Opposite Marks & Spencer and The Grosvenor Shopping Centre
Prime retail position in Northampton Town Centre
Lot 39
Auction 19th October 2017
Rent £100,000 per Annum Exclusive
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
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 trading location on the southern side of the pedestrianised Abington Street, Northampton's principal retail thoroughfare.One of the main entrances to The Grosvenor Shopping Centre is diagonally opposite, with the shopping centre benefiting from retailers including Boots the Chemist, Primark, WH Smith and Superdrug. Marks & Spencer are located directly opposite, with other nearby occupiers including Tesco Metro, Costa, Clarks, H&M, River Island and JD Sports.
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 trading location on the southern side of the pedestrianised Abington Street, Northampton's principal retail thoroughfare.One of the main entrances to The Grosvenor Shopping Centre is diagonally opposite, with the shopping centre benefiting from retailers including Boots the Chemist, Primark, WH Smith and Superdrug. Marks & Spencer are located directly opposite, with other nearby occupiers including Tesco Metro, Costa, Clarks, H&M, River Island and JD Sports.
Tenure
Freehold.
Description
The property comprises a large ground floor shop with ancillary accommodation on the first floor.
VAT
VAT is applicable to this lot.
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 large ground floor shop with ancillary accommodation on the first floor.
VAT
VAT is applicable to this lot.
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
Review
Ground First
Retail Ancillary
225.01 sq m 182.28 sq m
(2,422 sq ft) (1,962 sq ft)
THE WORKS STORES LIMITED (1) t/a The Works
10 years from 31/10/2014 until 30/10/2024 on a full repairing and insuring lease
£100,000 (2)
31/10/2019
Total
407.29 sq m
(4,384 sq ft)
£100,000
(1) The Works currently trade from over 370 stores nationwide selling discount books, gifts, toys and stationery. For the year ending 1st May 2016, The Works Stores Limited reported a turnover £154,398,000, pre-tax profits of £9,796,000 and a total net worth of £18,258,000 (Sources: www.theworks.co.uk and Experian Group 20/09/2017). (2) By way of a Deed of Variation dated 4th September 2017, in return for removing the October 2019 tenant break option, the tenant is currently benefiting from a concessionary rental period, with a rent-free period until 28th December 2017 followed by a half-rent period to 28th June 2018. The Vendor has agreed to adjust the completion monies so that the property effectively produces £100,000 per annum from completion of the sale until the end of the concessionary rental period.
