Property Auctions 12/Jul/2022 | 35-39 Abington Street, Northampton, Northamptonshire, NN1 2AW

Freehold Former Department Store Investment with Redevelopment Potential

Substantial Former Department Store and Self Contained Retail Unit
Adjacent to the substantial Grosvenor Shopping Centre
Approximate Floor Area 5,303.85 (57,087 sq ft)
Busy and Popular University Town.
Pedestrianised Prime Town Centre Location
Redevelopment Potential to Over 60 Flats, 3 x Retail units and a Gym/Leisure (subject to consents)
Asset Management Opportunity
Nearby Occupiers Include Metro Bank, Vodafone, Sports Direct, H&M, Waterstones, and Costa Coffee

Lot 17
Auction 12th July 2022
Rent £36,000 per Annum Exclusive
Status Sold Post
Price
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 17 miles north-west of Milton Keynes 50 miles south-east of Birmingham, 66 miles north-west of Central London
Roads: A43, A45, A428, A508, M1 (Junction 15A)
Rail: Northampton Railway Station
Air: Birmingham International Airport, London Luton Airport

Situation

The property is located in a prime retailing position on the north side of the pedestrianised Abington street, Northampton's principal retail thoroughfare. The property benefits from a significant frontage to Abington Street and being adjacent to The Grosvenor Shopping Centre with an annual footfall of approximately 9.5 million. Nearby occupiers include Metro Bank, Vodafone, Sports Direct, H&M, Waterstones, and Costa Coffee.

The town also benefits from a popular University with a recently opened £330m campus less than 1 km south of the town centre.

Tenure

Freehold.

Location

Miles: 17 miles north-west of Milton Keynes 50 miles south-east of Birmingham, 66 miles north-west of Central London
Roads: A43, A45, A428, A508, M1 (Junction 15A)
Rail: Northampton Railway Station
Air: Birmingham International Airport, London Luton Airport

Situation

The property is located in a prime retailing position on the north side of the pedestrianised Abington street, Northampton's principal retail thoroughfare. The property benefits from a significant frontage to Abington Street and being adjacent to The Grosvenor Shopping Centre with an annual footfall of approximately 9.5 million. Nearby occupiers include Metro Bank, Vodafone, Sports Direct, H&M, Waterstones, and Costa Coffee.

The town also benefits from a popular University with a recently opened £330m campus less than 1 km south of the town centre.

Tenure

Freehold.

Description

The property, a substantial large format retail building comprising ground and first floor retail accommodation and second floor ancillary accommodation. There is an additional self contained retail unit on the ground floor retail.

The property in not Listed and is not situated in a Conservation Area and may benefit from substantial high level redevelopment. The Seller has undertaken a feasibility study for the redevelopment of 65 residential apartments, retail units and gymnasium which has been well received by the Local Authority. A copy of the feasibility study, the planning pre application and the correspondence from the Local Authority is available in the legal pack.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property, a substantial large format retail building comprising ground and first floor retail accommodation and second floor ancillary accommodation. There is an additional self contained retail unit on the ground floor retail.

The property in not Listed and is not situated in a Conservation Area and may benefit from substantial high level redevelopment. The Seller has undertaken a feasibility study for the redevelopment of 65 residential apartments, retail units and gymnasium which has been well received by the Local Authority. A copy of the feasibility study, the planning pre application and the correspondence from the Local Authority is available in the legal pack.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas Approx sq m	Floor Areas Approx sq ft	Tenant	Term	Rent	Review/(Reversion)
35-39 39	Ground First Second Ground	Retail Retail Ancillary Retail	1,970.00 2,490.00 688.30 155.05	(21,205) (26,803) (7,409) (1,670)	RETAIL MASTERS LIMITED (CRN 12811036)	3 years from 27/06/2022 (2)	£36,000 (1)	Upward Only Review on 6 month anniversary (26/06/2025)
Total Approximate Floor Area			5,303.35	(57,087) (3)			£36,000

(1) The lease provides for the rent to be paid monthly. The above rent has been annualised.
(2) The lease provides for a Landlords option to determine the lease at any time upon serving 1 month written notice. The lease is outside the security of tenure provisions of the Landlord and Tenant Act 1954.
(3) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk).

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.