13 September 2010
Acting on behalf of a private Irish client, NB Real Estate – part
of Capita Symonds – and Finnegan Menton have just completed the
sale of a prime freehold bank in Witney, Oxfordshire, to a private
investor for £2 million.
The market town of Witney has significantly above average per
capita spending thanks to its affluent catchment population. The
property, at 2/4 Market Square, is located midway between the
town’s two shopping centres, adjacent to the post office and close
to numerous other multiple retailers including Boots, an Ask
Restaurant, Waterstones and Steamer Trading.
The property comprises a self contained bank arranged over
ground and a self contained first floor together with a large
surface car park for over 30 cars to the rear. The property is
currently leased to Lloyds TSB Bank plc on a lease term to expire
in September 2017 at a passing rental of £118,000 per annum, with
one further rent review in September 2012.
The final purchase price of £2 million was the result of
marketing and ahead of the quoting price of £1.86 million. The
purchase shows a net initial yield of 5.58%.
Hoffman & Partners represented the purchaser.