Westgate Oxford Alliance acquires Castle Quarter
2 February 2016
The Westgate Oxford Alliance, a joint venture between Land Securities and The Crown Estate, has acquired the Castle Quarter, Oxford for £47.2m from The Trevor Osborne Property Group.
The city centre site is made up of a Malmaison hotel in the former Oxford Prison, an exciting hub of restaurants and bars, and 40 modern apartments. It is in close proximity to the Westgate Oxford development, which is also owned by the Westgate Alliance and currently undergoing a £440m development to become a brand new shopping and leisure destination, due for completion in autumn 2017.
Jack Busby, Portfolio Director at Land Securities, said: “We are delighted to have purchased this attractive and historic site so close to our Westgate Oxford development. We believe Oxford is an exciting and unique location and this latest acquisition is testament to our confidence in the city as an international hub for retail and heritage
“Westgate Oxford Alliance is investing heavily in Oxford and is working closely with Oxford City Council and Oxfordshire County Council to unlock the regeneration potential of the city centre.”
Hannah Milne, Head of Regional Portfolio at The Crown Estate, said: “The acquisition of Castle Quarter is a fantastic opportunity to deepen our strategic partnership with Land Securities and at the same time reaffirm our commitment to ensuring Oxford is established as one of the south-east’s most regionally dominant shopping and leisure destinations.”
CBRE, Davis Coffer Lyons and Eversheds advised the Westgate Oxford Alliance. JLL and Charles Russell Speechlys advised The Trevor Osborne Property Group.