Multi-Let Retail Investment Opportunity

The Boulevard | Weston Favell | Northampton | NN3 8JP


subject to contract



  • Multi-let freehold retail investment

  • Modern, popular out-of-town retail scheme

  • Fully income producing

  • Weighted average unexpired lease term: 9.4 years

  • Active management opportunities

  • £4,730,000, subject to contract

  • 7.5% Net Initial Yield

The Boulevard | | Weston Favell | |  | Northampton | | NN3 8JP


Northampton is located approximately 106 km (66 miles) north west of Central London, 88 km (55 miles) south east of Birmingham, 59 km (37 miles) south of Leicester and 88 km (55 miles) west of Cambridge.

The town benefits from good road communications with Junction 15 of the M1 Motorway approximately 6.4 km (4 miles) to the south, accessed via the A45, Junction 15a some 6.4 km (4 miles) to the south-west and Junction 16 approximately 8 km (5 miles) to the west, accessed via the A4500. The M1/M6 Motorway Interchange is approximately 29 km (18 miles) to the north-west.

In addition, the town is connected to the national railway network with a fastest journey time to London Euston of 55 minutes. Direct rail connections are also provided to other regional centres including Birmingham, Nottingham and Milton Keynes. London Luton Airport is approximately 61 km (38 miles) to the south-east and Birmingham International Airport is approximately 72 km (45 miles) to the north-west.
Northampton is located at the heart of the UK, with unrivalled national and international transport links. The town has been identified by Government as a key area for economic growth and was singled out in a recent Experian report as the best place in the UK to do business, the only place in the country to score 19 out of a possible 20 points across four critera: Number of start-ups, rate of insolvencies, level of financial health and business turnover. Northampton has also recently been rated in the UK’s top ten places to work based on factors including average house price, wage and available jobs. (Source:


The subject property occupies a prominent position on Octagon Way approximately 3.2 km (2 miles) east of Northampton town centre and benefits from dual access immediately off the A43 (Lumbertubs Way) and the A4500.

The property is in an established commercial location with the Weston Favell Shopping Centre immediately adjacent. Comprising 28,450 sq m (306,000 sq ft) of retail space with 70 units anchored by a 13,400 sq m (144,236 sq ft) Tesco Extra, the shopping centre has a strong selection of multinational retailers including Wilko, Boots, New Look, WH Smith and Costa Coffee. The Centre has an annual footfall of 6.6 million and a total resident population of 235,000 in its principal catchment (Source: Redefine International).

In addition, there is a Lidl supermarket immediately adjacent, as well as a McDonald’s Drive Thru and a large Tesco superstore to the south-east.

There are numerous bus routes connecting the property to various local destinations.

The Boulevard | | Weston Favell | |  | Northampton | | NN3 8JP
The Boulevard | | Weston Favell | |  | Northampton | | NN3 8JP


The property comprises a modern out of town retail scheme constructed in 2009. Comprising of 20 units, several have been combined to create 11 self-contained retail premises of varying sizes. The units are of steel frame construction with brick and block work elevations with profile steel cladding to the upper parts. The units are all single storey under pitched profile steel sheet roofs.

Each of the units benefits from a customer entrance at the front and a service / loading entrance at the rear. Approximately 75 customer car parking spaces are provided at the front of the units and approximately 30 additional spaces are provided at the rear of the units for staff and loading.


The property has been measured by BKR Floor Plans and provides the following Net Internal Areas;

Units 1-2 379.59 sq m 4,086 sq ft
Unit 3-4 218.13 sq m 2,348 sq ft
Units 5-6 229.28 sq m 2,468 sq ft
Unit 7 108.32 sq m 1,166 sq ft
Unit 8 108.32 sq m 1,166 sq ft
Unit 9 114.64 sq m 1,234 sq ft
Unit 10 114.64 sq m 1,234 sq ft
Unit 11 108.32 sq m 1,166 sq ft
Unit 12 108.32 sq m 1,166 sq ft
Units 13-15 344.10 sq m 3,704 sq ft
Units 16-20 947.95 sq m 10,204 sq ft
Total 2,781.61 sq m 29,942 sq ft

A set of floor plans is available to download and the measured survey report is available for assignment to a purchaser.

