Number 16 and 17 Old Bond Street, Bath, is a large prime retail unit that was let to Russell & Bromley at £365,000 pa. The retail unit also has three floors of self-contained offices above it let at £70,000 pa to a local serviced office provider.
St Johns Foundation’s reason for the sale was in order to re-align their extensive property portfolio in the city. Offers were received from a number of institutional investors but the impact of the COVID-19 pandemic depressed the prices offered. Negotiations were conducted with the tenant, Russell & Bromley, who purchased the freehold for £6.25m, an initial yield of 6.5%.