2-3 Market Square & 50 Drapery Available

2-3 Market Square & 50 Drapery Northampton
NN1 2DL
£350,000
2602 sq ft

Summary

Investment property for sale in Northampton town centre, fully let, creating a current total rent of £34,950 per annum.
  • Investment sale
  • Fully tenanted
  • Producing a total income of £34,950 per annum
  • Town centre location, fronting both Market Square and The Drapery

Location

Market Square / The Drapery are situated within the heart of Northampton Town Centre shopping area, providing the immediate vicinity with a large footfall and street presence.

This area benefits from excellent public transport links with the bus station and railway station only short walks away.

Accommodation

The subject property comprises a four storey (plus basement) mid-terrace character building fronting both Market Square and The Drapery. The accommodation is divided to provide two retail units each on ground and basement floor, along with six residential flats on the upper floors.

The property is fully let and further details are available on request.

Floor Areas

2-3 Market Square 1,207 Sq Ft 112.13 Sq M
50 Drapery 1,395 Sq Ft 129.60 Sq M
Total Area 2,602 Sq Ft 241.73 Sq M

Terms

The ground floor and basement of 2-3 Market Square is subject to a lease to the RSPCA, for a term of 10 years, commencing on the 30 October 2009 and expiring on the 29 October 2019, at a passing rent of £21,150 per annum.

The ground floor and basement of 50 Drapery is subject to a lease to Northampton Health Care Store Limited, for a term of 3 years, commencing on the 24 October 2014 and expiring on the 23 October 2017, at a passing rent of £13,500 per annum.

Flats 1 to 6, on the upper floors are all subject to long leasehold tenancies of 125 years, expiring in 2127/2128, at a current passing rent of £50 per flat per annum. The passing rent increases by £50 per annum every 25 years.

The current total rent equates to £34,950 per annum.

Legal Costs

Each party is responsible for their own legal costs.

It should be noted that all figures quoted either verbally or in writing are exclusive of VAT unless specifically stated.

Services

We understand that all mains services including water gas drainage and electricity are connected to the property. Prospective purchasers should note that none of the services have been tested and it is up to prospective occupiers to ensure that the facilities are installed and working to their own satisfaction.

Viewing

To view and for further details please contact:

Charles Church
Email: cc@underwoods.co.uk
Telephone: 01604 404060
Direct Dial: 01604 783004

Amy Gregory
Email: ag@underwoods.co.uk
Telephone: 01604 404060
Direct Dial: 01604 774146