Comprises two retail units with self-contained office accommodation on the upper floors
6A let to Nero Holdings Limited t/a Caffè Nero
Busy town centre location on major retailing thoroughfare
Nearby occupiers include Marks & Spencer, Waterstones, Holland & Barrett, Moss Menswear, River
Island and Costa
Residential redevelopment potential of upper floors (subject to consents)
Lot 4
Auction 19th October 2017
Rent £80,000 per Annum Exclusive
Status Sold
Price £1,030,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of Insolvency Practitioners at Deloitte
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 Airport, London Luton Airport, London Stansted Airport
Situation
The property is prominently situated in Northampton town centre on the south side of Abington Street, the town’s pedestrianised retail thoroughfare, at its junction with Dychurch Lane. The Market Walk and Grosvenor Shopping Centres are located close by, with other nearby occupiers including Marks & Spencer, Waterstones, Holland & Barrett, Moss Menswear, River Island and Costa.
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 Airport, London Luton Airport, London Stansted Airport
Situation
The property is prominently situated in Northampton town centre on the south side of Abington Street, the town’s pedestrianised retail thoroughfare, at its junction with Dychurch Lane. The Market Walk and Grosvenor Shopping Centres are located close by, with other nearby occupiers including Marks & Spencer, Waterstones, Holland & Barrett, Moss Menswear, River Island and Costa.
Tenure
Freehold.
Description
The property comprises two retail units arranged over ground and basement with self-contained office accommodation on the first and second floors, accessed via Dychurch Lane. The first and second floors may be suitable for residential redevelopment (subject to consents).
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Insolvency Practitioners and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these
particulars has been provided to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Insolvency Practitioners are acting without personal liability.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises two retail units arranged over ground and basement with self-contained office accommodation on the first and second floors, accessed via Dychurch Lane. The first and second floors may be suitable for residential redevelopment (subject to consents).
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Insolvency Practitioners and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these
particulars has been provided to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Insolvency Practitioners are acting without personal liability.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
6A
Ground
Basement
Retail/ Ancillary Ancillary
140.00 sq m
90.95 sq m
(1,507 sq ft)
(979 sq ft)
NERO HOLDINGS LIMITED (1)
5 years from 20/11/2014
£50,000
(19/11/2019)
6B
Ground
Basement
Retail/ Ancillary Ancillary
98.93 sq m
70.80 sq m
(1,065 sq ft)
(762 sq ft)
INDIVIDUAL to trade as Styles of London
10 years from the date of completion (2)
£30,000 (2)
5th anniversary (10 years from the date of completion)
6A/6B
First
Second
Office/ Ancillary Office/ Ancillary
253.99 sq m
252.97 sq m
(2,734 sq ft)
(2,723 sq ft)
VACANT
Total
907.64 sq m
(9,770 sq ft)
£80,000
(1) For the year ending 31st May 2016, Nero Holdings Limited reported a turnover of £248,761,000, pre-tax profits of £24,237,000 and a total net worth of £191,791,000 (Source: Experian Group 01/09/2017). (2) The lease has been agreed and is in solicitors’ hands due to complete imminently. On completion of the lease, the tenant will commence their fit-out works. The lease provides for a tenant option to determine on the 5th anniversary of the term. The tenant is to benefit from a four month rent free period from the date of completion. The seller has agreed to adjust the completion monies so that the unit will produce £30,000 p.a.x. from completion of the sale.