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Under OfferFor sale: £4,500,000.00

1 Brookhill Way, Banbury Cross Business Park, Banbury, OX16 3EL

Office, Business park, Offices , 31003 Sq Ft
Property type: Office, Business park, Offices
Tenure: Investment Opportunity, Under Offer
Size: 31003 Sq Ft
Price: £4,500,000.00
Location: 1 Brookhill Way, OX16 3EL
LOCATION  Banbury is an affluent market town and is the main commercial centre for north Oxfordshire.  It is situated at Junction 11 of the M40 motorway, approximately 80 miles (128km) north west of London, 44 miles (71km) south east of Birmingham, 31 miles (49km) north west of Milton Keynes and 22 miles (36km) north of Oxford. The M40 is the principal road link between London and Birmingham, the UK’s two largest cities.

The town is connected to the national railway network with a fastest journey time of 51 minutes to London Marylebone and 42 minutes to Birmingham’s New Street or Snow Hill stations. London Oxford Airport is 25 miles (40km) to the south while Birmingham International Airport is situated approximately 30 miles (48km) to the north west.  Banbury’s central location in the UK, together with infrastructure improvements has led to its expansion and it now benefits from a diverse economic base.

The property is situated at the junction of Daventry Road and Brookhill Way and its junction with A422, approximately 300 metres to the west of junction 11 of the M40 motorway. Nearby occupiers include DHL, Karcher, Magenta Self Storage, Premier Inn, Frankie & Benny's, Toby Carvery, Costa and Banbury Gateway Shopping Park.

DESCRIPTION  The property comprises a modern prominent office building over ground and two upper floors. It is of steel frame construction with brick elevations under a pitched tiled roof which was completed in September 2000. The property’s specification includes:
• 4-pipe fan coil air conditioning
• raised floors
• suspended ceilings with integral lighting
• double glazed polyester coated framed windows
• two 10 person lifts
• male and female toilets on each floor
• shower provision
• secure fence and barrier system
There is an external building housing a generator
and UPS serving the property.

Car Parking
The property has 183 car parking spaces which provide an excellent ratio of 1:169 sq ft, and occupies a site 2.19 acres (0.89 hectares).  Site area of approximately 2.19 acres (0.89 hectares).

Offers are sought in excess of £4,500,000, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 11.25% assuming purchaser’s costs of 6.57%, and a capital value of £145.14 per sq ft.

The property is let to Lloyds Bank Commercial Finance Limited and Lloyds Bank plc as joint tenants on a 25 year lease from 13 December 2000 (approximately 8.25 years unexpired) at a rent of £539,682 per annum (£17.65 per sq ft overall, assumes half rate for reception area and access lobby). It is subject to 5 yearly rent reviews. There is a tenant’s break option in December 2020, upon 6 months’ notice.  The property is used for a number of functions including Group IT, Commercial Banking Delivery, Data Services, Credit and Compliance, Client Management, Factoring Direct and Payroll Finance.
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