Bath is listed as one of the top
performing urban areas outside of
London and was recently ranked as
the UK's Most Productive Tech City
and Best UK City to Live.
Bath is an attractive and historic city within the county of Somerset. The city centre is designated by UNESCO as a World Heritage Site and is internationally recognised for its Georgian architecture. The city's major tourist attractions include the Roman Baths, The Pump Room, natural hot springs and the city's rugby ground at The Rec, which attract around 4.6m visitors a year.
Bath has a primary catchment population of 458,000, with an estimated shopping population of 223,000. The catchment population is one of the most affluent and educated in the UK with an above average population of adults within the most affluent AB social group. The population is also supported by the 22,000 strong student population that attend either University of Bath or Bath Spa University. The city benefits from excellent road communications, being situated 8 miles (13 km) south of the M4 motorway and 20 miles (32 km) east of the M5 motorway, making it very accessible from Bristol (13 miles/21 km to the west) and London (116 miles/186 km to the east).
Bath Spa Railway Station provides a regular mainline connection to Bristol Temple Meads and London Paddington with journey times likely to reduce in December 2019 to approximately 12 and 75 minutes respectively.
Bristol International Airport is located 19 miles (31 km) west of Bath city centre and is serviced by a dedicated coach link from Bristol Temple Meads. It offers direct flights to over 125 destinations throughout the UK, all of the major European economies and also the USA.
The property is held freehold under the title ST317031.
Overage. We understand that there are overage arrangements dating back to the property's sale as a development site back in 2006, however the overage only applies if there is a development for a use other than B1 office or D1 non-residential institutions. The overage obligation ends on 26 November 2031.
Further details are available upon request.
The property is let to three tenants in
accordance with the tenancy schedule set
out in the link below, providing a total rental income of
£466,500 per annum. The AWULT to expiry
is 6.98 years and 5.63 years to break option.
A schedule of tenancies can be viewed within the link below.
Touchstone Corporate Property Services Limited
(Company No. 04695692)
Touchstone Corporate Property Services Limited is one of the largest property management companies in the UK, with over 140,000 properties in ownership or under management and assets in excess of £3 billion. Touchstone is backed by Places for People Group, one of the largest regenerations, development and property management businesses in the UK.
Touchstone Corporate Property Services Limited has a Dun and Bradstreet rating of 2A1 which represents a minimum risk of business failure.
Further information can be found at: www.touchstoneresi.co.uk
(Company No. 02975376)
Jelf Limited is an award winning financial consultancy and insurance broker, founded in 1889. The company was acquired by Marsh & McLennan in 2015 for £258m and will be rebranded March Commercial in Q1 2020. In 2016 Jelf was joined by Bluefin Group, which also became part of MMC, one of the largest insurance brokers in the world (based on revenue). Jelf & Bluefin have a strong local presence and the combined business works out of 80 offices across England, Wales, Scotland and Northern Ireland, with almost 3,000 employees.
Jelf Limited has a Dun and Bradstreet rating of 4A1 which represents a minimum risk of business failure.
Further information can be found at: www.jelf.com
Wood for Trees Limited t/a MyLife Digital Limited
(Company No. 06373723)
Wood for Trees Limited is an independent marketing services provider established in 2007 and is part of MyLife Digital Group of Companies. The company is headquartered in Bath and provides charities of all sizes with a wide array of products and services that include data processing and hygiene, data analysis, strategic reporting and consulting, building marketing databases and database analysis software. The company was awarded the overall 'Supplier of the Year' at the Institute of Fundraising Insight Awards in June 2019 for the third year running.
Within the MyLife Digital Group of Companies are: 'Concentric' a software as a service platform which enables data owners to manage consent, preferences & permissions in accordance with GDPR regulation and 'Insight' a world class sports performance analysis service helping professional athletes, teams and organisations achieve their goals. They have, for example, supplied data analytics to the British and Irish Lions rugby team. MyLife Digital Limited has recently completed a £6m funding round, with investment from the Business Growth Fund and Founders in order to achieve the firm's growth ambitions of £120m turnover by 2022.
Wood for Trees Limited has a Dun and Bradstreet rating of 4A4 which represents a higher risk of business failure.
Further information can be found at: www.woodfortrees.net & www.mylifedigital.co.uk
We understand that the property is elected for VAT and the sale will therefore be treated as a TOGC.
We are instructed to seek offers in
excess of £6,475,000 (Six Million,
Four Hundred and Seventy-Five
Thousand Pounds), subject to
contract and exclusive of VAT.
A purchase at this level would equate to a net initial yield of 6.75%, subject to purchaser's costs of 6.64% and reflects a capital value of £254 per sq ft.