• Prominent location in the heart of Northampton town centre

• Self-contained upper parts

• 12 years unexpired to the commercial tenant

• 7.5 years unexpired (break in 2.5 years) to the residential tenant

• Freehold

• £350,000, subject to contract

• 10.05% NIY overall

• Based on a realistic value for the commercial element, the asking price reflects a significant discount of 40% to the VP value for the residential element.

The property occupies a prominent position in the town centre on Mercers Row with a return frontage onto Conduit Lane, on the north east corner of the Market Square and opposite the All Saints Church.

Other businesses nearby include Greggs, Nandos, Prezzo, Rolex, McDonalds, Snappy Snaps, Starbucks, Burger King and Boots.

Mercers Row leads directly onto Abington Street which is the town’s principal retailing pitch. Businesses on Abington Street include, Tesco Express, JD Sports, Moss Bros, EE, Metro Bank, Holland & Barrett and Costa Coffee,

The Grosvenor Centre totals approximately 29,729 sq m (320,000 sq ft) and is the town’s main shopping centre, benefiting from over 60 shops and eateries plus over 800 car parking spaces. The Centre underwent a significant refurbishment programme throughout 2015 to provide a more modern and stylish shopping environment. The scheme is anchored by Primark, Next and Boots with other notable brands including Topshop, Superdry, Apple iStore, Lush, Pandora amongst others. The centre’s principal entrance is approximately 150 yards from the property.

The property comprises a three-storey end of terrace retail and residential building with a return frontage.

The ground and basement comprise of the retail element and have been fitted out by the tenant to provide a high-quality hairdresser with treatment rooms. There are two customer access points, via Mercers Row and Conduit Lane. The unit has extensive full height glazed frontages.

The upper parts comprise of two separate two-bedroom flats, one on the first floor and the other on the second floor.

Each flat has two double bedrooms, a bathroom with WC and a fully fitted open plan kitchen/living room.

The first-floor flat is within the retail tenant’s demise.

The upper floors were formally office accommodation but have been converted to high level residential accommodation and benefit from separate access from Conduit Lane.

Freehold.

The basement, ground (retail) and first floor (residential) are let to Northampton Aksoy Ltd (t/a The Stylers) on a full repairing and insuring lease for a term of 15 years from 8th November 2018, expiring on 7th November 2033. There are no break clauses and the lease benefits from 3 yearly open market rent reviews with the next one being on 7th November 2024. The passing rent is £27,500 per annum.

We analyse the rent attributable to the ground and basement to be £18,500 pa, which equates to a Zone A rate of £39 per sq ft.

The second-floor flat is let to Diamond Life Ltd on a full repairing and insuring lease for a term of 10 year lease from 16th April 2019, expiring 15th April 2029. There is a mutual landlord and tenant break option on 16th April 2024 subject to 6 months’ written notice. The lease benefits from an uncapped RPI rent review on 16th April 2024. The passing rent is £9,000 per annum.

Therefore, the total passing rent for the entire property is £36,500 per annum.

Northampton Aksoy Ltd is currently in arrears, owing £22,852.15 + VAT. Currently, there is no repayment plan in place. Diamond Life Ltd is currently in arrears, owing £5,512.06 + VAT. Currently, there is no repayment plan in place. The arrears have accrued as a result of the pandemic; note that the purchaser is not required to pay for the arrears (please see special conditions of sale)

The property is not listed and is within the All Saints Conservation Area.

The property has been registered for VAT and it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

1. An opportunity to acquire a mixed-use town centre investment;

2. The property occupies a prominent position in the heart of Northampton town centre;

3. 12 years unexpired on the commercial element;

4. 7.5 years unexpired on the residential element with the benefit of an uncapped RPI-linked rent review;

5. Freehold;

6. A purchase at the asking price reflects an attractive net initial yield;

7. Attractive lot size to an investor.

8. Attractive yield and substantial discount to the apportioned residential value

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