Commercial property

Asking price achieved for former bank

Written by Peter Davison on .

84 Commercial Road

 

A former bank on Swindon's Commercial Road has been sold, in a deal brokered by commercial property agent Kavanaghs.

The four-storey, 8,245 sq ft building was put on the market in February after NatWest relocated to premises closer to Swindon's retail centre in 2018.

Marketed with an asking price of £495,000, 84 Commercial Road sold at its asking price by way of competitive tender – despite the disruption caused by the pandemic.

"We had previously assisted our client in a ground rent review when the property was occupied by Nat West bank who subsequently relocated closer to the centre of the primary retail area," said Kavanaghs commercial property manager, Stephen Brickell.

"A lease surrender was negotiated for a premium and we were then instructed to market the property with vacant possession for commercial use or possible residential conversion. Despite the lockdown and nervousness within the market the property attracted competing interest and was sold by way of competitive tender with contracts exchanging in four weeks from the commencement of marketing at the asking price of £495,000.

"We are now very pleased so secured freehold sales both ends of Commercial Road having sold the mixed-use investment, College Court, last year for £1.21 million."