Old Bond Street - Sale of 16 & 17 Bath
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Client
St Johns Foundation
Sector
Commercial
Location
Bath
How we helped
Retail
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@ Mike McelHinney
Mike McElhinney
Retail Agency
01225 747274 email me about Mike
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Three career highlights:

Leading Bath retail and leisure agent, act for St John’s Foundation, Bath, Standard Life, Aviva, Imperial, The Gap and numerous other investors and occupiers.

Recent highlights:
Letting to Rick Stein restaurants in Marlborough, Wiltshire.
Sale of an investment portfolio in Bath for St John’s Foundation
Sale of Santander, Milsom Street, Bath for Lothbury.
Transactional work for St John’s Foundation in Old Bond Street Bath including lettings to Bobbi Brown and  Charles Tyrwhitt and purchase & re-gear of Russell & Bromley.

I can provide advice on:

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%.