Bath and North East Somerset Council has acquired 47 Milsom Street in Bath from a Guernsey Property Trust for an undisclosed sum.

The retail unit, is located in Bath's historic central retail district, and extends to approximately 6,850 sq ft. It is let to Lloyds TSB at a passing rent of £246,750 per annum, with nearly 14 years remaining on the lease.

Bath and North East Somerset Council have one of the best publicly owned investment estates in the country and the acquisition of this property, which is located on Milsom Street, in the heart of the city centre will serve to enhance the existing holdings and allow the council to move forward in its implementation of its active management strategy for the portfolio.

Harry Wills, Partner at Strutt & Parker commented:"Despite negative media headlines and continual economic uncertainty, the UK high street has remained resilient in locations such as Bath where a quality retail and leisure experience is given. The purchase of this investment, which is let to an excellent covenant, has shown the ability of a local authority to be competitive and to perform to a tight timescale. This purchase will be a significant addition to the property estate of the council."

David Bellotti, cabinet member for community resources commented: "The council is delighted to have been successful in the purchase of this secure investment, which indicates our desire to enhance the security of income within our investment estate for the benefit of the residents of Bath and North East Somerset Council."

Strutt & Parker advised Bath and North East Somerset Council; the vendor was represented by Singer Vielle.