Pinesgate sold for £26.5 million
Europa Capital and Ediston Real Estate have sold two 1980s office buildings in Bath to Watkins Jones Group for £26.5million.
The 2.26 acre Pinesgate site is located along the Lower Bristol Road and currently comprises two detached buildings; Pinesgate East and Pinesgate West. Both properties are currently let to insurance provider Redde until 2025. The investment comes with the opportunity to obtain vacant possession to redevelop the site.
Planning consent has already been granted for a new, high-specification, Grade-A office comprising 112,246 sq ft over five floors at Pinesgate West.
A new state-of-the-art office is anticipated to be in high demand as there is currently no availability of grade-A offices within Bath city centre. There has been no new The development will complement other new grade-A office builds that are in the pipeline at Bath Quays and Roseberry Place.
In addition, planning consent has been secured for a new, state-of-the-art education campus spanning 177,507 sq ft at Pinesgate East.
The campus will include college facilities and integral student accommodation for 358 units. Pinesgate East, which makes up half the site, has been pre-let to Kaplan Bath on a new 21-year lease to create Kaplan International College.
The site was previously acquired by Europa Capital and Ediston Real Estate for £19million in 2010.
Allsop represented the vendor, Europa Capital and Ediston Real Estate. Its 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.”
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