5 Somerville Court, Banbury Business Park, Banbury, Oxfordshire OX17 3NS

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Morgan Atkinson
5 years ago
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Investment value underpinned by VP value

67% net initial yield Capital value 1,469

1 5 Somerville Court, Banbury Business Park, Banbury, Oxfordshire OX17 3NS South East investment opportunity Established commercial location New Lease in 2015 Investment value underpinned by VP value Guide price 357,500, stc 8.67% net initial yield Capital value 1,469 per sq m / 136 per sq ft For sale by online clicktopurchase auction, unless sold prior

Banbury is an affluent market town providing the main commercial centre for North Oxfordshire.

Oxford. The town is connected to the national railway network with a fastest journey time of 1 hour and 17 minutes to London Paddington and 54 minutes to Birmingham New Street or Birmingham Snow Hill.

The subject property is situated within Somerville Court, which itself is strategically located with Junction 10 of the M40 Motorway approximately 11 km (7 miles) to the south-east and Junction 11

2 Banbury is an affluent market town providing the main commercial centre for North Oxfordshire. The town is located adjacent to Junction 11 of the M40 Motorway approximately 114 km (70 miles) north west of London, 61 km (38 miles) south east of Birmingham and 34 km (21 miles) north west of Oxford. The town is connected to the national railway network with a fastest journey time of 1 hour and 17 minutes to London Paddington and 54 minutes to Birmingham New Street or Birmingham Snow Hill. London Oxford Airport is 40 km (25 miles) to the South and Birmingham Airport is 65 km (40.5 miles) to the North West. The subject property is situated within Somerville Court, which itself is strategically located with Junction 10 of the M40 Motorway approximately 11 km (7 miles) to the south-east and Junction 11 some 8 km (5 miles) to the north. Banbury town centre is approximately 6.4 km (4 miles) to the north-west. The property is accessed via Trinity Way which runs off the east side of Aynho Road (B4100). Somerville Court forms part of the larger Banbury Business Park, a high quality business park providing well designed accommodation set within an attractive business environment. Surrounding occupiers include Oxfordshire Ambulance NHS Trust, G4S, Sanctuary Housing Association, Tugo Food Systems, Orange Motor Finance, G Force Logistics and P&L Software Systems.

Somerville Court is an established office complex of 15 two storey buildings set in a landscaped environment.

It is arranged over ground and first floors of steel frame construction with brick elevations and a glazed entrance under a pitched roof.

As depicted in the photos, internally the property benefits from mainly open plan accommodation and has been fitted out to a specification including: Comfort cooling Suspended

3 Somerville Court is an established office complex of 15 two storey buildings set in a landscaped environment. The subject property comprises a self-contained office building constructed in the late 1980 s and comprehensively refurbished in It is arranged over ground and first floors of steel frame construction with brick elevations and a glazed entrance under a pitched roof. Allocated surface car parking for 14 vehicles is provided to the front and side of the property with a ratio of 1:197 sq ft. As depicted in the photos, internally the property benefits from mainly open plan accommodation and has been fitted out to a specification including: Comfort cooling Suspended ceilings Raised floors Double glazing Male & Female WC s The property has been measured by BKR Floor Plans and provides the following floor areas; A set of floor plans is available to download and the measured survey report is available for assignment to a purchaser. Please note that the property has been measured in accordance with the new International Property Measurement Standard (IPMS).

The estimated service charge for the year 1 st January 2016 to 31 st December

Copies of the Service Charge Accounts and the Service Charge Budgets are

Held on a 999 year lease from 7 th July 1997 at a peppercorn rent The property

Limited on a Full Repairing and Insuring lease for a term of 5 years from 2nd

The lease is contracted out of the security of tenure provisions of the

A purchaser will benefit from an income from completion of 32,188 per annum (

4 The estimated service charge for the year 1 st January 2016 to 31 st December 2016 is 3,892 ( per sq m / 1.48 per sq ft). Copies of the Service Charge Accounts and the Service Charge Budgets are available to download. Virtual Freehold. Held on a 999 year lease from 7 th July 1997 at a peppercorn rent The property is let to Vebra Solutions Limited and guaranteed by Property Software Holdings Limited on a Full Repairing and Insuring lease for a term of 5 years from 2nd July 2015, expiring 1st July The lease is contracted out of the security of tenure provisions of the Landlord and Tenant Act A purchaser will benefit from an income from completion of 32,188 per annum ( 132 per sq m / per sq ft overall). The tenant has been granted a reduced rent for the first year of the lease of 17,369 per annum, expiring on 1st July The vendor will cover this shortfall by way of an adjustment on completion of the sale.

The tenant, Vebra Solutions Limited (Co. No.

08800101), has reported the following figures; Vebra is the number one supplier of web based estate agency software with more than

According to its website the Property Software Group is the United Kingdom s largest supplier of software, technology and design

5 The tenant, Vebra Solutions Limited (Co. No ), has reported the following figures; The guarantor, Property Software Holdings Limited (Co. No ), has reported the following figures; Vebra is the number one supplier of web based estate agency software with more than 3,500 customers nationwide using its products. According to its website the Property Software Group is the United Kingdom s largest supplier of software, technology and design solutions to the property industry. Its portfolio includes market leading residential sales and property management software and web design services. The group has six divisions: Alto, Vebra Solutions, Jupix, CFP Software, Core Systems and MoveIT. For further information please visit and

A purchaser will benefit from an initial income of 32,188 per annum which equates to 132 per sq m ( 12.28 per sq ft overall).

