30-35 Westgate Street, Bath
Prime retail investment
Bath and North East Somerset Council, advised by Bruce Gillingham Pollard, acquired the part freehold and part long leasehold interest of 30-35 Westgate Street, Bath from Standard Life for £7,300,000 reflecting a net initial yield of 5.73%.
The property comprises four retail units and 39 residential units. The retail element fronts onto Westgate Street and provides 100% of the annual income. The residential flats are to the rear of and above the retail units. The retail element extends over 15,000 sq ft and is occupied by British Heart Foundation, Boots, Superdrug and Poundland, with a passing rent of £446,400 per annum.
This was a unique opportunity to purchase a prime retail parade in the centre of Bath, which benefits from one of the most affluent catchment populations in the UK.
The property is an attractive period building. The retail element is predominantly arranged over ground floor other than 30-32 Westgate Street (BHF) which provides storage accommodation at basement level. The 39 flats are sold off on three separate long leases to the Sanctuary Housing Association (2) and Waterfront Holdings (1). No income is derived from the residential element.
Please contact Harry Wills or Jack Barratt.