BATH, England, June 14, 2021 /PRNewswire/ -- TCN UK have completed the purchase of Camden Mill and Charles Bayer Buildings in the heart of Bath for £9.5 million.
Comprising 33,000 sq ft of warehouse style office accommodation overlooking the river, the buildings are located next to TCN's current development known as Newark Works, at the heart of Bath Quays regeneration zone.
"We regenerate unloved buildings and provide creative places for businesses to thrive." Richard Pearce, Founder of TCN UK said in a statement.
"At Newark Works, we are well on the way to delivering this vision and Camden Mills will contribute greatly to the overall environment and community we are building there.
For all its Georgian beauty, Bath has suffered from a lack of industrial vibe which is so often the catalyst for creativity, irreverence and innovation. Our activities at Bath Quays will solve this with a 70,000 sq ft Creative Campus. It's very exciting for us and the city."
Camden Mill and Charles Bayer will be TCN's tenth acquisition project across the UK, building on the workspace portfolio of over 300 creative industry businesses. The combination of TCN buildings in Bath Quays will deliver the leading Creative Quarter for the South West.
Richard Samuel Deputy Council Leader and Cabinet Member for Economic Development and Resources commented "TCN's further investment in Bath alongside the Newark Works building and the Council's investment in Number 1 Bath Quays will support local businesses to continue to thrive within the City."
Allan Lloyd of CSquared also stated, "This off-market acquisition is likely the largest single tenant office investment ever transacted in Bath and as such is significant implications for the investment market locally. The price reflects a NIY of c.4.5% with very strong reversionary potential. It shows the strength of Bath as a city for investors and is a strong statement that Bath is set to perform well as this new office Quarter emerges, redefining the shape of the city centre."
TCN were represented by CSQuared Real Estate LLP and Clay Street. The Landlord was represented by Carter Jonas.
Notes To Editor
TCN UK are a young and innovtive property company who regenerate unloved buildings and create vibrant, surprising places for people to work. All projects are developed and operated internally, ensuring a close-knit, great environment to be in. Since 2006 TCN have refurbished over 400,000 sq. ft of unloved buildings, created and managed creative campuses for 300+ companies, with a portfolio value of £100million.
TCN don't just build buildings, TCN build communities. TCN spaces can be found in Bath, Bristol, Somerset, London, Norwich, Reading, and Birmingham.
Media contact: Heather Lloyd Payne
PR, Comms and Digital Marketing Manager, TCN UK