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.