Campaigners in Gloucestershire have hit out at a pension fund which acts on behalf of thousands of Cheshire workers, claiming plans for a new development will 'destroy' their town's industrial heritage.

Cheshire Pension Fund has members in local government, education, police staff, the voluntary sector, environment agencies and private contractors and operates a string of investments on their behalf. The fund is administered by Cheshire West and Chester Council.

Among the 30 commercial properties the fund owns across the country is Lansdown Industrial Estate in Cheltenham. Plans have been submitted to demolish part of the 6.9 acre estate and build 215 new homes and apartments.

The scheme's backers claim it will regenerate the area and say many of the existing buildings are derelict or nearing the end of their economic life.

But opponents say the site is part of the town's history, with concerns also raised about the impact on some existing tenants - including Lansdown Art Studios, a creative hub for local artists which has been running for 25 years.

Cheltenham Civic Society has been campaigning against the scheme and has written to CWAC councillors and its chief executive.

The Civic Society's chairman, Andrew Booton, said: "Chester would never allow such a poor-quality development to destroy its own heritage, so why is Cheshire Pension Fund so keen to force this heritage disaster onto Cheltenham?

“And why do the fund's administrators – Cheshire West and Chester Council – boast about their climate change priorities and responsible investments in their glossy brochures but ignore them completely in practice?”

He added: “We are not anti-development. We simply want Chester to stop, take another look, and then work with us to produce a scheme that respects both our heritage and the environment while still achieving a decent return for the pension fund. We know that is achievable. Chester can do so much better!"

A spokeswoman for Cheshire West and Chester Council  said the property was part of its portfolio of investments held on behalf of existing and future pensioners, and was managed externally by an agent on its behalf.

She said: "The proposed development of the site is being considered by Cheltenham Council’s planning function, and the points raised by Cheltenham Civic Society are matters which need to be considered through that route."

A spokeswoman for Cheltenham Borough Council said it was awaiting confirmation from the applicant as to whether or not they wish to provide revisions to the current planning application.

She added: "If revised information to the application is received, officers would seek to report the application to a future planning committee which would likely be January or February 2023. We cannot comment further as this is a live planning application and would risk pre-determination."