February 16, 2010
Highcross has sold its Westpoint building in Bath city centre to The Charities Property Fund in a £6.8 million deal, reflecting a yield of approximately 7%.
The 20,000 sq ft building is fully occupied, with the upper three floors taken by Bath News & Media, London & Country Mortgages and Abel & Imray. On the ground floor, three retail units are let to Reebrooks, The Southern Co-operative and new occupier, Bensons for Beds (part of the Steinhoff Group).
Highcross acquired the Westpoint building in 2006 and carried out a complete internal refurbishment, including the creation of a new reception area. Located at James Street West, within easy reach of the central shopping area, restaurants and leisure facilities, the building is also in walking distance of the train station.
Nick Turner, director of asset management at Highcross comments: “The shortage of high specification, flexible office space in the centre of Bath has been a key factor in Westpoint’s popularity. This deal indicates there is continuing demand from investors for quality properties with established lease arrangements and occupiers in place.”