcomes crowds of around 230,000 and last year the Race Track underwent a £45million redevelopment Along with the Race Track - the forthcoming opening of John Lewis and The Brewery development, all reinforce the fantastic opportunities available in Cheltenham for retail and leisure operators
A key letting demonstrating the attraction of Cheltenham and The Brewery as a mixed-use scheme is Premier Inn. A move which the leisure operator sees as a great opportunity as John Bates - head of acquisitions (South) for Premier Inn - explains: “Our forthcoming 104-bedroom hotel at The Brewery fits our winning formula – giving our customers a great, well connected location as part of a quality new development.
Driven by sustained customer demand and underpinned by a trusted brand. Our two existing hotels in Cheltenham are success stories with strong occupancy in excess of over 80%. They have shown us that Cheltenham is a town our customers want to visit and, to meet this strong demand; we had a requirement for another hotel in our network plan. “The Brewery is actually a former Whitbread site from when the company produced beer before it became a hospitality company, so - in a sentimental way - it is like Whitbread is coming home.
“Mixed-use developments, like The Brewery, represent exciting opportunities for both Whitbread and our development partners. Hotels are excellent anchors – both as a major pre-let and as a financial catalyst for the developer when the scheme is getting off the ground, attracting other occupiers and making things happen and as an economic boost when it is operational, as our guests make use of restaurants, shops and cafes in the local area. “We are proud to be coming home to The Brewery – we have seized an excellent opportunity that will contribute to the success of an exciting new development.”
Phillip Martin, managing director of Martin Commercial Properties – managing agents of The Brewery, said: “We’re delighted to welcome Premier Inn to the scheme; February is a pivotal point in the development and build of The Brewery with Premier Inn starting works on its 104-bedroom hotel. The scheme which is in the heart of Cheltenham’s town centre offers fantastic opportunities for leisure and retail brands looking to establish or add to its portfolio within the town, just like with Premier Inn.”
The Brewery is currently home to a wealth of trusted big brand names including; Cineworld, Frankie & Benny’s, Prezzo, Harverster, Chiquito, Nando’s, Hollywood Bowl, Fitness First and The Screening Rooms. , Phase II works are well under way and the units available will be purpose-built, flexible retail units due for completion in Spring 2017. KLM and Savills are acting as agents on this scheme on behalf of NFU Mutual.