A high-profile office campus site in Bath has been sold for £26.5m in a deal that could trigger development of a much-needed new scheme.
Cardiff-based family-owned firm Watkin Jones Group bought the 2.26-acre Pinesgate site on Lower Bristol Road from Europa Capital and Ediston Real Estate.
The site, pictured, was previously acquired by Europa Capital and Ediston Real Estate for £19m in 2010.
Two years ago London-based Europa Capital and Edinburgh-based Ediston Real Estate gained planning permission for 113,000 sq ft of Grade A office space a 177,507 sq ft educational campus with college facilities and 358 student beds on the site now occupied by two 1980s office buildings.
Pinesgate East and Pinesgate West, with total office space of nearly 64,000 sq ft, are both let to insurance provider Redde until 2025. The investment comes with the opportunity to obtain vacant possession to redevelop the site.
The new, state-of-the-art education campus spanning 177,507 sq ft at Pinesgate East has been pre-let to Kaplan Bath on a new 21-year lease to create Kaplan International College.
Europa Capital and Ediston Real Estate were represented by Allsop, whose head of national investments Jeremy Hodgson 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 pre-let.
“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.”
