OWNERS of a multi-million pound office investment in Cheltenham are hoping their development draws more business to the town.

Formal Investments Ltd has pumped millions of pounds into the county, most recently at Fortune House in Cheltenham town centre where it has created top of the range conferencing, office facilities and meeting rooms for business.

The refurbished reception, stylish cafeteria and sleek, contemporary rooms at the Jessop Avenue building will soon be followed by an extension to the building, already underway, and big plans are afoot for the land next door.

Nicholas King, a director at Formal Investments Ltd, said: "The company has worked hard to achieve growth rather than a fall in occupancy rates in the current economic climate and feels this is a lot to do with its determination to put customer service at the top of its priorities."

Julie Green, centre manager of Festival House, said: "I'm thrilled with the transformation of the ground floor. It makes my job of selling office space much easier."


Formal Investments has a growing portfolio of what it calls multi-let buildings, large office space and industrial sites all over the country at in the Channel Islands.

The company said it was "pursuing a vigorous growth strategy" and "seizing opportunities whilst the property market is financially more favourable".

Mr King has a team of 10 staff running the portfolio and employs regional sub-contractors for all of the building work and site maintenance.

One of the company's most interesting projects is the planned development of a large site next to Festival House.

"Discussions are ongoing with Cheltenham Borough Council to develop it into an ultra-modern, high specification, mixed scheme of offices and residential apartments," said Mr King.

"It is hoped that the project will see the area become a prime business district in Cheltenham."

The company markets its properties to larger corporate companies as well as to small businesses.


Formal Investments already has tenants renting the full range of space from complete buildings through to small one person offices.

Formal Investments has been managing Formal Self Storage in Cheltenham for a number of years and has just bought the former Courts building in Bruton Way.