• Prominent location in the heart of Northampton town centre

• Secure income

• Retail rent re-based in 2018 below market rental value, providing opportunity should the unit fall vacant

• Multi-let with low passing rents

• Active management and add value opportunities

• £760,000, subject to contract

• 10.0% Net Initial Yield

• 14.4% Estimated Reversionary Yield

Abington Street is Northampton’s principal retail thoroughfare. The subject property occupies a prominent retailing pitch on the southern side of Abington Street. Nearby occupiers include H&M, Boots Opticians, KFC and Sports Direct.

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 on Abington Street is in close proximity to subject property.

The property comprises a mixed-use building of concrete frame construction providing a retail unit on ground floor and basement, together with self-contained offices on first and second floor which are accessed via Abington Street.

The retail unit has been fitted out by the tenant to their usual corporate style. The offices are accessed via a generous entrance to Abington Street. The marble clad common areas are in good order and the offices provide regular accommodation with perimeter trunking. The second floor was fully refurbished in 2013/14.

The property benefits from rear loading and a surface car park to the rear providing a total 22 spaces, accessed via The Ridings.

The Uniform Business Rate is 48.0 pence per pound.

Freehold.

The service charge budget for the year ending 31st July 2019 is £12,402. The service charge for the year ending 31st July 2018 was £9,938.85. The second floor office is subject to a service charge cap of £2,600. Copies of the accounts and budget are available to download.

Caversham Trading Ltd (Co No. 05396147) has reported the following figures:

Established in 1994, BrightHouse offers customers’ access to high-quality branded household goods with affordable weekly payments, professional in-store attention and a comprehensive after sales service via 283 stores across the UK. The company stocks a wide range of household appliances and electronic products, from washing machines to TV’s and tablet computers. Brands sold include Acer, ASUS, Beko, Hoover and Samsung. For further information visit www.brighthousegroup.co.uk.

Pertemps Limited (Co No. 04881571) has reported the following figures:

Pertemps Limited established itself as a family run business in 1961 and has now grown into one of the largest providers of staffing solutions in the UK. The company’s network of over 100 branches regularly places tens of thousands of people into work across all kinds of industry. For further information visit www.pertemps.co.uk

Interaction Recruitment PLC (Co No. 02408326) has reported the following figures:

Established in 1986, Interaction Recruitment is now one of the UK’s fastest growing privately owned independent recruitment businesses, operating through a growing network of 25 locations nationwide. For Further Information visit www.interactionrecruitment.co.uk.

The retail rent was re-based in 2018 and devalues to £32.50 Zone A which is significantly below the market rental value.

Generally speaking top retail rents in the prime pitch for Abington Street at the intersection of Abington Street and Fish Street / Grosvenor Centre entrance are circa £90 – £115 Zone A down from an historic high of £130 Zone A.

Zone A’s decrease in both directions away from this point to circa £60.00 at the Market Square (West) end and £40.00-£50.00 at the Abington Square (East) end.

With regard to Abington Street, we are aware of the following recent transactions in the vicinity:

The current office rents reflect:

Over the last few years a significant number of office premises have been converted to residential within the town centre which has created a shortfall of good quality available office space. Due to this shortfall there is a strong demand for good quality office space.

Applying a conservative rental value of £12 per sq ft for the offices and £55 Zone A for the ground floor, we believe the property has an Estimated Rental Value of approximately £115,000 per annum.

Alternatively, an investor could seek to convert / extend the property to residential use in the future, subject to the necessary consents.

We are instructed to seek offers in the region of £760,000 (Seven Hundred and Sixty Thousand Pounds), subject to contract, reflecting a net initial yield of 10.0% and an estimated reversionary yield of 14.4%, assuming standard purchaser’s costs of 5.42%.

Please note that a purchaser will be re-charged the costs of surveys and searches which are provided in the data room.

Please note a purchaser will be charged a transaction fee of £3,750 + VAT.