Lothbury Investment Management, on behalf of Lothbury Property Trust, has disposed of a prime retail warehouse and trade counter unit in Botley Road, Oxford for £11.42m.
The 28,034 sq ft unit is let to Wickes and currently has a passing rent of £697,702, equating to £24.89 per sq ft. 18 years remain on the lease.
The purchaser is UK based family office.
The unit occupies a prominent position on the south side of Botley Road (A420), the main arterial route from the A34 into Oxford city centre from the west. Immediately neighbouring the property is an established critical mass of retail warehouse and trade accommodation alongside a variety of others uses including residential and automotive.
The unit was built in the early 1990s and has been in the Lothbury portfolio since 2013.
Ed Hockley, Director at Lothbury Investment Management, said: “We have disposed of this asset to rebalance the portfolio, reducing the Fund’s exposure to the retail sector, and in order to reinvest in our target sectors of industrial property and alternative investments.”
Lothbury was advised by CWM Out of Town. The purchaser was advised by Allsop.