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To Let

28-31 St. Ebbes Street, Oxford, Oxfordshire, OX1 1PU

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For Sale

28-31 St. Ebbes Street, Oxford, Oxfordshire, OX1 1PU

Majority freehold and part long leasehold.

£11,000,000 / NIY 5.50%

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Arguably Oxford city centre's most prime private purpose-built student accommodation (PBSA) with additional office investment.

Property specification

  • 50 en-suite bedrooms and c.6,938 sq ft (NIA) of newly refurbished commercial tech office space, in core location adjacent to the Westgate Centre and Pembroke College
  • Student accommodation let to Bellerbys Educational Services Ltd for a further 17 years (subject to break in 2032) with uncapped, 5 yearly compound RPI uplifts. Sublet to Oxford Tutorial College
  • R&D offices let to Locale Ltd for 10 years to July 2030 with no break
  • Office rent reflects a very low c.£26.46 per sq ft
  • WAULT to expiries of c.14.6 year and 11.2 years to break
  • Current total net income of £560,638 pa
  • Exceptional student market, which includes one of the most prestigious and highly ranked universities in the world
  • £11,000,000 / NIY 5.50%

Services

A purchase at this level reflects a net initial yield of 5.50% on the R&D office and 4.50% on the student accommodation, based on standard purchaser's costs of 6.80%. Assuming annual RPI of 2.5% on the student element, this would show an overall reversionary yield of 5.22% in 2022, 5.75% in 2027 and 6.30% in 2032 and an equivalent yield of c.5.32%.

Lease terms

Our client is seeking offers in excess of £11,000,000 (Eleven Million Pounds) for its majority freehold and part long leasehold interest in the property (subject to contract and exclusive of VAT).

Location

The property is situated in Oxford city centre, on St Ebbes Street at the junction of Pembroke Street and Penny Farthing Place. The building occupies a corner position opposite St Ebbe's Church and is a 10-minute walk to Oxford station.

Location

The property is situated in Oxford city centre, on St Ebbes Street at the junction of Pembroke Street and Penny Farthing Place. The building occupies a corner position opposite St Ebbe's Church and is a 10-minute walk to Oxford station.

Train Stations
  • Oxford 0.72km
  • Oxford 5.94km
  • Radley 7.41km
  • Islip 8.35km

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