Prominent Bath office building sold for GBP9.5m
On behalf private owners, Carter Jonas has sold Camden Mill and Charles Bayer Building, a significant wharf office complex comprising 33,000 sq ft on Lower Bristol Road, Bath.
The property is formed of two distinct structures – a Grade II listed former flour mill joining an unlisted former factory. Let in its entirety, the property was bought for GBP9.5 million, reflecting a net initial yield of c4.5 per cent, by TCN UK, represented by CSquared Real Estate LLP and Clay Street.
The property overlooks the River Avon in an established business district and is located next to TCN's current development known as Newark Works, part of the city's flagship regeneration project, Bath Quays Development.
Philip Marshall, Partner, Commercial, Carter Jonas South West, says: "Camden Mill is an iconic office building, renowned for its distinctive architecture that contrasts with the more typical Georgian designs. Whilst the interior has undergone much modernisation, there remain additional opportunities to upgrade its space. This has been of particular interest to investors, as has its location, which will benefit further from the adjoining development of Bath Quays and improvements to the surrounding environment, including the superstructure of Bath Quays Bridge, providing a new route for pedestrians and cyclists."
Allan Lloyd of CSquared says: "This off-market acquisition is likely the largest single-tenant office investment ever transacted in Bath and as such is significant implications for the investment market locally. The price reflects a NIY of c4.5 per cent with very strong reversionary potential. It shows the strength of Bath as a city for investors and is a strong statement that Bath is set to perform well as this new office Quarter emerges, redefining the shape of the city centre."