A Scottish property firm’s decision to offload its office portfolio in favour of retail warehouses has resulted in the sale of one of Bath’s highest-profile commercial buildings.
Midland Bridge House on Midland Bridge, the head office of law firm Royds Withy King, was sold by Ediston Property Investment Company for £5.925m.
Edinburgh-based Ediston had bought the building, which has 18,476 sq ft of refurbished grade A office space over its ground floor and three upper floors, in June 2015 for £4.39m.
The building is let to Royds Withy King until March 2029. It was previously occupied by law firm Thrings.
Ediston said the sale – to an unnamed buyer – was in line with its new strategy of disposing of its office holdings and reinvesting the proceeds in retail warehouses.
The firm has a portfolio of 17 properties across the UK worth £283.4m, primarly made up of retail buildings. It also includes two Mecca bingo halls. Midland Bridge House was its only property in the South West.
Investment manager Calum Bruce said: “This is the first office sale since we announced our new strategy in the third quarter.
“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.”
