Cushman & Wakefield has advised DTZ Investors on the development funding of a new prime leisure scheme in central Bath. The development known as Sawclose will provide a high quality casino, a premium boutique hotel and two restaurants.
DTZ Investors, acting on behalf of National Grid UK Pension Scheme, is to fund the scheme for around £19.7 million.
Deeley Freed Estates has signed a development funding agreement with the fund to deliver the development.
The 54,500 sq ft scheme will comprise a four storey development situated in the heart of central Bath, a UNESCO World Heritage city. The development will consist of a high quality casino operation, a 145 bedroom ‘Z’ Hotel and two restaurants operated by Ask and Byron.
Nick Allan, Senior Investment Director at Cushman and Wakefield comments: “We are delighted to have secured this prime funding opportunity on behalf of DTZ Investors. This will be a very high quality leisure development providing a unique mix of complementary uses including Bath’s only casino operating licence. Bath is a UNESCO World Heritage Site and as such developments within the central core of the city are extremely difficult to deliver and has led to a shortage of high quality hotel and restaurant opportunities, which the scheme seeks to address.”
David Hyland, Senior Director at DTZ Investors comments: “This forward funding opportunity ideally fits the fund’s ongoing requirement for multi-let city centre leisure investments and we look forward to working with Deeley Freed Estates in delivering a high quality leisure development in the heart of this historic city.”
Work commenced on site in September with completion scheduled for May 2017.