Freehold Leisure and Office Investment with Residential Redevelopment Potential (s.t.c.)
Let to Kukui Bars (Northampton) Ltd t/a Fever Boutique and Midland Red (South) Ltd
3,178 sq ft of office accommodation with residential redevelopment potential (subject to consents)
Prominent town centre location adjacent to McDonald’s
Nearby occupiers include Turtle Bay, H Samuel and Greggs
Lot 72
Auction 5th December 2018
Rent £48,750 per Annum Exclusive
Status Sold
Price £695,000
Sector Leisure
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 in the heart of the town centre on the west side of The Drapery, which runs parallel to the pedestrianised Market Square, home to the Grosvenor Shopping Centre. The Grosvenor Shopping Centre houses over 55 retailers including Boots, WH Smith, Next and Primark. Other nearby occupiers include McDonald’s, Turtle Bay, H Samuel and Greggs.
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 in the heart of the town centre on the west side of The Drapery, which runs parallel to the pedestrianised Market Square, home to the Grosvenor Shopping Centre. The Grosvenor Shopping Centre houses over 55 retailers including Boots, WH Smith, Next and Primark. Other nearby occupiers include McDonald’s, Turtle Bay, H Samuel and Greggs.
Tenure
Freehold.
Description
The property comprises a nightclub arranged over ground floor and basement with self-contained office accommodation on the first, second, third and fourth floors, accessed from The Drapery. The property benefits from a yard to the rear accessed from College Street and is used for car parking. There is potential to self-contain the rear access (subject to consents) to provide an additional private entrance to the upper floors.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Available from the legal pack at acuitus.co.uk
Description
The property comprises a nightclub arranged over ground floor and basement with self-contained office accommodation on the first, second, third and fourth floors, accessed from The Drapery. The property benefits from a yard to the rear accessed from College Street and is used for car parking. There is potential to self-contain the rear access (subject to consents) to provide an additional private entrance to the upper floors.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Available from the legal pack at acuitus.co.uk
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reversion
Ground Basement
Bar/Nightclub Bar/Nightclub
270.16 sq m 122.51 sq m
(2,907 sq ft) (1,318 sq ft)
KUKUI BARS (NORTHAMPTON) LIMITED (1)
Approximately 7 years and 11 months from 10/01/2014
£37,500
21/12/2021
First Second
Office Office
82.50 sq m 77.20 sq m
(888 sq ft) (830 sq ft)
MIDLAND RED (SOUTH) LIMITED (2)
Approximately 7 years and 10 months from 13/02/2014 (3)
£11,250
23/12/2021
Third Fourth
Office Office
87.50 sq m 48.27 sq m
(941 sq ft) (519 sq ft)
VACANT POSSESSION (4)
Total
688.14 sq m
(7,403 sq ft)
£48,750
(1) For the year ending 31 March 2017, Kukui Bars (Northampton) Ltd reported a turnover of £643,227, pre-tax profits of £195,898 and a total net worth of £149,522 (Source: Experian Group 31/10/2018). (2) Midland Red (South) Limited is a subsidiary of Stagecoach Group Plc (Source: Experian Group 31/10/2018). Stagecoach is the UK’s biggest bus and coach operator and has major city bus operations in London, Manchester, Liverpool, Newcastle, Hull, Sheffield, Oxford and Cambridge, as well as inter-urban services linking smaller locations (Source: www.stagecoach.com 31/10/2018). (3) The lease provides an option to determine on 13/02/2021 subject to six months’ notice. The tenant did not exercise their February 2019 option to determine, and the notice period has now passed. (4) Midland Red (South) Limited has recently expressed interest in these floors
