Tenure
To Let
Price
Offers Invited
• Prime Bath city centre restaurant/bar/hotel opportunity
• High footfall sought after location
• Surrounded by national operators & retailers
• Building extends to circa 7,300 sq ft
• Suitable for a variety of uses
Location
Bath is a highly desirable and affluent historical city, being designated a World Heritage Site in recognition of its international cultural importance. The property occupies a prime city centre location on Milsom Street, an established and high footfall retail and leisure destination. The property is surrounded by a number of national and independent leisure operators including The Ivy, The Botanist, Bath Townhouse (Coppa Club), Banana Tree, Bandook Kitchen and Bosco Pizzeria. Plus independent and well known retailers including the soon to reopen Jollys.
Description
The property comprises an attractive former banking premises occupying a prominent position on Milsom Street. Featuring traditional Bath stone and sash windows, the building extends over four storeys, from basement to second floor, including a mezzanine. The property is currently vacant, providing a clear space ready to take an ingoing tenant's fit out works. Working lifts remain in situ, providing access between the various floors of the building.
Trade
The property previously operated as a bank, with vaults in the basement and offices on the upper floors. This is a very desirable location given the high levels of footfall, proximity to the city's major tourist attractions, as well as the number of complementary operators nearby. The accommodation lends itself to a variety of restaurant, retail, hotel or leisure uses.
Accommodation
The property extends over basement, ground, mezzanine, first and second floors. The layout of the property is arranged as follows:
Ground
Benefitting from two separate entrances at the front of the building on Milsom Street, the ground floor provides a double-height banking hall with ornate feature ceiling, lighting and cornicing with wood panelling creating a dramatic and impressive space. There are currently offices and meeting rooms to the rear. Adjacent to the banking hall is a lift providing access to the basement and upper floors. A secondary entrance corridor leads to a staircase and lift which provides access to the upper floors.
Basement
A staircase to the side of the ground floor leads to the basement accommodation. This comprises a number of storage areas and bank vaults. A lift also provides access to the upper floors of the building.
Mezzanine
At the rear of the building, a staircase leads to the mezzanine level. This comprises partitioned offices and storage space, with plenty of natural light from the front and rear of the building.
First Floor
The first floor is accessed via stairs and the two lifts. This comprises office accommodation and storage, with some internal partitioning and air conditioning throughout.
Second Floor
The second floor is also reached via stairs and a lift. Accommodation is divided into office space and separate male and female WCs.
Floor Areas
The building provides the following approximate net internal areas:
Basement 199.65 sq m 2,149 sq ft
Ground 204.76 sq m 2,204 sq ft
Mezzanine 68.75 sq m 740 sq ft
First 120.77 sq m 1,300 sq ft
Second 87.33 sq m 940 sq ft
TOTAL 681. 26 sq m 7,333 sq ft
Offers
A high profile operator is sought for this landmark building in the heart of the city centre, to add to the mix of national brands found on Milsom Street. Therefore, significant weight will be given to the quality of the tenant covenant and added value brought to this street. A prospective tenant will need to make use of the whole building, extending from basement to the second floor of the property.
The Council will consider a variety of alternative methods of disposal which brings the property back into beneficial use upon completion of the refurbishment works which are required. This may be on a long or standard term lease agreement. It will consider an arrangement whereby the developer/occupier redevelops/refurbishes the whole building, but the Council retains control of the ground, facilitating a revenue stream. In any scenario it is intended that the purchaser take on the management of the entire building, by way of full repairing and insuring lease (a service charge may be levied on the ground floor area if the Council retains this element - which it will offer to let by way of shorter occupational lease). Note that the Council intends to retain its freehold interest in the Property.
Method of Sale
Offers are invited for the long leasehold interest of the whole building; or in the upper floors of the property, as described above, on a conditional (subject to planning and listed building consent) basis only.
Bidders will be advised of the information required when submitting an offer. Weight will be given to those offers:
• Proposing rental income to the Council of whole or part of the building;
• Supported by evidence of a contractually secured high profile occupier(s) for the ground or whole of the premises, that will add to the vitality of the current mix of uses in Milsom Street.
• Climate emergency/green agenda.
Floor Areas
Basement 199.65 sq m 2,149 sq ft
Ground 204.76 sq m 2,204 sq ft
Mezzanine 68.75 sq m 740 sq ft
First 120.77 sq m 1,300 sq ft
Second 87.33 sq m 940 sq ft
TOTAL 681. 26 sq m 7,333 sq ft
Tenure
The property is held freehold by B&NES and the Council intends to retain its freehold interest.
The property is available by way of 150 year lease of the whole premises or upper parts on full repairing and insuring terms.
Planning
The building is Grade II Listed and situated within the Central Bath Conservation Area.
Licence
An ingoing tenant will need to make a new licensing application to Bath & North East Somerset Council.
Business Rates
The property is in an area administered by Bath & North East Somerset Council. Rateable Value £143,000 (2023) & £99,500 (2026) per annum. Confirmation of actual rates payable should be obtained from the Local Authority.
EPC
The property has been F rated in terms of its EPC and works are required in order that the rating is improved in line with legislation requirements. The landlord will work with the tenant to address this and further information will be provided to interested parties.
Services
We are advised the premises are connected to all mains services.
Viewing
Viewing strictly by appointment through Fleurets West & South Wales office on 0117 923 8090.
VAT
All prices quoted and offers made shall be deemed to be exclusive of VAT and VAT will be added where applicable. In most cases VAT is reclaimable. Prospective purchasers should consult their accountant for professional advice in this respect.
Money Laundering
The Money Laundering Regulations require us to conduct checks upon all Purchasers (including Tenants). Prospective Purchaser(s) will need to provide proof of identity and residence. For a Company any person owning more than 25% must provide the same.
For further information please log onto fleurets.com or contact:
Nick Fisher
Senior Associate
0117 923 8090
07798 716113