The commercial property market in Bath appears to be faring well in 2009, despite challenging economic conditions, according to Philip Marshall, Partner and Head of Carter Jonas’ Commercial Team in the city.
Philip commented: “Occupancy rates remain good in Bath, compared with many other places within the UK. We have seen numerous retail and office lettings in recent months, in addition to seeing a healthy level of enquiries for valuation and other professional work.”
Carter Jonas’ Bath office has made a number of sizeable commercial retail and leisure investment acquisitions since its launch in March. Prime retail investments have been sourced and purchased for clients in separate deals at 14 and 15 Union Street, Bath - let to Thorntons and H Samuel respectively.
New lettings on Argyle Street, Lower Bristol Road and Charles Street are just a few of the retail premises that have been let to retailers in the city in 2009, on leases of up to 10 years.
Carter Jonas has also been active in the acquisition of the long-established and extremely popular Lansdown Grove Hotel, let to hotel and coach tour operator Shearings. The Commercial Team is now managing the property on behalf of a client.
“Many of the transactions we’ve been involved in have been retail investments and lettings, but we have also seen increased activity in the office, development sales, and leisure markets,” continued Philip.
“The more difficult economic climate does not necessarily mean inactivity for the investment property market. With bank interest rates so low, many of our clients are seeking solid commercial investment.”