15th July 2015
Alder King acquires Bath headquarters office investment for Ediston
Property consultants Alder King, acting on behalf of Ediston Property Investment Company plc, have acquired the freehold investment of Midland Bridge House, a newly-refurbished four storey headquarters office building on Lower Bristol Road, Bath. The 18,656 sq ft property was purchased for £4.7 million reflecting a net initial yield of 6.5%. The private vendor was advised by JLL.
The property, which benefits from 28 car parking spaces, is let to law firm Withy King on a 10 year term from March 2013 at an annual rent of £323,330.
Oli Stretton from Alder King’s investment team said: “This property generates a strong income stream and offers scope for rental growth owing to the favourable supply and demand dynamics in the Bath office market.
“This is also a strategic acquisition by Ediston given its ownership of the adjacent Pinesgate site where it plans to develop over 100,000 sq ft of Grade A offices.”