Nottingham Scheme Recommended for Approval
12th Dec 2018
Europa Capital and Ediston Real Estate have sold the Pinesgate development site in Bath to Watkin Jones, for £26.5m.
The Pinesgate site consists of two detached buildings dubbed Pinesgate East and Pinesgate West. The site sits along Lower Bristol Road, but both properties are currently let to Redde Plc until 2025.
The acquisition of the site comes with the opportunity to obtain vacant possession to redevelop the site. Planning consent has already been secured for a new education campus spanning 177,507 sq ft at Pinesgate East. The state-of-the-art campus will consist of college facilities and student accommodation consisting of 358 units.
Pinesgate East has been pre-let to Kaplan Bath Ltd on a 21-year lease to create Kaplan International College.
Allsop represented Europa Capital and Ediston Real Estate on the deal. 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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