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Investment will see refurbishment

A MAJOR business centre in Northampton has been sold by Hadlands to an investor and is set to undergo a programme of refurbishment for the benefit of current and future tenants.

The Nene Enterprise Centre on Freehold Street, and the neighboring two-storey building at 31 Freehold Street, achieved a sale price of £1,850,000. The centre, which is home of a range of businesses and includes a gym and a children’s nursery, produces a gross income presently of £229,781 per annum. The 55,000 square foot premises are divided into flexible workspaces, mostly let on short-term leases.

Hadlands recently acted on behalf of clients to acquire Giffard House, a 12,349 sq. ft office building in Weston Favell at a purchase price of £1,650,000. The vendor was represented by Underwoods.

An investor/developer is also sought for a prime retail unit on Abington Street in the town centre. The ground floor and part of the first floor of 55-57 Abington Street is securely let to the charity Scope, while the rest of the building is available at offers in the region of £1,595,000.

The remaining first floor area offers around 3,800 square feet of space, with the second floor providing another 5,500 square feet. Planning consent has been granted for the conversion into serviced apartments as well as for the addition of a third floor. Subject to the addition of a third floor, there is potential for conversion to 53 apartments.

Should investors be interested in purchasing the entire building, complete with the space let to Scope and attracting an annual rent of £95,000 per annum, an asking price of £2,995,000 is sought.

Elsewhere in the town centre, 1 Spencer Parade is available to let for potential use as a day care centre, dance hall/studio or offices. Currently used as a day centre, the building offers 3,144 square feet over three floors, with on-site car parking. The ground floor currently comprises two offices, a kitchen and wc, hallway, dining area and dance studio and is available to let at an asking rent of £22,000 per annum exclusive. The asking rent for the upper floors is £18,000 per annum. The building is available to let as a whole or in two parts.

Two retail units have also recently become available in excellent positions in the town centre. Situated opposite the bus station and with heavy footfall throughout the day, 4 Sheep Street offers 544 square feet of ground floor retail space with an additional basement area. The property, which is available from September, is exempt from business rates for qualifying small businesses and is available at an asking rent of £19,500 per annum.

Also exempt from business rates for qualifying businesses in 32 York Road, which offers 305 square feet plus a basement area. Just a short walk from Abington Street and Wellingborough Road, the retail unit is ideally placed for local amenities.

It is available at an asking rent of £10,000 per annum exclusive.

Find out more about these and other properties available through Hadland Chartered Surveyors by calling 01604 639657, or visit the website www.hadlands.co.uk

Companies mentioned in this article

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