108 Banbury Road, Oxford, Oxfordshire, OX2 6JU

Property specification

• 25 year lease to Aspect International Language Academies Limited expiring on the 8th March 2030 providing an unexpired lease term of 6.5 years. Tenant right to renew for a further 15 years on expiry.
• Fixed annual rent uplifts of 2.5%.
• Aspect International Language Academies Ltd has an A2 D&B rating.
• Trading as Kaplan International Oxford and guaranteed by Kaplan Inc., a global company whose parent company reported education division revenue of $1,427.9m in 2022, up 5% from 2021.
• Kaplan International has 39 language schools in the UK and over 1 million students internationally.
• The property has a GIA of 8,003 sq ft (743.5 sq m) and a NIA of 5,931 sq ft (551 sq m).
• Rent passing of £163,765 rising to £167,859 (£28.30psf NIA or £20.97psf GIA) at the March 2024 rent review. The vendor will top up the rent to the next review from completion.
• The property is not elected for VAT.
• We are instructed to seek offers in excess of £2,435,000, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6.50% and a low capital value of £410 per sq ft (NIA) after purchaser's costs of 6.07%.
• £2,435,000 / NIY 6.50%