COIF Charities Property Fund managed by CCLA Investment Management Limited have sold the freehold interest in 1-3 Westgate Building, Kingsmead Square, Bath to The Charities Property Fund c/o Savills Investment Management for £4,000,000 showing a net initial yield of 3.97% and a reversionary yield of 4.26%. The Charities Property Fund own a number of buildings in the immediate vicinity.
The property is situated in Bath’s leisure area close to the Theatre Royal, the Kingsmead Leisure scheme and the 54,500 sq ft Saw Close mixed casino and restaurant development scheme, and just to the west of Bath’s retail pitches of Stall Street and Union Street.
It is let to The Stable Bar and Restaurant at ground and basement levels and Westgate Bath Limited on first, second and third floors providing student accommodation with 29 beds arranged in six flats. The Stable Bar and Restaurant is let for a further 23 years, 13 years to break and Westgate Bath Limited have a further 23 years to expiry and 17 years to break, with an embedded reversion.
The vendor was represented by Colliers International’s Bristol office and the buyer was represented by GVA in Bristol.