1 & 2 The Parade & 2-8 Sheep Street Northampton Northamptonshire NN1 2EA

1 & 2 The Parade & 2-8 Sheep Street
Northampton
Northamptonshire
NN1 2EA

Freehold Retail and Residential Investment

Comprises an unbroken parade of 6 retail units
Active management potential
Busy town centre location opposite the new North Gate Bus Station
Approximately 50 metres west of the Grosvenor and Market Walk Shopping Centres
Nearby occupiers include Boots the Chemist, New Look, Debenhams, Santander
Producing £93,000 p.a.x. with one double unit to be let
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot
72
Auction
22nd October 2015
Rent
£93,000 per Annum Exclusive
Status
Sold Prior
Price
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of a Major Bank

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Freehold Retail and Residential Investment

Comprises an unbroken parade of 6 retail units
Active management potential
Busy town centre location opposite the new North Gate Bus Station
Approximately 50 metres west of the Grosvenor and Market Walk Shopping Centres
Nearby occupiers include Boots the Chemist, New Look, Debenhams, Santander
Producing £93,000 p.a.x. with one double unit to be let
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot 72
Auction 22nd October 2015
Rent £93,000 per Annum Exclusive
Status Sold Prior
Price
Sector
High Street Retail
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of a Major Bank

Property Information

Location

Miles: 17 miles north of Milton Keynes, 31 miles south of Leicester, 50 miles south-east of Birmingham
Roads: A508, A45, A428, M1
Rail: Northampton Railway Station
Air: Birmingham Airport, London Luton Airport, London Stansted Airport

Situation

The property is situated in a prominent corner position at the junction of The Parade, Sheep Street and The Drapery, and benefits from the busy pedestrian flow between the town’s recently developed North Gate Bus Station and the Grosvenor Shopping Centre and Market Square. Nearby occupiers include Boots the Chemist, New Look, Debenhams, Santander and O’Neil’s.

Tenure

Freehold.

Location

Miles: 17 miles north of Milton Keynes, 31 miles south of Leicester, 50 miles south-east of Birmingham
Roads: A508, A45, A428, M1
Rail: Northampton Railway Station
Air: Birmingham Airport, London Luton Airport, London Stansted Airport

Situation

Tenure

Freehold.

Description

The property comprises an unbroken parade of 6 retail units each with retail accommodation on the ground floor and ancillary accommodation in the basement. The upper floors comprise 25 self-contained residential flats accessed from Sheep Street.

Six Week Completion

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is applicable to this lot.

EPC

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

Description

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)		Tenant	Term	Rent p.a.x.	Review/(Reversion)
1 The Parade	Ground Basement	Retail/Ancillary Ancillary	60.67 sq m 49.33 sq m	(653 sq ft) (531 sq ft)	SUBWAY REALTY LIMITED (1)	15 years from 12/03/2004	£25,000	(11/03/2019)
2 The Parade	Ground Basement	Retail/Ancillary Ancillary	60.01 sq m 50.63 sq m	(646 sq ft) (545 sq ft)	R M EVERALL (t/a Naked)	15 years from 01/01/2003	£28,000	(31/12/2017)
2-4 Sheep Street	Ground Basement	Retail/Ancillary Ancillary	104.70 sq m 113.06 sq m	(1,127 sq ft) (1,217 sq ft)	VACANT POSSESSION
6 Sheep Street	Ground Basement	Retail/Ancillary Ancillary	70.70 sq m 60.01 sq m	(761 sq ft) (646 sq ft)	EAT MORE RESTAURANT LTD (with Personal Guarantee) (2)	15 years from 19/07/2011 (2)	£15,500	19/07/2016 (18/07/2026)
8 Sheep Street	Ground Basement	Retail Ancillary	71.81 sq m 58.62 sq m	(773 sq ft) (631 sq ft)	IMPERIAL CANCER RESEARCH FUND (3)	25 years from 25/12/1988	£22,000	(24/12/2013) Holding over
	Upper Floors	Residential	25 Self-Contained Flats		INDIVIDUAL HOMES (MIDLANDS) LTD (4)	125 years from 13/05/2003	£2,500 (5)
Totals			699.54 sq m	(7,530 sq ft)			£93,000

(1) For the year ending 31/12/2014, Subway Realty Limited reported a turnover of £28,613,501, pre-tax profits of £1,946,179 and a total net worth of £655,859. (Source: www.experian.co.uk 10/09/2015).
(2)The lease provides for a tenant option to determine the lease on 19/07/2016 and 19/07/2021. Companies House has listed Eat More Restaurant Ltd (Company Number: 07558226) as dissolved on 1st July 2014. The lease is guaranteed by Muhammad Imran Cheema.
(3)For the year ending 31/03/2015, Cancer Research UK reported pre-tax profits of £32,500,000 and a total net worth of £338,600,000. (Source: www.experian.co.uk 11/09/2015). The Tenant is currently holding over and is in discussions with the Seller to renew the lease.
(4)Companies House has listed Individual Homes (Midlands) Ltd (Company Number 03492204) as dissolved on 31/12/2013. There are arrears of rent and service charge, which the seller is not seeking to recover from the buyer.
(5)The lease provides for a fixed increase in rent by £2,500 p.a.x. at the 25th year and then an increase of £5,000 p.a.x. every 25 years thereafter.