Businesses aim to raise £40 million to regenerate Cheltenham using exclusively local talent

A consortium of local businesses and investors has been setup to develop luxury property in Cheltenham while supporting the growth of the local economy, by keeping investment in the area.

The Team Cheltenham consortium has set about raising £40 million for the development of high-end homes — with a view to attracting wealth to the town — using only the 'specialist skills' of professionals and tradespeople based in the region.

Led by local businessman Max Wright, founder and CEO of development firm Team Cheltenham Properties Ltd, the consortium includes local architects, planning specialists, surveyors, solicitors, accountants, estate agents and investors, all of which share a vision to 'leave a lasting legacy' in the town through development.

The consortium was initially established to bid for the redevelopment of Cheltenham's Municipal Offices, but it is no longer in the running to purchase the property; and is now on the lookout for new projects.

At the core of its work is a commitment to keep contracts for the projects local to Cheltenham, to support businesses and job creation in and around the town, in response to those for recent developments being awarded to firms from outside of the county.

Such projects include the £55 million North Place development, which will see 147 new homes built by Birmingham and London-based firms; and the first phase of the £1 billion Golden Valley development, which is being built exclusively by Bristol-based companies.

The team has already raised millions towards its target amount from private investors in Cheltenham — with Max having turned down an offer from Saudi Arabia, because foreign investment isn't in line with his vision for the project.

The consortium also wants to give back to the local community, with a share of profits raised from its projects being donated to local charities Emily's Gift and National Star, along with the Public Hearts Cheltenham defibrillator campaign.

Max said: 'As a proud Cheltonian that has lived and worked here all my life, it's fantastic to see the ongoing investment in and regeneration of Cheltenham, but what we’d like to see is the redevelopment driven by those who care most about the town.

'Our goal is to deliver stability and opportunities to hundreds of local independent tradespeople while also generating over 100 new jobs. At Team Cheltenham we want to leave a lasting legacy, one that honours Cheltenham’s rich history and contributes to its bright future.'