Weslyan Assurance Society, represented by Nightingale Partners, has purchased the freehold of a Grade A, 18,500 sq ft (1,743 sq m) office building in Bath from Wessex Water Services Limited, represented by national property consultancy Carter Jonas.
Grosvenor House, located in The Square, Lower Bristol Road, BA2 3BH, in the centre of the city, has been acquired for £6,750,000. The deal reflects a net yield of 6.18% and a capital value of £360 per sq ft. The property is let to a single, established tenant, Amedocs Limited, based at the site for 15 years. In September, the business committed to the building for a further five years at a rent of £445,000 per annum, equating to circa £23.72 per sq ft.
Philip Marshall, Partner, Commercial, Carter Jonas South West, said: “Although new development is underway, Bath still suffers from an acute shortage of office space, with a market that remains dominated by converted space within historic buildings. By contrast, Grosvenor House, with its light, modern, open-plan accommodation, and large floor plates, offers investors a unique opportunity. These factors proved instrumental in it achieving high levels of interest when brought to the market. The long occupancy of Amedocs is testament to the quality of the building and its convenient central location; the appeal of the property should provide Wesleyan with long-term stable returns for the foreseeable future.”
The Grade A office comprises former railway sheds converted into a two-storey, modern, open-plan office space. Situated in an established business location, it benefits from excellent infrastructure links including access to commuter routes and is within a 10 minute walk of Bath Spa railway station. The site also benefits from 45 car spaces.