Harbert Management Corporation and XLB are pleased to announce the sale of Spires House, Oxford for £17.15m (6.06% NIY) – well exceeding the quoting price of £14.85m.
The building measures 49,500 sq. ft. was purchased from Arlington in 2015 in the Emperor Portfolio. On acquisition, the majority of the building was let to BT on a short term basis with Jazz Pharma occupying the remainder. On expiry of the BT lease in 2017 the building underwent a comprehensive refurbishment, following which Jazz Pharma doubled their footprint and regeared their lease. A further 12,000 sq. ft with let to Veeva Systems UK at a rent 15% higher than passing. After a competitive bidding situation, the sale to Arlington (who own the wider Oxford Business Park) completed in Q4 2020.