5:00pm Thursday 22nd August 2013
A PRIME Oxford city centre site has been snapped up by an Oxford University college in a multi- million-pound deal.
Lincoln College has acquired 120-121 High Street from the Royal Bank of Scotland, which has branches of NatWest and Coutts in the building.
While the exact value of the deal has not been revealed, it is thought to be more than the advertised price of £4.5m after two rounds of competitive bidding. The banks will lease back the parts of the buildings which front on to High Street.
Occupiers will be sought for an an 8,100 sq ft extension at the back which could also be redeveloped.
The total site stretches to a total of 21,000 sq ft.
Andrew Inglis, of Royal Bank of Scotland’s agents DTZ, said: “The deal offers the banks flexibility should they want to move in the future.”
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