TIAA Henderson Real Estate (TH Real Estate) has acquired Milsom Place in Bath from the L&R Group.
Private developers L&R Group built the estate over a number of years through acquiring and developing a series of listed buildings to carefully link key streets and courtyards in the heart of the city. The result is an accessible contemporary environment which respects the detail and design of the Georgian buildings for which the city is known.
L&R has introduced a dynamic tenant mix, including Jamie’s Italian, Carluccio’s, Cote, YO! Sushi, Cath Kidston, Hobbs, Phase Eight, as well as nurturing independent retailers and cafes to create a vibrant and coherent food and retail destination.
Burger & Lobster and CAU are also set to arrive at Milsom Place later this year. The tenant mix has been supplemented by an active management regime and a programme of innovative food and fashion events new to both Milsom Place and the city.
Ken Elliott, L&R Director, commented: “We are proud to have created an estate which is such a good fit with both the needs of the city and the marketplace. This required attention to detail across all aspects of the project, from design to asset management, to brand and event management, both in Milsom Place and the wider destination. There is nothing artificial about this environment; we have created a place with life, integrity, character and style.”
Top 100 law firm Thrings advised Milsom Place Limited, the owners of Milsom Place, during the transaction. Led by senior commercial property partner Alison Jarvis and associate solicitor Charles Wakefield, Thrings worked closely with the registered proprietors on all strategic and legal matters.
Alison Jarvis said: “Milsom Place is a thriving retail destination in the heart of the iconic Milsom Street, which has been enjoyed by businesses and shoppers for more than 250 years. The acquisition signals an exciting opportunity not only for local people and businesses, but also for the millions of visitors that the city welcomes each year.
“Throughout what has been a complex transaction, we have developed a strong working relationship with the legal and surveying teams on both sides, including B&NES, MMX Retail, Wragge Lawrence Graham & Co and Bruce Gillingham Pollard.
“Dealing with a London-based buyer has also called for a seamless working relationship between Thrings’ teams in Bath and London, and as a firm we are very pleased to have brought matters to a positive conclusion.”
As a result of ongoing investment in clients during the economic downturn, Thrings’ commercial property team, which has doubled in size since 2008, continues to prosper, with advice provided to local, regional, national and international clients contributing to growth of 20 per cent in the year ending 30 April 2014.
