We have successfully acquired an investment property located in Northampton in the East Midlands.
Northampton is located approximately 68 miles north of London, 14 miles north of Milton Keynes, and 55 miles to the southeast of Birmingham. Northampton is located within the county of Northamptonshire which is located in the East Midlands. There are a large number of banking and insurance firms located in Northampton which is also home to a number of business services firms. Northampton has excellent road networks with the town centre served by a ring road and junctions 15/16 of the M1 motorway approximately 5 miles to the west.
The subject property is approximately one mile away from Northampton Rail Station. This station provides a regular service to both London Euston and Birmingham New Street, connecting Northampton to the rest of the country with journey times of approximately an hour to these two destinations. The property is prominently located on Lower Mounts, just a stones throw away from Northampton City Centre. There are a number of bus stops within 200 metres of the property which provide bus routes to a variety of different locations including Kings Heath, Camp Hill, Brackmills, Wollaston, and Sunnyside. There has been significant investment in the public transport infrastructure in recent years with a new bus station opening on the site of the former fish market.
This Northampton investment property is held freehold and has a total floor area of 27,060 square feet. The property is securely let to The Secretary of State for Communities and Local Government with a long unexpired term of 8.4 years and a passing rent of £243,576 per annum, this reflects a low rent of £9.00 per square foot. In addition, the property is the only Job Centre Plus which serves the Northampton South Constituency, making it an important site for the Government tenant, especially with the UK Government having recently disclosed plans to consolidate job centre operations within fewer large centres. This combined with the Government’s signing of a 10-year reversionary lease in 2017 shows the Government’s commitment to the property. Additionally, there is long term potential to convert this Northampton investment to residential use through permitted development.
Speaking to investment agent Daniel Freedman, he stated: “We were pleased to have completed on the purchase of this fantastic Northampton property. As more and more investors look for purchases where there is a secure income stream as well as scope for future development, this property perfectly complemented our client’s portfolio.”
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