The shops are let to fashion retailers Next and Miss Selfridge; Virgin Records; Superdrug and Clinton Cards, generating an annual rental income of £1.8 million ($2.6 million). The purchase price will reflect a net initial yield of more than 6% following settlement of outstanding rent reviews The vendor, Hermes Property Asset Management, was represented by CB Hillier Parker. Jesus College Oxford was advised by Drivers Jonas and James Styles & Whitlock.
Drivers Jonas Partner Scott Fawcett said: 'This was a good opportunity for the college to acquire a strategic property at an attractive price - it's not often that you get the chance to acquire such a substantial block of prime Oxford retail. From the college's perspective this is a particularly interesting property as it offers the potential for more intensive development in the future.'
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