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Investment / Development For Sale

Cumnor Hill, Oxford, OX2 9PL

Tenure: For Sale

Size: 27,372.81 sq ft

Price: £5,385,000

Town: Oxford

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A RARE OPPORTUNITY IN OXFORD TO ACQUIRE A WELL-LET INVESTMENT UNDERPINNED BY LIFE SCIENCE REDEVELOPMENT POTENTIAL

VOLVO & MG OXFORD

The property occupies a highly visible site fronting Cumnor Hill, approximately 2.8 miles (4.5 km) to the west of Oxford city centre. Cumnor Hill connects the suburb of Botley the north east to the A420 and Cumnor in the south west. Cumnor Hill is a mixed high value residential and commercial area. Surrounding uses include Chawley Park, a modern office park housing occupiers including Winckworth Sherwood, James & Cowper and Helios. There is also a nearby modern care home and high grade residential development.

The property comprises two purpose-built dealership buildings which have recently been refitted and reconfigured in accordance with the  manufacturer’s latest corporate requirements and franchise standards.  The properties are of steel frame construction with full height  glazing to the showrooms with clad rear elevations and workshop under a part pitched part flat roof.  The accommodation is arranged  over ground and first floor levels with external parking comprising a total GIA of approximately 27,372 sq ft (2,543 sq m).  The Volvo showroom is fitted to a high Scandinavian specification throughout providing 9 showroom display spaces with a reception desk area and customer waiting area to the centre, fitted with suspended ceilings, extensive lighting and overhead ventilation system. There are offices and ancillary areas to the rear of the showroom.  Parts is accessed from the side of the building and the workshop, accessed at the rear of building, is configured to provide a total of 5 service bays. The first floor comprises offices, staff room, storage and ancillary.  The MG showroom provides 4 showroom display spaces with offices, a kitchenette, ancillary, storage and parts. The workshop area is configured to provide a total of 4 service bays. The first floor comprises parts and storage.  Externally, there is a detached valet unit and further workshop space and a total of 108 car parking spaces including new and used car display bays, customer parking and storage spaces.

TENANCY

The property is let to Waylands Automotive Limited on a full repairing and insuring lease for a term of 15 years expiring 31st December 2033, at a passing rent of £287,500 per annum (£9.41 psf). There is a reversionary lease which takes the unexpired term to approximately 16.25 years, expiring 31st December 2038. The rent is reviewed to the greater of open market rent or linked to the Retail Price Index with a collar and cap of 1% and 3% per annum. The next review is in December 2023, based on a gross internal floor area of 30,539 sq ft.

ERV

We are of the opinion that the ERV is £380,000 per annum, equating to £12.44 psf.

PROPOSAL

We are instructed to seek offers in excess of £5,385,000 (Five Million, Three Hundred and Eighty Five Thousand Pounds) for the freehold, subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 5%, rising to 6.6% based on our ERV in December 2023, assuming purchaser’s costs of 6.61%.

The property has been elected for VAT purposes and it is anticipated that the transaction will be treated as a Transfer of Going Concern.

Waylands MG & Volvo Oxford, 171-173 Cumnor Hill, Oxford, OX2 9PL - Please Click Link for Photos, Floor Plans and Virtual Tour

 

  Sq Ft Sq M
VOLVO    
Ground Floor 12,952.40 1,203.32
First Floor 4,186.60 388.95
Total 17,139.00 1,592.27
MG    
Ground Floor 5,200.90 483.18
First Floor 1,259.30 116.99
Total 6,460.20 600.17
EXTERNAL    
Valet 2,238.56 207.97
Workshop 1,535.04 142.61
TOTAL 27,372.81 2,543.02

Disclaimer:

CBRE Limited on its behalf and as agent for the Vendors or Lessors of this property, give notice that: 

  1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 
  2. Whilst CBRE Limited uses reasonable endeavours to ensure that the information in these particulars is materially correct, any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection, searches, enquiries, surveys or otherwise as to their accuracy.  CBRE Limited as such cannot be held responsible for any loss or damage whatsoever, including without limitation, any direct, indirect or consequential loss or damage or any loss of profits resulting from direct or indirect actions based upon the content of these particulars.
  3. No person in the employment of CBRE Limited has any authority to make any representation or warranty whatsoever in relation to this property and potential Purchasers, Lessees or Third parties will therefore not rely upon any statement made, or information provided, by any employee of CBRE.
  4. Unless otherwise stated, all purchase prices and rents are correct at the date of publication for guidance purposes and, unless otherwise stated, are quoted exclusive of VAT.  Lease details and service ground rent (where applicable) are given as a guide only and should be checked and confirmed by your solicitor prior to exchange of contracts.
  5. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners, and the use of such logos does not imply any affiliation with or endorsement of CBRE. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.

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Get in Touch

For more information please email Tom Barton

Alternatively call us on 01865 848488 to discuss any property requirements.

For more information please email Tom Barton at tom.barton@cbre.com.

Alternatively call us on 01865 848488 to discuss any property requirements.

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