6 A purchaser will benefit from an initial income of 32,188 per annum which equates to 132 per sq m ( per sq ft overall). As proof of the strong occupational demand for Somerville Court, a number of the adjoining units have been let between 2013 and In October 2015, Unit 13 totalling sq m (2,097 sq ft) was let for a term of 5 years at an initial rent of 26, per annum equating to per sq m ( per sq ft). In July 2015, Unit 11 & 12 totalling sq m (4,394 sq ft) was let for a term of 10 years at an initial rent of 54,375 per annum equating to 133 per sq ft ( per sq ft). The lease includes a 5 year break option. A purchase at the asking price reflects a net initial yield of 8.67% and a capital value of 1,469 per sq m ( 136 per sq ft). Adjoining properties on Somerville Court have recently been sold, demonstrating that the investment value is underpinned by the vacant possession value: In October 2015, Units 11 & 12 was sold at a figure of 610,000 equating to a net initial yield of 8.42% and a capital value of 1,494 per sq m ( per sq ft). The property total sq m (4,393 sq ft) with the benefit of 27 car parking spaces and is let to John Nicholls Trading Limited for a terms of 10 years from 7th July 2015, subject to a tenant s break option at year 5, at a passing rent of 54,375 per annum ( 133 per sq m / per sq ft). In December 2014, Unit 1 was sold at a figure of 382,500 equating to a net initial yield of 8.3% and a capital value of 1,626 per sq m ( 151 per sq ft). The property totals 235 sq m (2,533 sq ft) with the benefit of 15 car parking spaces and is let to P&L Software Systems Limited for a term of 10 years from 2nd May 2015, subject to a tenant s break option at year 5, at a passing rent of 32,925 per annum ( 140 per sq m / per sq ft). In addition, the tenant of Unit 6 had an option to purchase which they triggered in May The unit totalling 167 sq m (1,818 sq ft) was acquired for 227,250 equating to 1,361 per sq m ( 125 per sq ft). However, this was not an open market transaction and it is believed the unit would fetch a higher figure today if offered to the open market.

1. An opportunity to acquire a virtual freehold office investment in the South East; 2. The property is situated in an established commercial location; 3.

The property is let to an established tenant; 5. The property was comprehensively refurbished in 2015; 6.

The investment value is underpinned by the vacant possession value; Guide price 357,500 (Three Hundred and Fifty Seven Thousand, Five Hundred Pounds), subject to contract, reflecting a net initial

Singer Vielle 94-96 Wigmore Street London W1U 3RF Tel: +44 (0) 207 935 7200 Vendors Solicitor Whitehead Vizard Close Gate Chambers, 60 High Street Salisbury SP1 2PQ Neil Singer Dale Henry Richard

7 1. An opportunity to acquire a virtual freehold office investment in the South East; 2. The property is situated in an established commercial location; 3. New lease in July 2015; The property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC) 4. The property is let to an established tenant; 5. The property was comprehensively refurbished in 2015; 6. Several lettings concluded on the business park between , demonstrating good occupational demand; 7. A purchase at the asking price reflects an attractive net initial yield; 8. The investment value is underpinned by the vacant possession value; Guide price 357,500 (Three Hundred and Fifty Seven Thousand, Five Hundred Pounds), subject to contract, reflecting a net initial yield of 8.67% and a capital value of 1,469 per sq m ( 136 per sq ft). 9. The investment provides a purchaser with an attractive lot size. Singer Vielle Wigmore Street London W1U 3RF Tel: +44 (0) Vendors Solicitor Whitehead Vizard Close Gate Chambers, 60 High Street Salisbury SP1 2PQ Neil Singer Dale Henry Richard Wolfryd Faye Walker Victoria Jarecki Louanne Malan Tel: Stephen Kenmir sk@whitehead-vizard.co.uk neil@singervielle.co.uk dale@singervielle.co.uk richard@singervielle.co.uk faye@singervielle.co.uk victoria@singervielle.co.uk louanne@singervielle.co.uk SUBJECT TO CONTRACT & EXCLUSIVE OF VAT Misrepresentation Act 1967 Singer Vielle for themselves and for the Vendors or Lessors of this property whose Agents they are give notice that: 1. The particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of Singer Vielle has any authority to make or give any representation or warranty whatever in relation to this property. 4. All maps are for identification purposes only and should not be relied upon for accuracy. 5. Unless otherwise stated, all prices and rentals quoted are exclusive of Value Added Tax to which they may be subject. Finance Act 1989 Unless otherwise stated, all prices and rents are quoted exclusive of VAT. Property Misdescriptions Act 1991 These details are believed to be correct at the time of compilation, but may be subject to subsequent amendment. Concerning the Properties listed and/or appearing on the Site: 1. Under no circumstances shall we be liable to you for any direct, indirect, consequential, incidental or special damages arising out of your purchase or lease of any Properties on the Site. 2. Under no circumstances shall we be liable for any errors or incompleteness of the information relating to any Property listed on this Site or if any Property has been withdrawn from sale or lease nor shall we be responsible for any inaccurate dimensions of any Properties or price listed. 3. Our website service permits you to enquire about and to purchase or lease Properties appearing on or listed on this Site. Such enquiries, purchase or leasing can only be made and permitted strictly subject to the terms and conditions set out below. 4. We do not accept responsibility or liability for the completeness or accuracy of information appearing on this Site which is provided by the Vendors or Lessors of the Property concerned who are solely responsible for such information. 5. Whilst we believe that the Properties listed are available for purchase or lease we make no guarantee that this is the case or that they have not been withdrawn by the Vendor or Lessor of the same. All Properties appearing or listed on the Site are subject to changes, errors or omissions. We have not verified the accuracy of the information relating to the Properties or any dimensions which have been given by the Vendors or Lessors. 6. All Properties are listed subject to contract and the prices shown are exclusive of VAT if applicable.

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