For Sale Godstow Court, Minns Business Park, Oxford OX2 0JB Map Centre 449,010 206,184 0 0.01 0.02 0.03 # Km !!!N

For Sale Godstow Court, Minns Business Park, Oxford OX2 0JB Map Centre 449,010 206,184 0 0.01 0.02 0.03 # km !!!N

Godstow Court, Rarely available reversionary Oxford office investment Minns Business Park, with significant asset management potential Oxford OX2 0JB

Summary Description Map Centre 449,010 206,184 Approximate Demise Area 0 0.01 0.02 0.03 # – Rare Oxford freehold office investment Godstow Court comprises of a modern detached office km !N building completed in 2000. Arranged over ground, first and ! – Guide seeking offers in excess of £4,200,000 (four second floors the accommodation is open plan with excellent million and two hundred thousand pounds) showing natural light. a net initial yield of 6.59% – Asset management opportunity to realise The building has a combination of brick and part glazed reversionary rental elevations with a full height glazed front and rear entrances. – VAT not applicable to sale Having been in single occupancy to A2 Dominion – Established tenant with 20 month residue of long since construction, whilst the building will benefit from lease (November 2020) refurbishment, nevertheless it is suitable for both single and multi-occupancy with stairs and lift access together with toilets – Proven office location on each floor. The existing rear access currently serves the – Flexible accommodation current subtenants as detailed below. – 65 car spaces (1:234) and close to Park and Ride/ The building benefits from both raised access floors and Main Bus route suspended ceilings together with air conditioning.

Location Externally there are 65 on-site car parking spaces at a ratio of 1:234 sq ft Minns Business Park occupies a prominent location in Botley and has emerged over the last decade as a prime business Accommodation Approximate site area is 0.22 hectares (0.54 acres). location. Existing Park occupiers include Oxford University The building has the following approximate Net internal Innovation, Barclays, RBS, Dehns and Charles Stanley. floor areas: All measurements are approximate and calculated in accordance with the RICS Property Measurement The Park is situated approximately 1.2 miles from Oxford Areas on a Net Internal Basis mainline railway station and the city centre. It adjoins Botley (incorporating International Property Measurement 2 2 Road, one of Oxford’s main arterial routes, in turn providing a Floor / Use m ft Standards) 1st Edition May 2015. Two Snow Hill, Birmingham, B4 6GA main bus route into the city and direct access to the A34 via Ground Floor – 428.70 4,615 Tenancy T: 0121 794 6250 the nearby junction. Offices carterjonas.co.uk The property is let in its entirety to A2 Dominion Housing Ltd Ground Floor – 35.94 387 The location benefits from pay to use parking at Seacourt Park who have the residue of a Landlord and TenantCl ieprotectednt: 20 and Ride, which is approximately 400m away. This has a current Reception year full repairing and insuring lease, which expires on 7th Project: Godstow Court capacity for 749 spaces and plans to extend this to 1500. First Floor – 465.76 5,013 November 2020.

Offices Two Snow Hill, Birmingham, B4 6GA Nearby amenities including shops and cafes can be found within The passing rental is £295,000 (£19.32 psf) Title: Dem i s e Tp: 01l2a1 7n94 6-25 0approximate area 10 minutes walk at both West Way and Seacourt Retail Park, Second Floor – 485.30 5,224 carterjonas.co.uk A2 Dominion is no longer in occupation and has sublet the with West Way being the subject of an £82M redevelopment to Offices Client: Scale: 1:1250 @A4 first and second floors to Oxford Global Marketing Ltd (OGMS) include hotel, retail and student accommodation. Project: GodDsrtaow nC o©bu yCr:rtoRwnG Copyright 2018. Carter JDoanates: L0L5P AESp1r0 2000149458 Total NIA 1,415.70 15,239 and Ogilvy Healthworld UK Ltd respectively with both leases Reproduced from the Ordnance Survey Map with permission of the Controller of Her Majesty's Stationery Office. © Crown Copyright 2019. Carter Jonas LLP ES100021719 expiring on 1st September 2020. OGMS’s lease includes a The immediate vicinity has a range of attractive walks and IPMS 3 office – areas are available on request. Title: Demise plan - approximate area picnic areas in North Hinksey Nature Reserve. landlord only rolling 6 month break. Scale: 1:1250 @A4

