5 Somerville Court, Banbury Business Park, Banbury, Oxfordshire OX17 3NS

South East investment opportunity

Established commercial location

New Lease in 2015

Investment value underpinned by VP value

Guide price £357,500, stc

8.67% net initial yield

Capital value £1,469 per sq m / £136 per sq ft

For sale by online clicktopurchase® auction,

unless sold prior

Banbury is an affluent market town providing the main commercial centre for North Oxfordshire. The town is located adjacent to Junction 11 of the M40 Motorway

approximately 114 km (70 miles) north west of London, 61 km (38 miles) south east of Birmingham and 34 km (21 miles) north west of Oxford.

The town is connected to the national railway network with a fastest journey time of 1 hour and 17 minutes to London Paddington and 54 minutes to Birmingham New

Street or Birmingham Snow Hill. London Oxford Airport is 40 km (25 miles) to the South and Birmingham Airport is 65 km (40.5 miles) to the North West.

The subject property is situated within Somerville Court, which itself is strategically located with Junction 10 of the M40 Motorway approximately 11 km (7 miles) to the

south-east and Junction 11 some 8 km (5 miles) to the north. Banbury town centre is approximately 6.4 km (4 miles) to the north-west. The property is accessed via

Trinity Way which runs off the east side of Aynho Road (B4100).

Somerville Court forms part of the larger Banbury Business Park, a high quality business park providing well designed accommodation set within an attractive business

environment. Surrounding occupiers include Oxfordshire Ambulance NHS Trust, G4S, Sanctuary Housing Association, Tugo Food Systems, Orange Motor Finance, G

Force Logistics and P&L Software Systems.

Somerville Court is an established office complex of 15 two storey

buildings set in a landscaped environment.

The subject property comprises a self-contained office building

constructed in the late 1980’s and comprehensively refurbished

in 2015. It is arranged over ground and first floors of steel frame

construction with brick elevations and a glazed entrance under a

pitched roof.

Allocated surface car parking for 14 vehicles is provided to the

front and side of the property with a ratio of 1:197 sq ft.

As depicted in the photos, internally the property benefits from

mainly open plan accommodation and has been fitted out to a

specification including:

Comfort cooling

Suspended ceilings

Raised floors

Double glazing

Male & Female WC’s

The property has been measured by BKR Floor Plans and

provides the following floor areas;

A set of floor plans is available to download and the measured

survey report is available for assignment to a purchaser.

Please note that the property has been measured in accordance

with the new International Property Measurement Standard

(IPMS).

The estimated service charge for the year 1st January 2016 to 31st December

2016 is £3,892 (£15.99 per sq m / £1.48 per sq ft). Copies of the Service

Charge Accounts and the Service Charge Budgets are available to download.

Virtual Freehold. Held on a 999 year lease from 7th July 1997 at a peppercorn rent

A set of floor plans is available to download and the measured survey is available

for assignment to a purchaser. - See more at:

https://www.singerviellesales.com/PropertyPreview.aspx?propertyId=447#sthas

h.YHlQVjcQ.dpuf

The property is let to Vebra Solutions Limited and guaranteed by Property

Software Holdings Limited on a Full Repairing and Insuring lease for a term of 5

years from 2nd July 2015, expiring 1st July 2020. The lease is contracted out of

the security of tenure provisions of the Landlord and Tenant Act 1954.

A purchaser will benefit from an income from completion of £32,188 per annum

(£132 per sq m / £12.28 per sq ft overall).

The tenant has been granted a reduced rent for the first year of the lease of

£17,369 per annum, expiring on 1st July 2016. The vendor will cover this shortfall

by way of an adjustment on completion of the sale.

The tenant, Vebra Solutions Limited (Co. No. 4529917), has

reported the following figures;

The guarantor, Property Software Holdings Limited (Co. No.

08800101), has reported the following figures;

Vebra is the number one supplier of web based estate agency

software with more than 3,500 customers nationwide using its

products.

According to its website the Property Software Group is the United

Kingdom’s largest supplier of software, technology and design

solutions to the property industry. Its portfolio includes market

leading residential sales and property management software and

web design services. The group has six divisions: Alto, Vebra

Solutions, Jupix, CFP Software, Core Systems and MoveIT.

For further information please visit

www.propertysoftwaregroup.com and www.vebra.info.

A purchaser will benefit from an initial income of £32,188 per annum which equates to £132 per sq m (£12.28 per sq ft overall).

As proof of the strong occupational demand for Somerville Court, a number of the adjoining units have been let between 2013 and 2015.

In October 2015, Unit 13 totalling 194.82 sq m (2,097 sq ft) was let for a term of 5 years at an initial rent of £26,212.50 per annum equating to £134.54 per sq m

(£12.50 per sq ft).

In July 2015, Unit 11 & 12 totalling 408.20 sq m (4,394 sq ft) was let for a term of 10 years at an initial rent of £54,375 per annum equating to £133 per sq ft (£12.37

per sq ft). The lease includes a 5 year break option.

