A Bath office block has been sold for nearly £7m – a price, according to the property agents behind the deal, that reflects the ongoing shortage of prime business space in the city.
Grosvenor House, pictured, in The Square off Lower Bristol Road – a property with 18,500 sq ft of Grade A space – was acquired by Weslyan Assurance Society from Wessex Water Services for £6.75m after a high leve of interest from prospective buyers.
The building is solely occupied by US tech firm Amdocs, which has been based at the site for 15 years.
The building was previously the headquartered of pioneering Bath telecom tech group Cramer Systems, which was bought by Amdocs in 2006 for $425m (around £325m at current exchange rates).
In September, Amdocs committed to remain in the building – one of a group making up The Square office park – for a further five years at an annual rent of £445,000 – equivalent to around £23.72 per sq ft.
The building, made up of four former railway sheds converted into a two-storey, modern, open-plan office block, is a 10-minute walk of Bath Spa railway station and also benefits from 45 car spaces.
It was marketed by the regional office of national property consultancy Carter Jonas.
Carter Jonas South West commercial partner Philip Marshall said: “Although new development is underway, Bath still suffers from an acute shortage of office space, with a market that remains dominated by converted space within historic buildings.
“By contrast, Grosvenor House, with its light, modern, open-plan accommodation, and large floor plates, offers investors a unique opportunity.
“These factors proved instrumental in it achieving high levels of interest when brought to the market.
“The long occupancy of Amdocs is testament to the quality of the building and its convenient central location; the appeal of the property should provide Wesleyan with long-term stable returns for the foreseeable future.”
Birmingham-based mutual The Weslyan was represented by Nightingale Partners, the London-based specialist commercial property consultancy.
