NB Real Estate Completes Witney Bank Deal

13 September 2010

Acting on behalf of a private Irish client, NB Real Estate – part of Capita Symonds – and Finnegan Menton have just completed the sale of a prime freehold bank in Witney, Oxfordshire, to a private investor for £2 million.

The market town of Witney has significantly above average per capita spending thanks to its affluent catchment population. The property, at 2/4 Market Square, is located midway between the town’s two shopping centres, adjacent to the post office and close to numerous other multiple retailers including Boots, an Ask Restaurant, Waterstones and Steamer Trading.   

The property comprises a self contained bank arranged over ground and a self contained first floor together with a large surface car park for over 30 cars to the rear. The property is currently leased to Lloyds TSB Bank plc on a lease term to expire in September 2017 at a passing rental of £118,000 per annum, with one further rent review in September 2012. 

The final purchase price of £2 million was the result of marketing and ahead of the quoting price of £1.86 million. The purchase shows a net initial yield of 5.58%.

Hoffman & Partners represented the purchaser.