| 29/08/2007 MAJOR BANBURY OFFICE BLOCK SOLD FOR £3.1M |
Nurton Developments has sold Beaumont
House, Banbury, to Newton Asset Management, for £3.1 million, representing
a net initial yield of 7%.
The 6-storey 22,560 sq ft building had recently undergone a £1m refurbishment
programme, and was fully let to local, expanding, companies. White Commercial
and Colliers CRE were joint selling agents for Nurton, and Rohleder Lumby
represented the purchasers.
Rents in the Oxfordshire town have risen since the building was upgraded
by Nurton, said Chris White, of White Commercial.
"There is currently a shortage of quality office stock in Banbury,
so Beaumont House offers excellent rental growth prospects," he added.
Current occupiers include Torex Retail, Weatherbeeta Limited, Square
Green Limited, British Alcan Aluminium Plc and Hutchison 3G UK Limited.
Chris White said: "As usual, Nurton have done a really good job refurbishing
the building, plus, it's got plenty of car parking, and is close to Tesco
and to J11 of the M40."
Beaumont House was built in the 1970s and occupies a prominent position
on the A423 Southam Road, on the outskirts of Banbury, about a mile away
from the motorway. It stands adjacent to Finance House, another multi-storey
office building that is occupied by Lloyds TSB Commercial Finance.
Guy Bowden, Development Director, Nurton Developments, said: "Beaumont
House was vacant when we purchased it in 2003, it is extremely pleasing
that we were able to realise the potential of this building and sell it
at full occupancy, underlining our philosophy of identifying under performing
buildings and maximising their potential." |
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