The Quad, Summertown, 311-321 Banbury Road, Oxford, Oxfordshire, OX2 7JH

Property specification

• Site area of c. 0.185 ha (0.46 acres)
• There are 22 car parking spaces providing an excellent parking ratio of 1:592 sq ft. Two spaces have electric charging points
• EPC rating of B - 48
• Fully let to AOH Workspace Limited for a term of 10 years expiring 26 May 2032 providing an unexpired term of 7 years and 10 months. The lease is also guaranteed by Newflex Limited
• There is an upward only rent review on 27th May 2027
• The passing rent is £396,570 pa £30.49 per sq ft NIA exclusive. The Tenant pays 50% of the rent up to the first rent review date. The Landlord will top up the shortfall at completion
• We are of the opinion the building has an ERV of £35.00 psf
• We understand the property is not in an Article 4 Directive so there is potential for future alternative uses via Permitted Development (Class MA, AA and ZA) or subject to obtaining the necessary planning consents Average residential sale prices for the 12 months to April 2024 for north Summertown were c. £806 per sq ft
• Offers for the freehold interest are sought in excess of £4,510,000 (four million five hundred and ten thousand pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a NIY of 8.25% based on a topped-up rent to review, a potential reversionary yield of 9.47% and capital value of £347 per sq ft (NIA) assuming purchasers' costs of 6.57%.
• £4,510,000 / NIY 8.25%