An office block which houses several hundred workers has been sold in a multi-million pound deal. Newton Asset Management has bought Beaumont House in Banbury from Nirton Developments for £3.1m.

The six-storey 22,560 sq ft building has recently undergone a £1m refurbishment programme, and is fully let to companies including till systems firm Torex Retail, animal clothing company Weatherbeeta, financial advisers Square Green, British Alcan Aluminium and Hutchison 3G UK.

Chris White of agents White Commercial said rents in the town had risen since the building was upgraded.

He added: "There is currently a shortage of quality office stock in Banbury, so Beaumont House offers excellent rental growth prospects. It has plenty of parking, and is close to Tesco and to Junction 11 of the M40."

Beaumont House was built in the 1970s and stands on the A423 Southam Road, about a mile from the motorway.

Guy Bowden, development director of Nurton Developments, said: "Beaumont House was vacant when we purchased it in 2003.

"It is extremely pleasing that we were able to realise the potential of this building and sell it fully occupied."