Oxford Office Building Sold to Custodian REIT for £7.8 Million
Date of Article
Jan 08 2021
Sector
Commercial
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Jon Silversides
MRICS
Business Space Agency - Oxford
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Three career highlights:
Over a career spanning nearly 30 years involving all forms of property from a nuclear bunker through to the vast majority of the County’s main business schemes, it is difficult to choose just three highlights; the following are certainly are worthy of note:

Letting acquisition, for SkyCaddie, at Haddenham: 
I have chosen this as we were presented with a challenging brief by our client but I was able to use my market knowledge to unearth an off market opportunity that we subsequently acquired on very favourable terms.

Sale of Foxcombe Hall, Oxford: It is not often you get to market a University Campus and, as such, our disposal of the former Open University Campus at Boars Hill has been a highlight, working alongside our residential team on this high profile instruction.

Letting instruction, The Quadrant, Abingdon Science Park: I am currently leading this letting instruction where we have enjoyed a considerable amount of early success. I have chosen this as a highlight however as we have been able to provide clear letting advice, implement our recommendations and see the results.   

I can provide advice on:

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Carter Jonas, acting on behalf of a private client, has completed the sale of Willow Court, one mile west of Oxford city centre, to Custodian REIT for £7.86 million.

Willow Court is a modern 22,545 sq ft office building on Minns Business Park, adjacent to the A34, which connects the M4 and M40. The property consists of four floors and is multi-let to RBS, Dehns, Charles Stanley, Oxentia and the Smith Institute. It produces an aggregate rent of £537,496 per annum, reflecting a net initial yield of 6.41%.

Carter Jonas's Oxford team has been involved with the property for several years, providing a complete range of services from across its business, including, building consultancy advice, property management services and commercial agency support.

Jon Silversides, partner and head of commercial agency at Carter Jonas Oxford comments: 'Our long-term involvement with Willow Court has helped to ensure a strong occupier line-up, as well as a joined-up and proactive refurbishment and disposal strategy for our clients - ultimately resulting in a successful sale process. Whilst our relationship with this scheme is now at an end, we are particularly pleased to have demonstrated the benefits of a thorough and comprehensive service at Willow Court. In what remains a challenging trading environment, Oxford continues to attract considerable investment interest, for all the right reasons.'

BNP Paribas Real Estate acted for Custodian REIT.