The converted transport building has been purchased by a furniture store
The Tramshed building in Walcot Street, Bath has been sold for £6.65 million by the Capital Markets team of Knight Frank acting on behalf of DTZ Investors.
The converted transport building, which housed a 4,790 sq ft pub/restaurant and 18,553 sq ft of serviced offices, has been purchased by furniture store Neptune on a long leasehold with pricing reflecting a 6% yield for the leisure area and £250 per sq ft for the offices.
Steve Oades, head of Knight Frank’s Capital Markets team in Bristol, said: “We received strong interest in this building and the eventual sale value was well above the quoting price. We understand Neptune will open a furniture store in the former restaurant area and plan to convert the offices for residential use.”
Property The Tramshed, Walcot Street, Bath, BA1 5BB
Sector Office / Leisure
Tenure LLH (129 years unexpired) at a peppercorn
Accommodation 18,553 sq ft (offices) 4,790 sq ft (leisure)
Rent Serviced offices (short term income) and £130,000 pa leisure
Vendor DTZ Investors
Net Initial Yield N/A
For further information, please contact:
Ken Harrison, HPR Marketing, email@example.com. Call 07801 649045
Katy Barrass, Commercial PR Executive, Knight Frank, +44 (0)20 7861 5436