Record-breaking Oxford office hits the market

Lothbury Investment Management has appointed CBRE to find a new owner for its North Bailey House in Oxford city centre, on behalf of the Clarendon Unit Trust. The guide price is £26.2m, reflecting a net initial yield of 5.5%. The building, which is set for completion later in October, will provide up to 28,563 sq ft of space across four floors, alongside a roof terrace, amenities, coffee and concierge service, breakout space, cycle storage and shower facilities. The office space, measuring 22,641 sq ft, is fully prelet to Valebond Consultants, trading as Ryze Hydrogen, on a 10-year lease. The deal set a record Oxford office rent of £63.46 per sq ft. The company expects to move in in January next year following a fit-out. The remaining 5,922 sq ft of space in the building is dedicated to retail and leisure uses. North Bailey House forms part of a major urban regeneration project, located adjacent to the Clarendon Centre redevelopment which is expected to become a major new science and technology hub within Oxford by 2028 as well as provide new public realm and retail space. To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @Gre_Eve or @EGPropertyNews