Town Centre Retail Investment with Residential Development Potential
Pedestrianised Town Centre location close to the Grosvenor Shopping Centre
Prior approval granted for change of use to create residential accommodation on upper floors
Nearby Occupiers include Barclays Bank, Debenhams and McDonald's
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 36
Auction 16th February 2017
Rent £27,200 per Annum Exclusive
Status Sold
Price £338,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
67 miles north of London, 50 miles south-east of Birmingham, 17 miles north of Milton Keynes
Roads
M1, A5, A45
Rail
Northampton Rail
Air
Birmingham International Airport, London Luton Airport
Situation
The property is situated on the west side of The Drapery close to the Market Square, Grosvenor Shopping Centre and Abingdon Street, in an excellent trading location in the heart of Northampton town centre. The Grosvenor Shopping Centre is a short walk to the east and houses over 55 retailers including Boots, New Look, Next and Primark. Other nearby occupiers include Barclays Bank, Debenhams and McDonald's.
Tenure
Freehold.
Location
Miles
67 miles north of London, 50 miles south-east of Birmingham, 17 miles north of Milton Keynes
Roads
M1, A5, A45
Rail
Northampton Rail
Air
Birmingham International Airport, London Luton Airport
Situation
The property is situated on the west side of The Drapery close to the Market Square, Grosvenor Shopping Centre and Abingdon Street, in an excellent trading location in the heart of Northampton town centre. The Grosvenor Shopping Centre is a short walk to the east and houses over 55 retailers including Boots, New Look, Next and Primark. Other nearby occupiers include Barclays Bank, Debenhams and McDonald's.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit with basement ancillary accommodation. The upper floors provide a first floor beauty salon and a former beauty salon over first, second and third floors which provide residential development potential (see planning paragraph).
VAT
VAT is applicable to this lot.
Viewings
A decision was made on 29th July 2016 to grant prior approval for change of use from offices (Use Class B1) to residential (Use Class C3) on the vacant part first and whole of second and third floors. For further information please refer to the legal pack and Northampton Borough Council Planning Portal (Reference 12/00578/DC).
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor retail unit with basement ancillary accommodation. The upper floors provide a first floor beauty salon and a former beauty salon over first, second and third floors which provide residential development potential (see planning paragraph).
VAT
VAT is applicable to this lot.
Viewings
A decision was made on 29th July 2016 to grant prior approval for change of use from offices (Use Class B1) to residential (Use Class C3) on the vacant part first and whole of second and third floors. For further information please refer to the legal pack and Northampton Borough Council Planning Portal (Reference 12/00578/DC).
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews/(Reversion)
Ground
Retail/ Ancillary
156.45 sq m
(1,683 sq ft)
INDIVIDUAL (t/a Sing Long Supermarket)
12 years from 24/06/2016
£20,000
24/06/2018 and 24/06/2023
Part First
Beauty Salon
72.3 sq m
(778 sq ft)
INDIVIDUAL (t/a Five Palms Thai Spa)
5 years from 24/06/2016
£7,200
(23/06/2021)
Part First Second Third
Former Beauty Salon
28.10 sq m 36.20 sq m Not Measured
(302 sq ft) (390 sq ft)
VACANT POSSESSION (1)
Total
293 sq m
(3,153 sq ft)
£27,200
(1) The upper floors have been granted prior approval for residential development (see planning paragraph).
Contacts
Seller's Solicitors
Fladgate LLP 16 Great Queen Street London WC2B 5DG
