A landmark building in Bath has changed hands for £6.9 million.
Independent property adviser GVA purchased the iconic retail and office investment on behalf of the international property fund manager, Cordea Savills.
4 – 10 Westgate Buildings was acquired from Threadneedle. The purchase price reflects a net initial yield of 8.65%.
The property was originally built in the 1930’s and until 2000 was occupied by Co-op as a department store. The building was refurbished in 2000 and has accommodation on the basement, ground and two upper floors. It provides five retail units with self-contained offices on the two upper floors.
Tenants include Halfords, Maplin Electronics, Sports Direct, Sally Beauty, Sony Centre and Future Publishing, producing a current rent of £631,105 per annum, with an average term certain of approximately 4.5 years.
Richard Howell, investment director for GVA in Bristol who handled the purchase, said, “This is a unique retail pitch and is popular with retailers in Bath who are seeking large units at an economic level of rent. It benefits from high level of rents in the nearby prime retail pitch, and the extremely limited stock of out of town retail floor space.”
GVA advised Cordea Savills and JLL represented Threadneedle.