25 The Drapery Northampton Northamptonshire NN1 2ET

  • 25 The Drapery<br>Northampton<br>Northamptonshire<br>NN1 2ET

25 The Drapery
Northampton
Northamptonshire
NN1 2ET

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
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
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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
Gavriel Cohen 0203 036 7250gcohen@fladgate.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
Property InsuranceBrown & BrownNatasha WardBroking Director+44 7545 208 759bbrown.com

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