The Boulevard | | Weston Favell | |  | Northampton | | NN3 8JP
The Boulevard | | Weston Favell | |  | Northampton | | NN3 8JP


At no time shall the proportion of Units within the development being operated for A3, A4 and A5 as defined in the Use Classes Order 1987 (or so amended) exceed 40% of the overall total number of units. The remaining units should be limited to A1, A2 or D1.

Currently there are six units operating within A3-A5 and, therefore, there is scope for two more.

There is an Agreement with Lidl, the adjoining owner, stating that whilst the adjoining Lidl land is used as a supermarket, the Property or any part thereof, cannot be used for the principal purpose of:

(i) The retail sale of food and/or drink (whether alcoholic or non-alcoholic) for consumption off the premises; or
(ii) A supermarket or convenience store (including frozen sales)

provided that this covenant will not prohibit the use of the Property or any part thereof as an Off-Licence, fast food restaurant, health food store, newsagents, butchers, fishmongers, delicatessen, pet and pet food store or take-away sandwich shop or any other use within Classes A3, A4 or A5 of the Schedule to the Town and Country Planning (Use Classes) Order 1987 (as amended).

Rateable Value

Accommodation Description Rateable Value
Units 1-2    
Unit 3-4 Shop & Premises £34,500
Units 5-6 Surgery & Premises £34,750
Unit 7 Shop & Premises £18,000
Unit 8 Shop & Premises £18,000
Unit 9 Shop & Premises £18,250
Unit 10 Shop & Premises £18,000
Unit 11 Shop & Premises £17,500
Unit 12 Hairdressing Salon & Premises £17,750
Units 13-15 Shop & Premises £50,000
Units 16-20 Restaurant & Premises £114,000

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

The Boulevard | | Weston Favell | |  | Northampton | | NN3 8JP
The Boulevard | | Weston Favell | |  | Northampton | | NN3 8JP


We estimate the site area to be approximately 0.78 hectares (1.93 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 works are considered necessary for the continued existing retail use of the site”. A copy of the report is available to download and is available for assignment to a purchaser.




The property is fully let to 11 tenants in accordance with the attached tenancy schedule, with a weighted average unexpired lease term (WAULT) of 9.4 years to expiry and 7.4 years to tenant break options.

The total current income is £377,983 per annum.

The Boulevard | | Weston Favell | |  | Northampton | | NN3 8JP
The Boulevard | | Weston Favell | |  | Northampton | | NN3 8JP

Service Charge

The service charge budget for 2016 is £29,536. The Service Charge Accounts and the Service Charge Budgets are available to download.


Please refer to the Covenant Table which is available to download.

The company accounts for each tenant are also available to download:

Kennelpak Limited
Northants Flooring Limited
Petsco Limited
Debra Limited
DP Realty Limited
Indigo Sun Retail Limited
Fong Beauty & Wellbeing Limited
Shortcuts MK Limited
NCH Properties Limited

The Boulevard | | Weston Favell | |  | Northampton | | NN3 8JP
The Boulevard | | Weston Favell | |  | Northampton | | NN3 8JP


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


We are instructed to seek offers of £4,730,000 (Four Million, Seven Hundred and Thirty Thousand Pounds), subject to contract, reflecting a net initial yield of 7.5%, assuming standard purchaser’s costs of 6.58%.

The Boulevard | | Weston Favell | |  | Northampton | | NN3 8JP
The Boulevard | | Weston Favell | |  | Northampton | | NN3 8JP

Investment Considerations

  1. An opportunity to acquire a multi-let retail investment;

  2. Modern, purpose built retail scheme benefitting from on-site car parking;

  3. Popular, fully let and income producing development;

  4. The property provide an attractive, lengthy weighted unexpired lease term (WAULT) of 9.4 years to expiry;

  5. The property occupies a prominent position in an established out of town location;

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

Contact Us

Singer Vielle   +44 (0) 207 935 7200
Neil Singer +44 (0) 203 478 9120
Dale Henry +44 (0) 203 701 1356
Richard Wolfryd +44 (0) 203 701 1353
Graham Waddell +44 (0) 141 221 4545
Faye Langoulant +44 (0) 203 478 9122
Louanne Malan +44 (0) 203 701 1386

Vendors Solicitor

Carter Lemon Camerons LLP  
Chris Picardo +44 (0)20 7406 1000