The property comprises a multi-let neighbourhood parade in the residential area of Spinney Hill, opposite Northampton School for Girls. The property comprises four ground floor retail units anchored by Co-op with four residential flats above which have been sold off on a long leasehold basis. The property is fully let with a WAULT to expiries 8.5 years and 5.9 years to breaks. Current combined passing rent of £59,337 per annum. Offers sought in excess of £690,000 which reflects a net initial yield of 8.16%.
Franck Steier Price has recently completed the sale of a neighbourhood retail investment on behalf of a private property company client.
The property is located in the Spinney Hill suburb of Northampton two miles north of the town centre and is located in a residential area opposite Northampton School For Girls.
The property comprised a neighbourhood retail scheme of 4 retail units with four flats above which had been sold off. There is car parking to both the front and rear of the property. The parade was fully let and anchored by a Co-op convenience store.
Overall the retail accommodation extended to 5,995 sqft.
The property was let to 4 retail tenants with four residential ground rents from the first floor. The WAULT for the retail units was 8.5 years to expiries & 5.9 years to breaks. The Co-op accounted for 52% of the income and had a lease expiry in 2028 and an option to break in 2023.
The total retail income was £59,137 per annum while the residential ground rents amounted to £200 per annum.
The property was sold to a private investor for £652,500 which reflected an initial yield of 8.65%.