Europa capital and Ediston sold the two 1980s off buildings in Bath to UK family property group Carlton (North Wales) for £26.5million.
Both properties were sold with a current letting to insurance provider Redde until 2025 at £1,583,929 per year. Ediston had promoted proposals for the comprehensive redevelopment of the site in conjunction with the wider regeneration programme being promoted by Bath and North East Somerset Council.
PURCHASE
Ediston acquired the property in February 2010 for £19m reflecting a net initial yield on purchase of 6.96%.
SALE
Ediston sold the two properties in 2018 to Carlton (North Wales) for £26.5million.
ACHIEVEMENTS
- The property delivers good secure income for 9 years with RPI uplifts at rent review offering very good stable returns.
- Ediston secured planning permission in May 2016 for a 113,000 sq. ft. Grade A office development and 43,000 sq. ft. language college and associated student bedrooms.
- Exchanged an Agreement for Lease with Kaplan for the college and associated student residences in August 2017.
