Cornwall Council-owned property firm Treveth has acquired a portfolio of commercial assets previously owned by the local authority for an undisclosed sum.
Treveth, the Cornish word for ‘Homestead’, is a partnership business set up by Cornwall Council in April 2019 to create new homes and commercial development to benefit people who live and work in Cornwall.
It is 99% owned by Cornwall Council and 1% by the Corserv Group – a group of businesses owned by Cornwall Council that provide essential services such as infrastructure and housing. All of the profits generated from the company’s activities are returned to its partners.
Treveth has a growing residential portfolio and planning permission to deliver more than 600 new homes in the Duchy over the next three years, with three schemes totalling 331 homes already on site in Liskeard, Bodmin and Tolgus, near Redruth.
The company has now completed its first commercial real estate deal for more than 90,000 sq ft of space in Bodmin, Falmouth, Pool and Helston, all of which were previously owned by Cornwall Council.
The portfolio 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 or refurbishment.
Vickery Holman advised Treveth on the transaction and have been appointed as managing agents.
Treveth said it was looking to grow its commercial estate over the next three years with a target of creating at least 5,000 sq m of high quality workspace across Cornwall per year.
Development director Dominic O’Neill said: “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 Treveth’s investment would support the availability of “much-needed” workspace and offices across the county.
Mr Gardner added: “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.”
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