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Major refurbishment complete

Gorell Barnes

1st May 2018

Focus On Wellingborough Industry

Gorell Barnes

GORELL Barnes are pleased to report the completion of the major refurbishment to 32-42 Denington Road, on the Spine Road in the centre of the Denington Industrial Estate.

The property was originally bought by Fernbrook Builders, Rushden, from a company, Salisbury Securities, who originally built the property over half a century ago for a printing business when Wellingborough was in one of its first flushes of expansion. The property had remained vacant under a tenancy for many years and Fernbrook saw the potential to completely refurbish the property, but also sub-divide it into smaller units from the original 52,000 square feet.

As a result, the property has been divided into five units ranging from 3,000 square feet up to 15,000 square feet, plus additional two-storey front offices.

The property has been completely overhauled to include a new roof, new walls and cladding, sub-division walls, all new services, a major makeover in the yard, which is of substantial size and can accommodate plenty of car parking, lorry storage etc.

The proposition gives a full range of units as indicated above but can be combined also, to provide a total space of about 33,000 square feet.

Unit E, one of the front units has already been let to the national retailer and trade counter operator Tool Station who occupy 4,500 square feet on a new ten year lease.

John Barnes of Gorell Barnes commented that the property is ideal for a mixture of businesses and uses, including the trade counter type use, leisure, warehousing, industrial and quasi retail. Furthermore, with a flexibility of size of units, the developers are also able to offer flexibility of tenure; i.e. leasehold or freehold.

This gives another unique aspect in today's market, said John, as there are so few freeholds available and in fact nothing of this quality.

John went on to say that occupiers could purchase their property and put it into a self-administered pension plan and rent the property back to their company. Following such a scenario, this would provide a very good tax free income which would also have tax benefits to the tenant as an associated company and provide a very attractive yield or return on rent compared to capital value. John will be pleased to explain this type of purchase letting further.

32-42 Denington is also situated ideally for the A45 dual carriageway, connecting Northampton and the M1 to Wellingborough and also to the east, including Rushden Lakes, some five minutes down the road, the main railway station at Wellingborough and is also close to the town centre, housing for employees and the new retail parks on London Road, Tesco's and the adjacent trade park. All this anchors the development for future growth and prosperity making it, in John's opinion, a very good investment.

Gorell Barnes can be contacted on 01536 330100 or emailjohn@gorellbarnes.com