Planning consent to re-develop with Grade A offices and international college
Europa Capital and Ediston Real Estate has sold Pinesgate, two 1980s office buildings totalling 63,907 sq ft on a 2.26-acre site in Bath, to Carlton (North Wales) Ltd for £26.5 million.
The Pinesgate site currently comprises two detached buildings; Pinesgate East and Pinesgate West. Located along the Lower Bristol Road, both properties are currently let to Redde Plc until 2025 at £1,583,929 per annum.
As well as offering eight years of secure income, 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; there is currently no availability of Grade A offices within Bath City Centre. If developed, Pinesgate West will be the first newly-built office in the city in 26 years.
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 comprise college facilities and integral student accommodation for 358 units. Pinesgate East, which makes up approximately 50% of the site, has been pre-let to Kaplan Bath Ltd on a new 21-year lease to create Kaplan International College.
Allsop represented the vendor, Europa Capital and Ediston Real Estate.
Jeremy Hodgson, Head of National Investments at Allsop, 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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