Location
Oxford
Size
138,500 sqft
Background
- First acquired in 2013 with KKR along with two other assets, known as the Tuscany Portfolio.
- Sold fully let with an average weighted lease term of 10.9 years to Pramerica in January 2016 for £67m, representing a net initial yield of 4.99%.
- Subsequently acquired on behalf of CBRE GI in July 2023 for £55.2m (6.10% NIY).
Development Initiatives – KKR
- Upon purchase, the former B&Q unit was in the midst of redevelopment to be split into several units. We monitored the redevelopment and secured lettings to Sainsbury’s, Poundland, Pets at Home, DW Sports, Costa and Pure Gym at rents up to £32.50 per sq ft.
- We successfully widened the retailer and leisure offer to drive customer footfall and dwell time.
- As part of the B&Q redevelopment, planning was secured for four houses at the rear of the service yard and the site was sold separately to a local house builder thus maximising returns.
Development Initiatives – CBRE IM
- Key tenants include Lidl, Sainsbury’s, TK Maxx and Poundland.
- Successful variation of Pets at Home lease to grant the tenant 3 months rent free, simultaneously entering into a new straight 10 year lease from December 2023 at a superior net effective rent of £26.50psf.
- Two deals agreed last year which increased the rental tone by c.50% compared to the level the vendor was agreeing deals at.
| Size | Status | Deal Type |
| 138,500 sq ft | Ongoing | Asset management |