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The Old School
(Trading as My Sichuan Restaurant)
Gloucester Green, Oxford, OX1 2DA
Long Leasehold Investment For Sale – Offers Invited
■■Oxford city centre location
■■Long leasehold (114 years unexpired) investment
■■Rent passing £42,000 pa
■■Offers invited
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Location
The Old School is located on the North
side of Gloucester Green, immediately
adjacent to the City’s main bus station, at
the heart of Oxford City Centre. It is set
one street back from the main ‘A3’ pitch
of George Street and links to the west
with Worcester Street and to the East with
Gloucester Green market.
Description
The property is an historic Grade II
Listed building arranged over ground,
first and second floor level. The property
has been split into two sections with
the council owning the freehold and our
client having the long leasehold interest in
the first, second and part of the ground
floor (see the plan below). The entire
building is however leased to one tenant
and therefore the two units have been
amalgamated.
Upon entering the building from the front
elevation, the ground floor is largely open
plan with a small ‘bar’ area as you enter
the unit. There are a number of more
intimate dining areas off from the main
dining room. Male and Female WC’s and
a small store-room are located to the rear
of the ground floor. Also to the rear of the
Accommodation
The property’s approximate floor areas are
provided below:-
Floors
Council Owned Unit
(Sq Ft)
Ground 1,295 4,597
First 290
Second 909
ground floor is a large commercial kitchen.
The first floor provides storage
accommodation with the second floor
converted to private owner’s / manager’s
accommodation. There is a dumb waiter
servicing the two upper floors, although
this is not currently in use.
The restaurant provides a total of 250
covers. The ground floor is fitted out to a
high specification and also benefits from
comfort cooling.
Externally there is also seating for circa
80 covers.
Subject Property
(Sq Ft)
Total 1,295 5,796 7,091 Sq Ft
Tenure
The property is held on a 125 year (114
years unexpired) long leasehold interest,
subject to a peppercorn rent in part of the
property.
The council own the freehold interest and
have let their section of the property to
My Sichuan Restaurant Ltd at a rent of
£36,000 per annum. We have not seen a
copy of the lease however the rent reflects
£27.80 per sq ft.
Council
owned

Ground Floor
The subject property has also been
sub-let to My Sichuan Restaurant Ltd
on a 15 year lease (13 years unexpired
term) from 2010 at a rent of £42,000 per
annum, which reflects an overall rate of
£7.24 per sq ft. The lease is subject to 4
yearly rent reviews.
Opportunity
The property has been let to an
established independent operator My
Sichuan Restaurant Ltd who operate
an authentic Chinese restaurant from
the premises. The covenant strength
of the operator can be described as
moderate but we understand that a 6
month (£21,000) rent deposit has been
lodged and personal guarantees have
also been given. The rent passing for the
subject property is clearly under-rented in
light of the rent per sq ft achieved for the
remainder of the property. The opportunity
therefore exists to acquire a longleasehold
property in the centre of Oxford
with a rent passing which is in our opinion
reversionary.
Price
Offers are invited for the long
leasehold interest.
First Floor
Second Floor

NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the
Controller of H.M. Stationery Office © Crown copyright licence number 100024244 Savills (L&P) Limited.
rdnance Survey © Crown Copyright 2012. All rights reserved. Licence number 100020449. Plotted Scale - 1:22761
Important Notice
Savills, their clients and any joint agents give notice that:
1. They are not authorised to make or give any representations or warranties in relation to the property
either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume
no responsibility for any statement that may be made in these particulars. These particulars do not form
part of any offer or contract and must not be relied upon as statements or representations of fact.
2. Any areas, measurements or distances are approximate. The text, images and plans are for
guidance only and are not necessarily comprehensive. It should not be assumed that the property has
all necessary planning, building regulation or other consents and Savills have not tested any services,
equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.
Savills Southampton
2 Charlotte Place
Southampton, SO14 0TB
+44 (0) 23 8071 3900
Adam Bullas
+44 (0) 23 8071 3957
abullas@savills.com
Nick Lyell
+44 (0) 20 7877 4782
nlyell@savills.com
savills.co.uk