Commercial Property - Investment - FULLY LET MIXED USE INVESTMENT
Northampton is England’s second largest town with a population of 222,500 and is the strategic location for many national organisations as their central hub for business. Northampton has excellent rail and road communications, with hourly train services to London and road links to the M1 at Junctions 15, 15a & 16 and additionally to the A14 in the North. Northampton currently has an Enterprise Zone status which aims to support both new and expanding businesses by offering incentives.
The new £330 million University of Northampton Waterside Campus has been constructed along the River Nene and provides state of the art education facilities to 15,000 students and is just a short walk from the town centre. The campus opened in September 2018.
Northamptonshire County Council have also constructed their new Public-Sector headquarters in the heart of Northampton Town Centre, it holds 2000 professional workers and will bring an estimated additional £12 million spend into the Northampton Town Centre Economy.
The property comprises a 3-storey unit of masonry construction underneath a pitched slate roof. The ground floor and basement are currently occupied by a commercial tenant and the upper parts consist of a 3 bedroom flat.
The unit was previously occupied by Oliver Adams and is a very well know retail/food location. It is located on a prominent corner position opposite the main black cab taxi rank.
Commercial section
Date of occupation - July 2018
Rent - £19,500 per annum exclusive
Lease Term - 10 years
Deposit - 3 months
Rent Review - 5th anniversary of the term (upwards only)
Break option - Not applicable
Landlord and Tenant Act 1954 - Outside
VAT - The property is not elected for VAT
Residential section
The 3 bedroom flat is currently on a rent assurance scheme producing £520 pcm. However, we have been advised that there is scope for an uplift in the rent
*Copies of the leases can be provided upon request
| Ground Floor | 58.16 sq m | (626 sq ft) |
| First Floor | 20.44 sq m | (220 sq ft) |
| TOTAL NET INTERNAL AREA | 78.60 sq m | (846 sq ft) |
| (Plus basement unmeasured) |
| Rateable Value: | Tenants responsibility |
| Rates Payable 2019/20: | Tenants responsibility |
(Excludes Small Business Rates Relief which may apply)
The Rates Payable figure is an estimate. It does not take into account any Transitional Arrangements. It is important that interested parties verify this information with the relevant Borough Council Rating Department.
The property is available to purchase as an income producing investment at an asking price of £300,000 exclusive
All figures quoted are exclusive of any VAT that the landlord may have a duty or choose to impose.
Each party shall bear their own legal costs involved in the transaction.
Strictly by appointment through the Sole Agents: HADLAND CHARTERED SURVEYORS TEL: 01604 639657
