The Company has sold its office building, Midland Bridge House, Bath, for £5.925m. The net initial yield is 5.7%, which is in line with the 30 September 2021 valuation. The property extends to c. 18,500 sq. ft. and is let to Royds Withy King until March 2029.
The sale is in line with the Company’s new strategy to sell its office portfolio and to reinvest the proceeds in retail warehouses.
Calum Bruce, Investment Manager, commented:
“This is the first office sale since we announced our new strategy in Q3. Progress is being made with our other office sales and we are actively looking at reinvestment opportunities. We want to acquire retail warehouse assets which are more suited to our intensive style of asset management.”