8 Oxford Road, Kidlington - Investment/Development Opportunity For Sale - Freehold | £850,000 guide price
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PROMINANTLY POSITIONED MIXED USE INVESTMENT WITH PLANNING CONSENT FOR RESIDENTIAL CONVERSION IN PLACE
8 Oxford Road occupies a prominent location in the heart of Kidlington, located approximately 6 miles to the north of Oxford City Centre. Kidlington has a population of approximately 15,000 and is well positioned for speedy connections to the A34 and M40. The new train station at Water Eaton provides a direct service to central London further enhancing the popularity of Kidlington.
Kidlington is the home to, amongst others, the headquarters of the Oxfordshire Fire and Rescue service and Thames Valley Police. There are several industrial and business parks in the immediate vicinity and significant investment is being seen in the location generally.
The property is situated on the west side of Oxford Road, approximately 150 feet from the central village crossroad formed by the junction with Lyne Road, Banbury Road and High Street.
Description and Proposal
The premises comprise of a detached property with commercial accommodation at ground, first and second floors. The property was comprehensively refurbished in 2012 and is currently arranged as a hairdressing salon at ground floor, a beauty salon at 1st and offices on the second floor. Externally parking for the salon is situated on the forecourt and parking for the upper floors, accessed via an archway to the side of the main property is within a rear courtyard.
The property at present provides an income in the region of c.£55,000 per annum and has planning permission for conversion of the upper floors to a combination of 1 bed, a 2 bed and a 3 bed apartment within the existing building. The property is to be sold with the benefit of the hairdressing salon lease in place, and the Vendor may consider extending the Salon lease on the first floor if agreeable to both parties.
Please see planning references 14/01524/PAJ & 15/00654/F at Cherwell District Council for full drawings. Planning reference 09/00767/MULFP explains the alterations required to the roof to allow one large 3 bedroom apartment on the second floor.
8 Oxford Road
Ground Floor 1,285 sq ft 119.40 sq m
First Floor 1,094 sq ft 101.60 sq m
Second Floor 400 sq ft 37.20 sq m
Ground floor, 8 Oxford Road - Salon
Held under 2 leases to the same occupier expiring on the 16th March 2023 at a passing rent of £31,000 pa. The leases are subject to rent review in March 2018.
First Floor, 8 Oxford Road- Beauty Therapist
Held under licence, determinable upon 1 month’s notice at a fee of £350 + VAT per week.
Second floor, 8 Oxford Road- Offices
Held under a lease from 1st February 2011 for a term expiring 1st January 2014 at a passing rent of £6,338 per annum. The Tenant is currently holding over but we understand that vacant possession can be provided if required by the purchaser.
All occupancies are excluded from the Security of Tenure provisions of the LTA 1954.
The property generates a total income of £55,538.
Guide Price: £850,000 + VAT
All figures quoted within these particulars are exclusive of VAT where chargeable.
8 Oxford Road has an EPC Rating of 128 ‘F’.
Full copies can be supplied on request.
Ref: CCM / MW