Commercial Property - Industrial - Warehousing - MULTI-LET DISTRIBUTION DEPOT INVESTMENT OPPORTUNITY

SELF-CONTAINED 1.96 ACRE FENCED SITE WITH CONCRETE YARD
FULLY OCCUPIED
SCOPE FOR RESTRUCTURING/PART OWNER-OCCUPATION/REDEVELOPMENT
GROSS INCOME PRESENTLY £108,000 PER ANNUM WITH RENTAL GROWTH POTENTIAL
THE ENTIRE SITE IS AVAILABLE FREEHOLD SUBJECT TO THE EXISTING LEASES AT £1,750,000 EXCLUSIVE. ALTERNATIVELY OFFERS FOR PART ONLY WILL BE CONSIDERED
Location: 

Northampton is one of England’s largest and fastest growing towns with a population of 220,000. It’s central location at the heart of the motorway network (M1 junctions 15, 15a and 16) has resulted in many national organisations choosing it for their headquarters. Northampton Railway Station is 1 mile away with Euston trains running hourly with a travel time of 56 minutes.

The site is located at the lower end of Stour Road on the Weedon Road Industrial Estate. Access is via Ross Road forming part of the Weedon Road Industrial area close to the Sixfields Leisure Complex. Road access is via Edgar Mobbs Way linking with Sixfields and St James Mill Road Industrial Estate, providing excellent access to Northampton Town Centre approximately 1½ miles distance and to Junction 15A of the M1 Motorway approximately 2 miles away. The immediate locality is characterised by industrial and warehouse uses but the site is also immediately adjacent to residential.

Description: 

The site provides 2 warehouse buildings plus ancillary areas standing either side of a concrete yard area.

Unit 2
Probably constructed in 1950s in traditional steel frame with dual pitched ‘A’ frame supported roof structure in 2 bays plus additional 2 storey office section and a vehicle workshop.

Unit 4
A more modern semi-detached structure (possibly dating to 1980s) in steel frame construction clad in vertically hung profile steel cladding with split-height roof section and single loading door plus single storey office/ancillary area and first floor mezzanine office.

External Yard
The property benefits from a concrete yard, which is fenced and capable of accommodating HGVs and staff car parking.

Tenancy: 
Unit Description Size GIA (sq ft) Tenant Business Category Lease Start Terms Rent (pa)
2a Main Warehouse 12,983 Transport company

19/12/2019

Tenant since 2009

3 year lease without review

FRI with schedule

Outside the landlord and tenant act 1954

£30,000

(£2.31 psf)                           

2b Vehicle repair workshop 1,973 Vehicle servicing and repair

01/05/2019

Tenant since 2011

3 year lease without review

FRI with schedule

Outside the landlord and tenant act 1954

£9,000 (£4.56 psf)
2c Ground floor office and workshop 2,210 Catering equipment suppliers/installers

01/01/2019

Tenant since 2010

Expiring 1st January 2021

FRI with schedule

Outside the landlord and tenant act 1954

£8,000 (£3.62 psf)
2d First floor office 2,210 Property managment company Q1 2020

Short term licence

Outside the landlord and tenant act 1954

£6,000 (£2.71 psf)
4 Warehouse and office 12,325 Removals company 01/09/2018

10 year lease

Tenant break and rent review after 6 years

FRI with schedule

Outside the landlord and tenant act 1954

Yr 1 £27000 (£2.19psf)
Yr 2 £55000 (£4.46psf)
Yr 3 £57500 (£4.67psf)
Yr 4 £57500 (£4.67psf)
Yr 5 £60000 (£4.46psf)
Yr 6 £60000(£4.87psf)
          Present rent passing £108,000 per annum exclusive

 

Accommodation: 
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)    
Rates: 

Tenants responsibility

Terms: 

The freehold interest is offered for sale at £1,750,000. With a present annual income of £108,000 per annum exclusive this represents an initial gross yield of 6.17% per annum. We consider there to be significant potential for rental growth.
Alternatively, consideration will be given to a sale of Unit 2 in isolation (terms available on request from the agent).

VAT: 

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

Viewing: 

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

Sub Location: 
STOUR ROAD