Reproduced from the Ordnance Survey Map with permission of the Controller of Her Majesty's Stationery Office. © Crown Copyright 2019. Carter Jonas LLP ES100021719 Both tenancies are outside the Landlord and Tenant Act Office Market security of tenure provisions. Oxford’s office market is characterised by a lack of stock, Copies of all tenancy documents are available within the particularly within the city centre, which in turn has seen ripple data room. effects to the outlying suburbs including Botley as occupiers have been forced to look further afield, in turn resulting in a Covenant rapid increase in rental tones over the past 24 months. In 2005 the original tenant Cherwell Housing Trust became Carter Jonas’s annual commercial market report, available part of A2 Dominion Housing Group Ltd. within the data room, shows 2018 County take up of 218,000 A2 Dominion Homes Ltd are a division of the A2Dominion sq ft, a 10 year average of 320,000 sq ft and prime rentals in Housing Group Ltd with regional offices in Ealing and excess of £30.00 psf. Oxford. A2 Dominion Homes Ltd are responsible for The market over the past 24 months has been dominated by managing the Group’s affordable homes in the London Vacant Ground Floor science and knowledge based occupational requirements, Boroughs, Oxfordshire, Buckinghamshire, Cambridgeshire, with a particular feature being the emergence of well-funded Bristol and Berkshire. University spin out organisations. Asset Management A2Dominion Group has over 37,000 homes across Botley is an established office location which benefits from London and southern England with another 7,800 in the We are of the opinion that Godstow Court provides an it’s proximity to the city, A34, Park and Ride, and improving development pipeline backed by a £8.8 billion asset base excellent asset management opportunity. Given A2 Dominion’s amenity offering. The location is favoured by professional (source: A2DominionGroup Report and Accounts 2018) vacation of the building to occupy newly built premises we believe that the purchaser will be able to enter into dilapidation firms, amongst others, including Blake Morgan, Knights, It offers a wide range of housing options, including affordable negotiations in a timely fashion and in turn re-present the Barclays and RBS with a number of companies having rented, temporary, student, sheltered, supported and key building to the market at an enhanced market rental tone. relocated from the city centre over the past 5 years including worker accommodation, as well as homes for sale and shared Dehns, Charles Stanley and Vencap International. ownership through its A2Dominion New Homes brand. We are of the opinion that the building’s ERV is in the order of £420,000 (£27.50 psf) subject to refurbishment. Given the restrictions imposed by Oxford’s green belt and Whilst A2Dominion Homes is a not for profit social landlord flood plains there are no obvious short term sites within administered by a voluntary board, the Group generated an Interested parties are advised to seek their own professional the immediate vicinity to develop additional stock and as operating profit of £100.2M for the year ended 31st March 2018. advice in this regard. such we are of the opinion that the location will continue its popularity and improvement in rental tone. Profits generated from this commercial division are re- The building is suitable to be let as a whole, by floor or part invested back into the business providing further affordable floor, with the first and second floors currently sublet per floor. A summary of recent letting activity is also available housing, enabling the Group to grow organically through the on request. development of mixed tenure schemes. Terms The property is offered Freehold subject to the existing lease to A2 Dominion Housing Group Ltd and sub leases to Oxford Global Marketing Ltd (OGMS) and Ogilvy Healthworld UK Ltd. Oxford City Guide price - seeking offers in excess of £4,200,000 (four Centre million and two hundred thousand pounds) showing a net initial yield of 6.59%

Tenure New Barclay Botley Road Freehold House Retail Park Royal Bank VAT Godstow Court of Scotland We are advised that VAT will not be applicable to the sale. Isis Innovation Centre Further Information Hinksey Business Full supporting information including floor plans, legal Savills & Barclays Centre Curtis Industrial documents and EPC’s is available via the date room: Bank Estate www.godstowcourtoxford.com Seacourt Tower Viewing Viewing and further information otherwise via the sole agents Carter Jonas.

A34 Western Bypass Road

Oxford 01865 517000 carterjonas.co.uk Important information Our property particulars do not represent an offer or contract, or part of one. The information given is [email protected] Offices throughout the UK Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:200000 without responsibility on the part of the agents, seller(s) or lessor(s) and you should not rely on the in- Mayfield House, 256 Banbury Road, Summertown, formation as being factually accurate about the property, its condition or its value. Neither Carter Jonas FOR IDENTIFICATION LLP nor anyone in its employment or acting on its behalf has authority to make any representation or Oxford OX2 7DE warranty in relation to this property. We have not carried out a detailed survey, nor tested the services, PURPOSES ONLY appliances or fittings at the property. The images shown may only represent part of the property and Robert Gibbons – [email protected] are as they appeared at the time of being photographed. The areas, measurements and distances are approximate only. Any reference to alterations or use does not mean that any necessary planning Jon Silversides – [email protected] permission, building regulation or other consent has been obtained. The VAT position relating to the www.godstowcourtoxford.com property may change without notice. Note: All plans not to scale. February 2017