A purchase at the asking price reflects a net initial yield of 8.67% and a capital value of £1,469 per sq m (£136 per sq ft). Adjoining properties on Somerville Court

have recently been sold, demonstrating that the investment value is underpinned by the vacant possession value:

In October 2015, Units 11 & 12 was sold at a figure of £610,000 equating to a net initial yield of 8.42% and a capital value of £1,494 per sq m (£138.82 per sq ft).

The property total 408.20 sq m (4,393 sq ft) with the benefit of 27 car parking spaces and is let to John Nicholls Trading Limited for a terms of 10 years from 7th July

2015, subject to a tenant’s break option at year 5, at a passing rent of £54,375 per annum (£133 per sq m / £12.37 per sq ft).

In December 2014, Unit 1 was sold at a figure of £382,500 equating to a net initial yield of 8.3% and a capital value of £1,626 per sq m (£151 per sq ft). The property

totals 235 sq m (2,533 sq ft) with the benefit of 15 car parking spaces and is let to P&L Software Systems Limited for a term of 10 years from 2nd May 2015, subject

to a tenant’s break option at year 5, at a passing rent of £32,925 per annum (£140 per sq m / £13.00 per sq ft).

In addition, the tenant of Unit 6 had an option to purchase which they triggered in May 2015. The unit totalling 167 sq m (1,818 sq ft) was acquired for £227,250

equating to £1,361 per sq m (£125 per sq ft). However, this was not an open market transaction and it is believed the unit would fetch a higher figure today if offered

to the open market.

1. An opportunity to acquire a virtual freehold office investment in the South East;

2. The property is situated in an established commercial location;

3. New lease in July 2015;

4. The property is let to an established tenant;

5. The property was comprehensively refurbished in 2015;

6. Several lettings concluded on the business park between 2013-2015,

demonstrating good occupational demand;

7. A purchase at the asking price reflects an attractive net initial yield;

8. The investment value is underpinned by the vacant possession value;

9. The investment provides a purchaser with an attractive lot size.

SUBJECT TO CONTRACT & EXCLUSIVE OF VAT Misrepresentation Act 1967 Singer Vielle for themselves and for the Vendors or Lessors of this property whose Agents they are give notice that: 1. The particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract

2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of Singer Vielle has any authority to make or give any representation or warranty whatever in relation to this property. 4. All maps are for identification purposes only and should not be relied upon for accuracy. 5. Unless otherwise stated, all prices and rentals quoted are exclusive of Value Added Tax to which they may be subject. Finance Act 1989 Unless otherwise stated, all prices and rents are quoted exclusive of VAT. Property Misdescriptions Act 1991 These details are believed to be correct at the time of compilation, but may be subject to subsequent amendment. Concerning the Properties listed and/or appearing on the Site: 1. Under no circumstances shall we be liable to you for any direct, indirect, consequential, incidental or special damages arising out of your purchase or lease of any Properties on the Site. 2. Under no circumstances shall we be liable for any errors or incompleteness of the information relating to any Property listed on this Site or if any Property has been withdrawn from sale or lease nor shall we be responsible for any inaccurate dimensions of any Properties or price listed. 3. Our website service permits you to enquire about and to purchase or lease Properties appearing on or listed on this Site. Such enquiries, purchase or leasing can only be made and permitted strictly subject to the terms and conditions set out below. 4. We do not accept responsibility or liability for the completeness or accuracy of information appearing on this Site which is provided by the Vendors or Lessors of the Property concerned who are solely responsible for such information. 5. Whilst we believe that the Properties listed are available for purchase or lease we make no guarantee that this is the case or that they have not been withdrawn by the Vendor or Lessor of the same. All Properties appearing or listed on the Site are subject to changes, errors or omissions. We have not verified the accuracy of the information relating to the Properties or any dimensions which have been given by the Vendors or Lessors. 6. All Properties are listed subject to contract and the prices shown are exclusive of VAT if applicable.

Guide price £357,500 (Three Hundred and Fifty Seven

Thousand, Five Hundred Pounds), subject to contract,

reflecting a net initial yield of 8.67% and a capital value of

£1,469 per sq m (£136 per sq ft).

Singer Vielle Vendors Solicitor

94-96 Wigmore Street Whitehead Vizard

London W1U 3RF Close Gate Chambers, 60 High Street

Tel: +44 (0) 207 935 7200 Salisbury SP1 2PQ

Neil Singer neil@singervielle.co.uk Tel: 01722 412 141

Dale Henry dale@singervielle.co.uk Stephen Kenmir sk@whitehead-vizard.co.uk

Richard Wolfryd richard@singervielle.co.uk

Faye Walker faye@singervielle.co.uk

Victoria Jarecki victoria@singervielle.co.uk

Louanne Malan louanne@singervielle.co.uk

The property has been elected for VAT. It is anticipated

that the sale will be treated as a Transfer of a Going

Concern (TOGC)