Banbury: Newcore sells car dealership site to Cherwell council

Published by

TBM Team

Newcore Capital Management, the alternative real-estate investment manager, has sold a key parcel of regeneration land in Banbury to Cherwell District Council. The former Antelope car dealership site, which is opposite the Morrisons supermarket at Swan Close Road and the gateway to the Banbury Canalside regeneration project, has been acquired by Cherwell for £2.15 million.

Hugo Llewelyn, managing director of Newcore, said: “We are delighted to be selling this site to Cherwell District Council. We had the opportunity to sell it to a company that would have used the existing assets on the site, but we were keen to see the council purchase it and use it for the regeneration of Banbury.”

Newcore bought the 0.9 acre site in September last year when the existing Nissan dealership was closed. It comprises a large modern showroom with offices, totalling 9,380 sq ft, a modern, fitted garage with workshop space, totalling 5,650 sq ft and a petrol filling station with a car wash.

Newcore bought the property for Newcore Strategic Situations II, a £25m opportunistic fund that has invested in UK real-estate assets linked to social infrastructure, storage and accommodation. As part of its business plan, the fund is now in the process of selectively selling some assets and returning capital to its investors.

Newcore’s strategy is to invest in “alternative” assets, which make up the real estate that society needs to function physically at a most basic level. These asset classes include: accommodation (market, social, student and elderly housing); social infrastructure (the assets facilitating the provision of healthcare, education, transport, government, energy and waste management); and storage (domestic and industrial).

Source: CoStar

TBM Team