The UK's Bath & North East Somerset Council has acquired a 30,000 ft2 (2,800 m2) Grade II listed building to home the Fashion Museum of Bath.
Financial details were not disclosed.
Commercial property consultancy, Hartnell Taylor Cook, acted for the council in the purchase of the Grade II listed building.
Formerly the Old Post Office, the asset will act as the new home for Bath’s Fashion Museum, which was previously located in the Assembly Rooms.
The relocation of the project is part of Bath’s Milsom Street Quarter Masterplan project, a £70 mln (€80 mln) project which plans to transform the area into Bath and the South West’s leading fashion destination over the next twenty years.
The asset comprises a long leasehold interest with 135 years remaining at a peppercorn rent. Comprising of a mix of retail and self-contained residential units, the building is located in the heart of Milson Street Quarter, a stone’s throw away from Pulteney Bridge and the Parade Gardens.
Richard Saunders, director of detail at Hartnell Taylor Cook, said: 'It’s fantastic to see this project really begin to gain momentum.
'The Old Post Office provides the perfect location, heritage and cultural background to home the Museum and after refurbishment this building will be at the heart of a plan that cements Bath as one of the UK’s finest fashion and tourist destinations.'