Savills reports successful Oxford investment market in 2019
Suzanne Lovell
Savills has reported a hectic 2019 in the Oxford investment market.
The property specialist’s analysis shows £181 million was transacted, 61 per cent above the year-end total for 2018 and 43 per cent up on the 10-year average.
The positive figures reported have been underpinned by investor demand which has been driven by an increasingly strong occupational market.
Rents have reached £40 per sq ft and are forecast to hit £46 per sq ft by 2023.
Major deals include:
The sale of Units A and B at Oxford Technology Park to Strathclyde Pension Fund for £16.35m. The former warehouse unit was converted to laboratory space and let to an occupier from the scientific sector on a 15-year lease.
The sale of Littlemore Park to Charter House for £7.5m. The site, close to Oxford Science Park, offers future development potential.
The sale of mixed-use Seacourt Tower, Botley, which achieved more than the £65m asking price.
Savills says there have also been a number of ‘off market’ deals of around £30m.
Jan Losch, associate in the commercial agency team at Savills Oxford, said: “Oxford continues to attract investors looking for strong income producing assets in an increasingly exciting market.
“The growth of sectors such as technology and life sciences has led to a number of key lettings for the city, which has encouraged further activity from both institutional and private investors.
“We anticipate this to continue into 2020 as Oxford undergoes further development and more opportunities present themselves to potential purchasers.”
Source: https://www.tvproperty.co.uk/news/savills-reports-successful-oxford-investment-market-in-2019
Image: http://oxfordtechnologypark.com/