Commercial Property - Investment - Fully Let Investment Opportunity
Northampton is one of England’s fastest growing towns 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.
There is a range of redevelopment activity within Northampton including the following:
- Multi-million pound re-development of the existing Railway Station
- New £25m development of student accommodation for the university in the main town centre
- New £7m bus station development on Northampton’s former Fishmarket
- Proposals for the expansion of the Grovesenor Centre onto the current bus station site (Greyfriars)
- New Cinema adjoining the Royal & Derngate Theatre
- Advanced proposals for the relocation of the University of Northampton to a centrally accessible site
The parade of retail units located on Derngate on the eastern edge of Northampton Town centre, are situated directly opposite the Royal and Derngate Theatre.
Accommodation in all units is provided on the ground floor and basement levels.
Tenant: Wollaston Marketing Limited
Rent: £200 per annum
Lease Term: 125 years from the 13th September 2012
Description: A1 Retail unit with accommodation provided on the ground floor and basement. Occupied by a specialist wine shop.
Tenant: Currently occupied as private offices, upon any offer for the freehold – the tenant will enter into an Agreement for Lease (subject to the completion of the transaction) to take on a lease on the following terms:
Lease Term: 5 years from completion of investment transaction.
Rent: £13,000 per annum.
Description: Premises has A2 consent with accommodation provided over the ground floor and basement.
Tenant: Manuia Bar Company Limited (T/A: Haycock & Tailbar Associates).
Rent: £15,500 per annum.
Rising to £16,500 per annum – 15th March 2016
Lease Term: 5 years expiring on 14th March 2018.
Description: Extensive refurbishment works carried out by the tenant to create a uniquely themed bar-restaurant.
Tenant: N/A – Entrance lobby to residential accommodation on the upper floors.
Ground Rent: £4,000 per annum.
Description: Providing access to the block of residential apartments above.
Tenant: Jonathan Hills (T/A: TBC).
Rent: £25,000 per annum.
Lease Term: 15 Years from December 2013.
Description: Double fronted restaurant - due to be opened as a pizzeria.
Tenant: M. Butters (T/A: Bang & Olufsen).
Rent: £26,000 per annum.
Lease Term: 10 Years from 11th December 2013.
Description: The largest unit within the parade situated on a prominent corner position.
|11 Derngate||77 sq m||830 sq ft|
|13 Derngate||97 sq m||1,048 sq ft|
|15 Derngate||137 sq m||1,474 sq ft|
|19/21 Derngate||182 sq m||1,959 sq ft|
|23/25 Derngate||299 sq m||3,218 sq ft|
|TOTAL NET INTERNAL AREA||792 sq m||8,529 sq ft|
|(Plus basement unmeasured)|
|Rates Payable 2013/14:||£8,831|
(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.
We are instructed to seek offers in the region of £950,000 (Nine Hundred and Fifty Thousand Pounds).
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