1-8 College Street Mews, Northampton

Summary: Fully Let Town Centre Investment Opportunity • Fully let town centre retail investment • Attractive period mews development (constructed c.1887) • Adjacent newbuild large scale student housing developments • Asset management opportunities • Potential for alternative uses (STP) Location: The property occupies a prominent position within Northampton town centre, fronting the one-way streets of College Street and St Katherine's Street. Both are mixed-use in character and connect directly to the town's primary retail pitches of Drapery and Gold Street. The scheme lies diagonally opposite the former Debenhams site, now redeveloped to provide 200 student apartments, with a further five-storey student scheme recently developed on the adjoining plot. This continued regeneration and residential growth underpins long-term occupational demand in the immediate area. Northampton railway station is approximately an 8-minute walk away, providing regular direct services to London Euston and Birmingham New Street. Accommodation: The subject property comprises an attractive, period retail mews development comprising a two-storey building with an ironstone façade, originally constructed in 1887. The retail units front a pedestrianised, paved thoroughfare linking College Street to the public park to the rear. The main roof is pitched and slate-covered. The rear elevation to St Katherine's Street is of solid brick construction, incorporating attractive arched lintels at first-floor level with single-glazed timber sash windows. An undercroft accessed from St Katherine's Street provides six tenant parking spaces, secured by concertina gates. The scheme is fully let as per the tenancy schedule to a diverse and vibrant blend of occupiers comprises six ground-floor retail units and two first-floor suites. The retail units benefit from timber-framed display windows and entrance doors while the upper floors provide similar fenestration. Floor Areas: Unit 1 515 Sq Ft 47.84 Sq M Unit 2 360 Sq Ft 33.44 Sq M Unit 3 503 Sq Ft 46.73 Sq M Unit 4 1,407 Sq Ft 130.71 Sq M Unit 5 1,719 Sq Ft 159.70 Sq M Unit 6 471 Sq Ft 43.76 Sq M Unit 7 & 8 1,127 Sq Ft 104.70 Sq M Total Area 6,102 Sq Ft 566.89 Sq M Terms: The property is available subject to the existing lease agreements as per the accompanying tenancy schedule, with a current passing rent of £72,100 exclusive. We are instructed to seek offers for the Freehold Interest in the region of £825,000 exclusive of VAT, which reflects a 8.28% Net Initial Yield after allowing for standard purchasers costs. The reversionary yield exceeds 10%. Legal Costs: VAT: We understand that the property has not been elected for VAT, and will therefore not be applicable upon the sale price. Services: Service Charges: Energy Performance Certificate Rating: EPC's for the property are available via the agents. Other Information: In accordance with Money Laundering Regulations, please be aware that any prospective purchaser will be asked to produce I.D. documentation when a sale is agreed and we ask for your cooperation in order to not delay matters. Viewing: To view and for further details please contact: Ravi Varambhia Email: rv@underwoods.co.uk Telephone: 01604 404060 Direct Dial: 01604 774149 Rob Keeves Email: rk@underwoods.co.uk Telephone: 01604 404060 Direct Dial: 01604 774143