The popular Cheltenham watering hole The Bank House has changed hands for more than £3m, being sold to a private property investment company in a deal supported by Cheltenham law firm Harrison Clark Rickerbys and KBW chartered surveyors.

The property on Clarence St, which was previously owned by an offshore property investment company has been a JD Wetherspoon pub for eight years - its origins as a bank date back to the 1830s, but it has also been a night club and shops at various points in its history.

Mark Fabian, Harrison Clark Rickerbys' head of commercial property in Cheltenham, who led the deal, with colleagues Emme Raynsford and Ryan Stewart, said: "The Bank House is a prime investment opportunity and we are delighted that the sale, which took place over a very tight timescale, went so smoothly. We understand that no change of use is planned."

Because lending for the purchase was secured against other properties in the investment portfolio, rather than against the Bank House, the transaction was more complex than usual. Richard Knightley, senior director at KBW said: "I was very pleased to find this prime bar and restaurant investment property for our client and agree a deal. The prime location, excellent tenant covenant, long lease in place and prospects for rental growth all combined to make this a very attractive investment proposition. The market is very competitive at present for prime investment opportunities. In order to secure this property our client had to have funds readily available and to exchange contracts very quickly, once the price had been negotiated".

Harrison Clark Rickerbys has 420 staff and partners based at offices in Cheltenham, the Wye Valley, Hereford, Worcester, Birmingham and the Thames Valley, who provide a complete spectrum of legal services to both business and private clients, regionally and nationwide. The firm also has a number of highly successful teams specialising in individual market sectors, including health and social care, education, agricultural and rural affairs, defence, security and the forces, advanced manufacturing and construction.

For more details, visit www.hcrlaw.com