Westgate partnership extends ownership

Published:  03 February, 2016

Land Securities and Crown Estate buy £47.2m Oxford hotel and leisure complex

Land Securities and the Crown Estate's Westgate Oxford Alliance has bought the Castle Quarter in Oxford for £47.2 m, reflecting a net initial yield of 5.22 per cent.

The Castle Quarter comprises a 95 bedroom four star Malmaison Hotel, restaurants and bars, 40 apartments let on a long ground lease, education centre, art gallery and a heritage visitor’s attraction.

Oxford Castle dates back to 1071 and more recently the property was used as a prison from 1785 to 1996 prior to being developed as the Castle Quarter by the Osborne Group in 2006. On completion, the project won a plethora of awards and was opened by the Queen.

The sale was a unique opportunity to acquire a hotel and leisure investment in Oxford City Centre, one of the UK’s most popular leisure markets.

JLL advised the Trevor Osborne Property Group and head of leisure Mark Smith said: “The Westgate Oxford Alliance’s ownership of the adjacent Westgate shopping centre made this acquisition particularly appealing.”

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