Office for sale in Blenheim Court, 19 George Street, Banbury OX16

Key Points

Description

Executive Summary
A rare opportunity to acquire a substantial office building with prominent frontage and exceptional re-positioning potential, benefitting from short-term income.

*Blenheim Court presents a unique opportunity to acquire a 0.88 acre site in central Banbury, with significant alternative use value to be unlocked
*34,833 sq ft of office accommodation across ground, first and second floors
*Located within the Oxford-Cambridge Arc; designated for significant investment and economic growth
*Well situated, immediately off the A4260, providing direct access to major arterial links, including the M40
*Highly accessible location, just a 7 minute walk from Banbury Train Station and 5 minute walk from the town centre
*Significant prominence, with dual frontage, benefiting a number of re-positioning opportunities, subject to planning
*Currently multi-let to a diverse range of local, national and international occupiers, with a current passing rent of £365,885 per annum, reflecting £10.50 per sq ft
*Attractive WAULT to break of 1.27 years, providing short-term income, with vacant possession achievable
*124 car parking spaces split across deck level and undercroft
*Opportunity to take advantage of updated Permitted Development Right legislation
*The property is held Freehold

Proposal
Our client is seeking offers in excess of £3,800,000 (Three Million, Eight Hundred Thousand Pounds) subject to contract and exclusive of VAT, which is payable.

A purchase at this level reflects a low capital value of £109 psf and a net initial yield of 10.26% (assuming purchasers’ costs of 6.50%).

Description
Blenheim Court comprises a prominent office building, providing 34,833 sq ft of office accommodation, arranged across ground, first and second floors. Vehicular access to the site is via an entrance archway at the western end of the George Street frontage. A total of 124 car parking spaces are provided, split across 45 at deck level and 79 at undercroft.

Alternative Use Potential
Residential
Blenheim Court lends itself for re-development to a variety of uses, including residential or self-storage, subject to planning. Under the Cherwell Local Plan Review 2040, George Street is identified as a Town Centre Opportunity site, and area of change, where re-development is encouraged, including to residential use, with the consultation draft allocating 5,000 new homes to be delivered by 2024. Recent changes to Permitted Development Rights (pdr) applications submitted under Class ma on or after 5th March 2024, mean there is now neither a size threshold nor a 3-month vacancy requirement for qualifying buildings that can be converted to residential.

The site is not subject to any planning restrictions (including conservation or Article 4 restrictions). This provides significant potential to re-develop to residential within the current frame, or add massing.

Self-Storage
Blenheim Court’s prominent frontage and superb accessibility also lends itself to self-storage; a sector demonstrating strong operational resilience and attractiveness as a growth sector.

Location

Banbury is an affluent South East market town located in north Oxfordshire. It is strategically positioned off Junction 11 of the M40 motorway; the main arterial route between the UKs two largest cities, Birmingham and London. Banbury is well positioned to serve the key urban area of Oxford 20 miles south, Coventry 30 miles north and Milton Keynes 31 miles east.

The town is exceptionally well serviced by rail, with direct access to Central London (every 30 minutes), Birmingham, Coventry and Oxford from Banbury Rail Station. Banbury is located at the heart of the Oxford-Cambridge Arc, a global hub for innovation and significant economic growth zone. The Oxford-Cambridge Arc is home to 4 million people and 2 million jobs, generating economic output of over £111bn each year.

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The accommodation comprises the following areas: