Westgate will change the face of Oxford…and for the better!

Earlier this week Savills and the Westgate Alliance launched the marketing of residential units included as part of the Westgate shopping centre development.  Mill Stream House as it has been named, is a single block of 59 one and two bedroom apartments across the road from John Lewis and next to the old mill stream.  This week the first 20 apartments were released for reservation off-plan, ranging from £347,000 for the cheapest one-bedroom apartment to £564,000 for a two bed apartment on the North end of the block with a balcony overlooking the mill stream.

Whilst no show apartment is yet available for viewing, it is clear that the apartments will be small in comparison to other central Oxford apartments, but with high quality finishes.  There will be lift access, but there is no provision for parking, which whilst understandable given the central location, will no doubt deter some buyers.

Rental yields will be good particularly for the one-bedroom apartments with between 4.5 and 4.8% -beds look likely depending on purchase price.  Yields on the 2 beds will be lower, and rental demand is more likely to be impacted by the lack of parking for these properties.  Overall, however, this is set to be popular with buy to let investors.

On Tuesday, there was a launch event hosted by Savills which was well attended by potential buyers, and just 24 hours after the first 20 apartments were made available 12 had been reserved.  Some of the best apartments will form part of phases 2 and 3 releases scheduled for May/early June.

I believe that the Westgate development will impact Oxford in a similar way in which a similar John Lewis led development impacted Cardiff.  In Cardiff, the development acted like a magnet to shoppers, restauranteurs and retailers effectively relocating the city centre to what had been a rather under-developed part of town.  It seems to me that something similar will happen in Oxford, which has been crying out for a decent retail experience for years.  For many residents of Oxford Castle, Empress Court and Tennyson Lodge, the disturbance and inconvenience caused by Westgate’s development has at times seemed unbearable.  However, once complete I expect them to be well rewarded as their properties become even more desirable.  Offering residents a short walk to world-class shopping, eating and drinking.  In turn The Lion Brewery, Castle Mews, Rowland Hill Court and Stream Edge apartments will also feel the ripple effect as The Castle area becomes THE place to live in Oxford.

It is terrific to see new housing stock being made available in Oxford.  City centre apartments are an ideal way to keep the Oxford vibrant and alive, and maintaining the City as jewel of Central England.