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8 bedroom house for sale

Kingsmead Square, Bath, Somerset, BA1

Sold STC £1,800,000

Property Description

Key features

  • Central Bath
  • Close Proximity to Saw Close Development
  • Iconic Grade I Listed Building
  • Former Bishop's House Between 1692 - 1752
  • Fully Let
  • Rare Freehold Opportunity
  • Residential Upper Parts comprising 3 Self-Contained Flats
  • 2 Well Configured Retail Units
  • Net Income 71,080 Per Annum
  • Substantial Reversion

Full description

Tenure: Freehold

The building comprises two retail units on ground floor and basement occupied by Kingsmead Kitchen and The Bath Coffee Company. The first, second and third floors provide three substantial period flats. The first floor is a two bedroom flat and the second and third floor are three bedroom flats. The 5-storey building benefits from attractive external and internal features including windows looking out over Kingsmead Square and a stunning wide staircase leading up to the residential parts.

SITUATION

Bath was inscribed as a World Heritage Site in 1987. It is a university city, a regional shopping, recreation and employment centre, and an international tourist attraction. The city is
located at the juncture of the A4 (Chippenham to Bristol), the A36 (south to Warminster/Salisbury) and the A46 (north to Stroud and beyond). The M4 motorway (junction 18) is approximately 16km north. The city has a mainline railway station offering a fast link to London and is well served by public transport.

The City of Bath is accessed via the National Motorway Network at Junction 18 of the M4 and the A46 southbound respectively, thus providing good commuter routes to the South West, South Wales and the West Midlands. The city of Bristol
is situated approximately 12 miles North West of Bath and can be accessed via the main A4 highway which ultimately links Bath with Bristol.
The property occupies a prominent and attractive location on Kingsmead Square, a bustling part of the city centre. The square has a mixture of retailers, restaurants and café operators including Boston Tea Party, The Society Café, The Stable
Pizzeria and also a number of office tenants.

MARKET OVERVIEW

Bath is one of the strongest retail locations in the UK, with the total retail floor space in Bath estimated at 1.43 million sq ft. PROMIS have ranked Bath third strongest based on retail requirements alone and vacancy rates were at 2.6% in December 2015. The main retail spine runs on a north/south access along Milsom Street, Union Street, Stall Street and Southgate. The development of SouthGate Shopping Centre, anchored by Debenhams incorporating a new bus station, rail interchage and 724 car park has
helped enhance Bath as a major regional shopping
destination. The restaurant scene is vibrant with an extensive range of styles of food and restaurant types available. Bath has become the top place for leisure in the West Country and has a burgeoning range of both independent and branded operators.
The recent opening of the Stable Pizzeria in
Kingsmead Square has strengthened its attractiveness as a leisure destination.
These premises, highly prominent, are at a pivotal
point with strong pedestrian flows throughout the day and evening from The Kingsmead Cinema Leisure complex to Sawclose, with the Theatre Royal and numerous restaurants and bars.

TENANCIES

1 Kingsmead Square, is let to Field Fire & Feast Ltd t/a The Kingsmead Kitchen for a term of 18 years at an annual rent of £19,000 per annum expiring 08.09.2024 The lease is full repairing and insuring. There is a rent review dated 09.09.2016. This element of the building is considered to be reversionary with an estimated rental value of £24,000 per annum.

14 Kingsmead Square, is let to Bath Coffee Company Limited for a term of 5 years at an annual rent of £18,000 per annum expiring 10.09.2019. The lease is full repairing and insuring.

1st Floor Flat
A 2 bedroom flat let on an Assured Shorthold Tenancy agreement from 15.08.1997 at an annual rent of £7,800 per annum.
Estimated rental value £15,000 per annum (£1,250
pcm).

2nd Floor Flat
A 3 bedroom flat let on an Assured Shorthold Tenancy agreement from 20.06.2016 at an annual rent of £19,200 per annum (£1,600pcm).

3rd Floor Flat
A 3 bedroom flat let on an Assured Shorthold Tenancy agreement
from 01.06.2012 at an annual rent of £11,940 per annum. Estimated rental value £18,000 per annum (£1,500 pcm).

The Leases and Assured Shorthold Tenancy Agreements are
available for interested applicants on application.

For more Covenant, Square Footage and Business Rate information please see brochure PDF


More information from this agent

Listing History

Added on Rightmove:
28 June 2016

Map & Street View

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