Nailsea office block sells for £2 million
Coates House in Nailsea has been sold in a deal worth in excess of £2 million which will see apartment living coming to the north Somerset town.
The freehold of the four-floor, 24,000 sq ft 1960s office building has been sold, complete with planning consent for conversion to residential use, to a south coast based development consortium.
The sale was negotiated on behalf of an institutional investor by Mike Woodliffe of Williams Gunter Hardwick.
Woodliffe said: “This is a significant development for the property market in Nailsea and the rest of north Somerset. Converting offices to residential is now a well-established trend in cities like Bristol, but this is the first change of use on this scale locally.
“It demonstrates the strength of the residential market locally and the continued demand for freehold conversion opportunities in areas that had not previously been considered.
“Nailsea is in a great location – close to the M5, well served by rail and just 15 minutes from Clifton, where the price of apartments is well beyond most people’s budgets.”
The vendor was represented by joint agents Williams Gunter Hardwick and Hartnell Taylor Cook.