Bath NHS House comprises a 1980s office complex formed by four interlinked buildings arranged around a landscaped garden and driveway.
The buildings are of steel framed construction over ground and first floors with brick elevations. Internally the accommodation consists of centrally heated office space with solid floors, perimeter trunking and double glazed windows in part. Each of the buildings are currently utilised for office admin services and consultation rooms. The property is accessed via a private road leading from Newbridge Hill which leads directly to the entrance of Bath NHS House.
The surface car park is located adjacent to Bath NHS house and totals 1 acre (0.40 hectares) with a capacity for 164 car parking spaces. The car park is accessed from Combe Park and has direct walking access to Bath NHS House. The car park is fully enclosed with a barrier entrance.
The car park holds strong redevelopment potential, the planning history can be discussed with interested parties.
Investment Opportunity Highlights:
- Secure long income investment with long term redevelopment opportunity
- Let to the undoubted covenant of Avon & Wiltshire Mental Health Partnership NHS Trust until 23 June 2037
- Four interconnecting office buildings totalling 23,660 sq ft (2,198 sq m) and adjacent surface car park totalling 3.08 acres
- Located adjacent to the Royal United Hospital in the historic city of Bath with strong long term redevelopment potential
- Original lease agreed for 20 years from 24 June 2007, a 10-year reversionary lease has been agreed to take effect at expiry of the existing lease on 23 June 2027 subject to a CPI index linked rent review with a cap and collar of 2% - 4% in the fifth year
- Total unexpired term of 14.05 years
- Currently producing £310,000 per annum reflecting an overall rent of only £13.10 per sq ft. The reversionary lease is subject to a rental uplift of circa 34% to reflect £414,000 per annum, reflecting £17.50 per sq ft which is to be topped up by the vendor
- We are instructed to seek offers in excess of £7,000,000 (Seven Million Pounds) subject to contract and exclusive of VAT, reflecting a Net Initial Yield of 5.55% (assuming purchaser’s costs of 6.65%), equating to a capital value of £296 per sq ft