• Fully income producing

• Established commercial location

• Secure Income

• Active management opportunities

• £2,870,000, subject to contract

• 7.5% Net Initial Yield

• £68 per sq ft Capital Value

• Significant discount to vacant possession value

The property is situated on the established Westgate Industrial Estate, immediately adjacent to the A4500 (Weedon Road) which in turn links directly with the M1 Motorway some 6.4 km (4 miles) to the west. Northampton town centre is 2.4 km (1.5 miles) to the east. Access to the property is via Mansard Close, at its junction with Gambrel Road.

The property is situated immediately adjacent to an Audi car dealership, Argos and Homebase. Other occupiers in the immediate vicinity include Newey & Eyre, Dulux, Halfords, Matalan, Hobbycraft, Wickes and Sainsbury’s.

In addition, the property is adjacent to Sixfields Retail Park where occupiers include Next, Boots, M&S Simply Food, Poundworld and First Choice. The property is also within short walking distance from the Sixfields Leisure Park which is home to occupiers including Cineworld, Nuffield Health, Bella Italia, Pizza Hut, T.G.I Friday’s, Chiquito, McDonald’s and Frankie & Benny’s.

The property comprises two 1980’s warehouse buildings, each of steel portal frame with corrugated steel sheeting over block work elevations.

Unit 1 has been subdivided into three individual units, each having their own yard area. Units 1a & 1b are situated at the corner of Mansard Close and Gambrel Road and benefit from a drive-in loading door to the front and automated roller shutter doors. The warehouse area has an eaves height of approximately 4.73 metres with a maximum height of 6.5 metres. A mezzanine floor has been added to the warehouse. Both units have a front yard for parking and loading. Trade counter accommodation is provided to the front of the premises.

Unit 1c is of a similar specification as Units 1a and 1b. The unit also benefits from a two storey office building of brick construction which interlinks with the warehouse, providing trade counter accommodation the front of the premises. The warehouse benefits from an automated roller shutter loading bay door.

Unit 2 is a detached unit situated at the end of Mansard Close and comprises two interlinked bays of steel frame construction and part clad in profile steel sheeting. A mezzanine floor has been installed by the tenant and there are two manually operated loading doors situated at its northern elevation. There are two storey offices to the front and a substantial yard area to the front and southern elevations which is heavily secured by a tall perimeter fence, accessed by an electric sliding gate, in keeping with the current use of the unit for vehicle recovery.

The Uniform Business Rate is 48 pence per pound for 2015/2016.

We estimate the site area to be approximately 0.85 hectares (2.09 acres).

A Phase I Environmental Risk Assessment was carried out by WSP in September 2016 which concluded that “the site represents a low/medium risk with respect to potential contaminated land liability issues” and “no further contaminated land assessment work is considered necessary for the current ongoing commercial use of the site”. A copy of the report is available to download and is available for assignment to a purchaser.

The investment value is a significant discount to the vacant possession value, as evidenced by the recent sale of a unit on the same estate to an owner-occupier. In July 2016 Unit 2B Mansard Close, immediately opposite the subject property, totalling approximately 1,560 sq m (16,800 sq ft) was sold at a figure equating to £840 per sq m (£78.00 per sq ft).

Edmundson Electrical Limited, (Co. No. 02667012) has reported the following figures:

The principle activity of the Company is the wholesale distribution of electrical products. Serving the country from over 250 locations, their customer base includes electrical contractors & engineers, industrial companies, facilities management, government agencies, local authorities, power generation, utilities, construction, panel builders, oil, gas, petrochemical, export markets, food industries, hotels/leisure, retail, air conditioning, heating & ventilation, refrigeration, security and fire prevention. The ultimate parent undertaking is Blackfriars Corporation, an American company incorporated in the State of Delaware. For further information please visit www.edmundson-electrical.co.uk.

Speedy Asset Services Limited (Co. No 6847930) has reported the following figures:

The Company is the UK’s leading tools, equipment and plant hire business and is part of Speedy Hire PLC, the UK’s largest hire provider founded in 1977 with 3,800 employees in more than 220 trading locations serving over 50,000 customers. Speedy Hire PLC is listed on the London Stock Exchange with a market capitalisation of £195 million. For further information please visit http://investors.speedyservices.com.

Cowan Recovery Limited, (Co. No. 01339144) has reported the following figures:

The principal activity of the company is the recovery and transportation of vehicles.

Cowan’s of Hemel Hempstead was established in 1972 by Mike Cowan to provide a 24 hour breakdown and recovery service for cars and light vans in the public domain and motoring organisations. Cowan’s rapidly established a reputation for prompt response times, excellent customer services and expertise in its field. In 1977 the company moved to Newport Pagnell and quickly replicated the reputation it had made for itself in the light vehicle sector, particularly on police contracts. Cowan Recovery Ltd (CMG) changed its trading name to CMG Rescue Services in the late 1990’s. Their fleet of more than 100 vehicles allows them to cater for everything from a roadside breakdown to major multi-vehicle incidents. The company’s team consists of around 60 operational staff, along with 16 Control Centre operatives and some 16 employee’s dealing with finance and administration roles within the business. For further information please visit http://cmg-org.com.

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

1. An opportunity to acquire a freehold industrial/trade counter investment;

2. The property is multi-let and fully income producing;

3. The property is situated in an established commercial location;

4. The property benefits from secure income;

5. The property provides asset management opportunities, including a potential break-up of the property on a unit-by-unit basis;

6. The property may lend itself to future potential alternative uses, subject to obtaining the necessary planning consents;

7. The capital value is at a significant discount to the vacant possession value;

8. A purchase at the asking price will provide an investor with an attractive net initial yield;