GCW secures deals in prime cathedral retail centres

GCW has advised CBRE GI on the letting and sale of a prime retail asset in Bath. Kingdom of Sweets has agreed a 10-year lease on 12 Stall Street, Bath, fuelling interest from a range of bidders. The asset was disposed of for £1.75m reflecting a yield of 7%.

12 Stall Steet sits in a high footfall location in the heart of Bath, close to tourist attractions and surrounded by one of the UK’s most affluent catchments.

GCW advised CBRE GI to progress with the Kingdom of Streets letting due to favourable terms for potential investors. There are landlord break options in 2024 and 2026 to unlock the opportunity to extend and convert upper parts of the building into residential. The client was delighted with how GCW looked beyond retail to drive value and achieve a sale price exceeding valuation.

The deal demonstrates the strength of demand for prime assets in affluent cathedral centres. GCW has a track record disposing of these types of properties having recently acted for fund BMO on the sale of two high street properties in Winchester.

GCW Director Oli Horton said: “These deals highlight the enduring appeal of cathedral centres and show that liquidity is returning for these types of assets. GCW demonstrated great teamwork, market knowledge and strategic thinking to secure the best result for our client.”