Banbury’s Antelope Garage sold with staff made redundant

Nissan Antelope Garage, Banbury NNL-160208-100825001
Nissan Antelope Garage, Banbury NNL-160208-100825001

The Nissan Antelope car dealership on Swan Close has been sold to real estate investment firm Newcore Capital Management.

The 0.9 acre site opposite Morrisons supermarket, comprises a large modern showroom with offices, totalling 9,380 sqft, and a modern, fitted garage with workshop space, totalling 5,650 sq ft.

The petrol station which incorporates a car wash is available to lease separately.

Hugo Llewelyn, managing director of Newcore, said: “We are delighted with the purchase of this high-quality investment. It is very well situated on a prominent corner site opposite Morrisons and we are confident it will appeal to the local business community.

“This is the latest in a number of investments we have made in Oxfordshire. It is a county we love, and where we would like to make more acquisitions”.

Chris White, managing director of White Commercial who are the leasing agents for the property, said: “White Commercial continues to see strong occupier demand in the M40 markets, with a number of recent significant commercial property transactions in all sectors drawing in inward investment and providing opportunities for the organic expansion of existing companies in the area. The purchase of the Antelope will provide showroom, offices, trade counter and garage workshop accommodation, which is in short supply in the northern part of the M40”.

Newcore has bought the property for Newcore Strategic Situations II, a new £25 million opportunistic fund that will invest in UK real estate assets linked to social infrastructure, storage and accommodation.

Newcore’s strategy is to invest in what are known as ‘alternative’ assets, which make up the real estate that society needs to function physically at a most basic level.

The current staff have been made redundant but they have been given lengthy notice periods with many already finding alternative employment.

Any warranties bought at the garage are technically Nissan products and will be honoured at any other Nissan dealerships. This also applies to service plans.

The nearest Nissan dealerships are located in Royal Leamington Spa and Northampton.