Mace puts Oxford PBSA and hotel up for grabs for £73m

Mace Group has put West Way Square, a mixed-use development in Botley, Oxford, to market for £73.1m. The scheme includes 20 rental homes, purpose-built student accommodation comprising 264 beds across three blocks, six retail and commercial units, a Premier Inn hotel and a Co-op store. Knight Frank is seeking offers of over £53.2m for the PBSA and six commercial units, which are let to tenants including Iceland, Tesco, Lloyds Pharmacy, Missing Bean and Chancellors. The six retail shops currently generate £387,500 in annual rental income. The offer price reflects a blended net initial yield of 5.9%, based on yields of 5.7% for the PBSA and 7.5% for the retail. Separately, the long leasehold interest in the Premier Inn and Co-op units are being marketed for £19.9m, reflecting a net initial yield of 6% based on the projected January 2026 rent review and assuming purchaser costs of 6.8%. The agency is also accepting offers for the entirety of the site. Mace previously brought the PBSA and retail units to market in 2023 with a £56m price tag, with Knight Frank handling the marketing at the time.