M&G Real Estate has bought a prime retail opportunity in Bath for £25.7m – a yield of 4.8%.
The fully let, six-unit Arlington House on Stall Street is anchored by Primark.
Dermot Kiernan, fund manager at M&G Real Estate, said: “Retailers have been increasingly focusing on occupying prime space in top, economically strong cities and this is reflected in the positioning of our own portfolio.
“Bath is a thriving city whose shops are visited by local residents, students from two universities and a large numbers of tourists.”
M&G said they expect the asset to deliver strong future performance due to the positive outlook for Bath, the focus on affluent cities among retailers and the potential for active management.
Harmer Ray Hoffbrand and Savills acted for M&G.
