Wed, 05 Jun 2013 | COMMERCIAL PROPERTY
A commercial property site in Bath is to be put back on the market after plans to redevelop the site met with widespread opposition from tourism and conservation groups.
The 1.23 acre site at Green Park includes Green Park House and Ernest Ireland House and is on the market for £7.5 million. It had been set for redevelopment as a budget hotel but is now destined for an alternative use.
Planning permission to demolish the building and replace it with a 190-room hotel is due to expire in October. The next most-likely use for the commercial space is the development of student accommodation or a new office building.
Chris Birakos from Savills in Bristol is marketing the property. He commented: “Sites of this calibre in the centre of Bath come to the market very rarely. The nature of the city means that any expansion is minimal so when this kind of development opportunity arises, there is always likely to be strong interest.”
He added that the properties on the market will be appealing to “a variety of developers”. “In addition to the planning permissions already in place, the site offers the potential for comprehensive redevelopment for a variety of uses, subject to planning.”
This opportunity centres around an established UK-based company with a diverse portfolio of heritage brands, catering to both specialist institutional customers and broader consumer markets.
This is a unique opportunity to invest in a well-established UK business poised for expansion into the $20bn US portrait photography market with its high margin, digital data subscription model.
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