Europa Capital and Ediston Real Estate have sold an office redevelopment site in Bath to the Watkin Jones family for £26.5m.
It has been bought through a company called Carlton (North Wales).
Pinesgate, which comprises two 1980s office buildings totalling 63,907 sq ft on a 2.26-acre site on Lower Bristol Road, is let to Redde until 2025. However, it also has an option to obtain vacant possession in order to undertake a redevelopment.
Planning has been granted for a new 112,246 sq ft office and a 177,507 sq ft educational campus with college facilities and 358 student beds. The educational element has been prelet to Kaplan Bath on a 21-year lease.
Jeremy Hodgson, head of national investments at Allsop, who acted for Europa and Ediston, said: “The strong price achieved reflected Europa Capital and Ediston Real Estate’s excellent asset management and vision in obtaining such a major and valuable planning consent for the site. The opportunity now reflects a secure medium-term income stream coupled with an exceptional planning consent and part prelet.
“Bath boasts a strong local economy and is renowned as both a thriving business hub in the region and a centre for education excellence. As a result, this site benefits from excellent prospects for rental growth and good, long-term tenant demand.”
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