Commercial Property - Industrial - Warehousing - MULTI LET SMALL UNIT INDUSTRIAL INVESTMENT

8 SMALL INDUSTRIAL UNITS (2 BLOCKS OF 4 UNITS) TOTALLING 9,840 SQ FT
BOTH SCHEMES ARE CLOSE TO NORTHAMPTON TOWN CENTRE
PRESENT INCOME £53,000 PER ANNUM WITH POTENTIAL GROWTH TO £90,000+ PER ANNUM
STRONG OCCUPIER DEMAND
QUALIFYING SIZES FOR 100% SMALL BUSINESS RATES RELIEF
OFFERS SOUGHT IN EXCESS OF £800,000 REFLECTING A NET INITIAL YIELD OF 6.28% ALLOWING FOR PURCHASERS COSTS OF 5.44% POTENTIAL REVERSIONARY YIELDS OF OVER 11%
Location: 

With a population in excess of 220,000, Northampton is one of the UK’s largest towns. It is an established industrial centre, being strategically located at the heart of the “golden triangle” with M1 motorway access at Junctions 15, 15A and 16. Northampton railway station provides regular direct train services to London Euston and Birmingham New Street with journey times of 46 minutes and 1 hour respectively.
Upper Priory Street is located on the Grafton Street Industrial Estate just off the A428 Grafton Street on Northampton’s inner ring road system. Northampton town centre is approximately 0.75 miles away and the M1 Motorway 5 miles.
Bunting Road is accessed via Balfour Road, just off the A508 Barrack Road linking Northampton with Market Harborough and Leicester (A6) to the North. Northampton town centre is approximately 2 miles away and the M1 Motorway 7 miles.

Description: 

Each property comprises a terrace of 4 similar industrial units within developments constructed in the early 1980’s. Each unit offers clear space and minimum head room of 4.5 metres to eaves. Each unit also benefits from a single roller shutter door and the majority have 2 allocated parking spaces within a shared courtyard. Motor trade users dominate due to restricted supply in the town, particularly with easy access to the town centre and consequently demand for small units of this type remains high.

Accommodation: 

8 Units totalling 9,840 sq ft

Rates: 

Tenants responsibility

Terms: 

All eight units are owned on 999-year leases from the early 1980’s at an annual peppercorn rent plus a service charge as a contribution to the upkeep of common areas (each service charge is presently less than £500 plus VAT per annum and is generally passed on to the occupier). The freeholder has indicated a willingness to sell the freehold interest in each unit at a guide price of £500 plus VAT.
Offers for all eight 999-year leases are sought in excess of £800,000 reflecting a net initial yield of 6.28% allowing for purchaser’s costs of 5.44% and a potential reversionary yield of over 11%.

VAT: 

All figures quoted are exclusive of any VAT that the landlord may have a duty or choose to impose.

Legal Costs: 

Each party shall bear their own legal costs involved in the transaction.

Viewing: 

Strictly by appointment through the Sole Agents: HADLAND CHARTERED SURVEYORS TEL: 01604 639657