Capitalising on investment

Hadlands

1st April 2019

Property Portfolio

Hadlands

By Peter Castle

Hadlands

HAVING achieved 100 per cent occupancy and successfully negotiated lease renewals with existing clients, the owners of a multi-let investment on the Brackmills Industrial Estate heeded our advice that now was a good time to capitalise on their investment.

Units 35-41 on the Cornwell Business Park were recently sold to a property company at the full asking price of £1,825,000. The new owners could see the potential for development of the scheme - which already returns an annual rent of £135,700. The scheme was jointly marketed with Drake Commercial.

Frustrated by the relative lack of freehold stock in Northampton, a great deal of interest was expressed in a detached office and light production building with on-site car parking on Paterson Road in Wellingborough. The property has recently been sold for £260,000 to a local construction company.

The Coliseum Building on the corner of Kingsthorpe Road and Balfour Road has come to the market, the property is fully let, producing and income of £27,800 per year.

Situated on a prominent corner position on a main arterial road into Northampton town centre, the property has potential for redevelopment for commercial or residential purposes. Offers in excess of £350,000 are sought for the freehold interest.

Deals have been completed on two properties on Wellingborough Road in Northampton. The ground floor retail unit with a two-bedroom flat above at 116 Wellingborough Road achieved a sale price of £255,295, while 336 Wellingborough Road was let to property company Oscar James at close to the asking rent.

The small office market is particularly buoyant at the moment - as demonstrated by the letting of modern offices at St Luke's Centre in Duston at the full asking rent of £3,750 per annum within a month of being brought to market. Second floor offices at Whitworth Chambers were also successfully let on a new lease at £3,000 per annum.

Currently available within the small office sector in Northampton are two offices, of 1,646 square feet and 1,589 square feet, in Chancery House, Sheep Street; space from 111 square feet to 1,399 in an impressive Grade II listed building at 34 Billing Road; a ground floor office of 267 square feet at 1 St Giles Terrace at £5,000 per annum and a first floor office suite totaling 1,088 square feet at Mobbs Miller House, the multi-let business centre on Ardington Road.

Also available is Unit 4, Cirrus Park on the Moulton Park Industrial Estate. This 1,848 square foot unit of high quality modern offices with four car parking spaces is on the market at £17,000 per annum, which includes water, electricity, broadband and cleaning costs.

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

Hadlands