- RENTAL INCOME £48,000 PER ANNUM EXCLUSIVE
- 15 YEAR FULL REPAIRING AND INSURING LEASE FROM 2005
- SITUATED WITHIN NORTHAMPTON'S MAIN PEDESTRIANISED SHOPPING DISTRICT.
- ADJOINING OCCUPIERS ARE PRIMARK AND BRIGHT HOUSE.
- 90 COVER CAFÉ/ RESTAURANT
THE INVESTMENT IS AVAILABLE TO PURCHASE ON A FREEHOLD BASIS AT AN ASKING PRICE OF £640,000 PROVIDING A NET INITIAL YIELD OF 7.1%
LOCATION
The investment is situated on the south side of Abington Street which is fully pedestrianised. Local occupiers include Primark, Thomas Cook and Bright House. Abington Street is the main shopping street within the town centre.
Northampton is a strategically located regional centre with a population in excess of 190,000 and a catchment area of approximately 300,000.
DESCRIPTION
The premises comprise a three-storey building over basement. The property provides ground floor and first floor restaurant with associated offices above. Additionally, there is an enclosed rear fire escape to all floors leading on to a rear car park providing approximately six linear car parking spaces.
The ground and first floors are fitted to a high standard including air conditioning and Cat.2 lighting.
ACCOMMODATION
The accommodation briefly comprises: |
| |
| Gross frontage |
4.73 m |
15' 6" |
| Net internal width |
4.35 m |
14' 4" |
| Shop depth |
19.05 m |
62' 6" |
| |
Net floor areas |
| |
| Ground floor |
82.43 sq m |
898 sq ft |
| Basement |
23.89 sq m |
257 sq ft |
| First floor |
73.51 sq m |
791 sq ft |
| Second floor |
36.43 sq m |
392 sq ft |
| |
| Net Internal Area |
216.26 sq m |
2338 sq ft |
RATES
From verbal enquiries of Northampton Borough Council Rating Department we are informed that the property has the following present assessments:
| Rateable Value : |
£ 37,750.00 |
| Rates Payable (2001/2002) : |
£ 15,930.50 |
It is recommended that interested parties verify this information with Northampton Borough Council Rating Department on (01604) 233500.
PLANNING
We understand the property has planning consent for use class A3 of the Town and Country Planning Use Classes (Order 1987). This allows for use as a restaurant/take-away.
TERMS OF LEASE
The property is held by Ossal Limited on a 15 year full repairing and insuring lease granted in 2005.
The present rent is £48,000 per annum exclusive with five yearly upward only rent reviews.
PROPOSAL
The freehold investment is available at an asking price of £640,000 (Six Hundred and Forty Thousand Pounds). This would show a purchaser a net initial return on the current rent passing of 7.1%. This reflects purchaser's costs of 5.75%, (4% Stamp Duty, 1% if you have an agent acting for you and 0.75% for legal costs).
LEGAL COSTS
Each party is to be responsible for their own legal costs involved in the transaction.
VAT
All figures quoted excludes any VAT which the vendor may have a duty or choose to impose.
VIEWING: Strictly by appointment
through the Sole Agents:
HADLAND CHARTERED SURVEYORS
TEL: 01604 639657
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