Europa Capital and Ediston Real Estate sold two 1980s office buildings in Bath to Carlton (North Wales) for £26.5 million

Europa Capital and Ediston Real Estate sold two 1980s office buildings in Bath to Carlton (North Wales) for £26.5 million


Edinburgh, Scotland, 2018-Feb-22 — /EPR Retail News/ — Europa Capital and Ediston Real Estate have sold two 1980s office buildings in Bath to UK family property group Carlton (North Wales) for £26.5 million.

The Pinesgate site currently comprises detached buildings Pinesgate East and Pinesgate West.

Located along the Lower Bristol Road, both properties are currently let to insurance provider Redde until 2025 at £1,583,929 per year.

As well as offering eight years of secure income, the investment comes with the opportunity to obtain vacant possession to redevelop the site.

Planning consent has already been granted for a new, high-specification, Grade-A office comprising 112,246 sq ft over five floors at Pinesgate West.

A new state-of-the-art office is anticipated to be in high demand as there is currently no availability of Grade-A offices within Bath city centre. If developed, Pinesgate West will be the first newly-built office in the city in 26 years.

In addition, planning consent has been secured for a new, state-of-the-art education campus spanning 177,507 sq ft at Pinesgate East.

The campus will comprise college facilities and integral student accommodation for 358 units. Pinesgate East, which makes up approximately 50 per cent of the site, has been pre-let to Kaplan Bath on a new 21-year lease to create Kaplan International College.

Jeremy Hodgson, head of national investments at Allsop, said: “The strong price achieved reflected Europa Capital and Ediston Real Estate’s excellent asset management and vision in obtaining such a major and valuable planning consent for the site. The opportunity now reflects a secure medium-term income stream coupled with an exceptional planning consent and part pre-let.

“Bath boasts a strong local economy and is renowned as both a thriving business hub in the region and a centre for education excellence. As a result, this site benefits from excellent prospects for rental growth and good, long-term tenant demand.”

Allsop represented the vendor, Europa Capital and Ediston Real Estate.

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Source: Ediston Real Estate


Bath: Aviva Investors and British Land secured three new restaurants at SouthGate’s newly redeveloped Little SouthGate restaurant quarter

London, 2016-Aug-01 — /EPR Retail News/ — Aviva Investors and British Land have secured three new restaurants at SouthGate Bath. All the operators are new to the city.

Thai street food chain Thaikhun (3,700 sq ft, 25 year lease), Lebanese and eastern Mediterranean restaurant Comptoir Libanais (4,000 sq ft, 20 year lease) and Absurd Bird (3,000 sq ft, 20 year lease), which is taking its American Deep South specialities outside of London for the first time, are set to take space in SouthGate’s newly redeveloped Little SouthGate restaurant quarter.

Together they will form a new dining destination for residents and visitors to Bath, bringing more choice to further strengthen the existing SouthGate restaurant offer which includes Gourmet Burger Kitchen, Prezzo and Graze.

The three restaurants will open in September and October this year on Newark Street and St Lawrence Street. The new area will have glazed facades and canopies providing covered outdoor seating for diners.

Simon Green, Associate Director for Aviva Investors, said: “The new restaurants will help further extend the already broad appeal of Bath, establishing SouthGate as a thriving destination in the city centre. The restaurants will offer diverse dining choices for local people and visitors, as well as creating new jobs for the city.”

Ailsa Davidson, Retail Asset Manager for British Land, said: “We are pleased to welcome these three new restaurants to SouthGate this autumn. The businesses already have a strong presence in cities such as London, so we’re excited to bring them to Bath for the first time. These latest deals form part of our strategy to further enhance the F&B provision across our portfolio to enliven assets and deliver Places People Prefer.”

British Land and Aviva Investors are in discussion with a number of potential operators on the final restaurant to be let at Little SouthGate and expect to make an announcement shortly.

SouthGate is a prime open air regional scheme next to Bath Spa railway station. The centre is home to some of the biggest retailers in the UK including Debenhams, Topshop/Topman, H&M, Hollister, Apple, River Island, Urban Outfitters, All Saints, Superdry and Pandora.

Aviva Investors and British Land were advised by Cushman & Wakefield and Bruce Gillingham Pollard.

Notes to Editors

About Aviva Investors
Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 15 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of £290 billion as at 31 March 2016.

About British Land
We are one of Europe’s largest publicly listed real estate companies. We own, manage, develop and finance a portfolio of high quality commercial property, focused on retail locations around the UK and London offices. We have total assets in the UK, owned or managed, of £20.0 billion (of which British Land share is £14.6 billion) as valued at 31 March 2016. Our properties are home to over 1,200 different organisations ranging from international brands to local start-ups. Our objective is to deliver long term and sustainable total returns to our shareholders and we do this by focusing on Places People Prefer. People have a choice where they work, shop and live and we aim to create outstanding places which make a positive difference to people’s everyday lives. Our customer orientation enables us to develop a deep understanding of the people who use our places. We employ a lean team of experts, who have the skills to translate this understanding into creating the right places, and we have an efficient capital structure which is able to finance these places effectively.

Retail assets account for 50% of our portfolio. As the UK’s largest listed owner and manager of retail space, our portfolio is well matched to the different ways people shop today. We are focused on being the destination of choice for retailers and their customers by being the best provider of spaces and services. Comprising over 20 million sq ft of retail space across multi-lets, superstores, department stores and leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats.
Our Office and Residential portfolio, which accounts for 48% of our portfolio, is focused on London.  We have an attractive mix of high quality buildings in well managed environments and a pipeline of development projects which will add significantly to our portfolio. Increasingly, our Offices are in mixed-use environments which include retail and residential elements. Our 7.5 million sq ft of high quality office space includes Regent’s Place and Paddington Central in the West End and Broadgate, the premier City office campus (50% share).

The remaining 2% of our portfolio is at Canada Water where we have a 46 acre redevelopment opportunity in our medium term pipeline.

Our industry-leading sustainability strategy is a powerful tool to deliver lasting value for all our stakeholders. By supporting communities, improving environments and growing economies, we create Places People Prefer and enhance long term returns.

In April 2016 British Land received the 2016 Queen’s Award for Enterprise: Sustainable Development as part of Her Majesty The Queen’s 90th birthday honours. The Award is the UK’s highest accolade for business success and is given to companies which bring major economic, social and environmental benefits through their own business success.  It was awarded to British Land for continuous achievement in all these areas over the last five years.


Aviva Investors:

Steve Ainger
Media Relations
020 7809 8452

British Land
Investor Relations:

Jonathan Rae
British Land
020 7467 2938


Jackie Janssen
British Land
020 7467 3449

Emma Hammond
FTI Consulting
020 3727 1227


Bath: Aviva Investors and British Land secured three new restaurants at SouthGate’s newly redeveloped Little SouthGate restaurant quarter
Bath: Aviva Investors and British Land secured three new restaurants at SouthGate’s newly redeveloped Little SouthGate restaurant quarter


Source: British Land