1-3 Westgate


12 • SPOTLIGHT • AUTUMN/WINTER 2016


in Bath, is off the market! T


he National Capital Markets team has sold 1-3 Westgate Buildings, Kingsmead Square


located in Bath city centre. Te building is located in Bath’s leisure area close to the Teatre Royal, the Kingsmead Leisure Scheme and the Saw Close mixed casino and restaurant development. Te property is occupied by Te


Stable Bar and Restaurant with student accommodation above providing an average weighted unexpired lease term of 23.5 years to expiry and approximately 16.5 years to breaks. Te property sold for £4 million, representing a net initial yield of 3.97% and a reversionary yield of 4.26%. Bath scores very highly on the PMA


Café/ Restaurant Multiple Score and is ranked 14th in the UK on this measure. Te restaurant scene is vibrant with an extensive range of styles of food and restaurant types available. Historically, restaurants have been


situated within period properties, however the availability of units in new developments appears to have


fuelled demand. Te opening of the Brunel Square in 2012 saw Gourmet Burger Kitchen, Prezzo and Nando’s take occupation in Bath and in recent times units have become available at Milsom Place with Burger and Lobster opening in June 2015 and CAU opening in January 2016. In addition, the Saw Close


development scheme located just off Westgate Street will create a centre for A3 restaurants. The 54,500 sq ft scheme will comprise a 4-storey development including a high quality casino operation scheduled to open in Spring 2018, and two


Colliers International


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