Overview
Description
Location
LOCATION: Wellingborough is a market town in the East Midlands and a borough within the county of North Northamptonshire, with excellent road communications. The town is situated approximately 11 miles (18km) east of Northampton, 35 miles (56km) south of Leicester and 20 miles (32km) north of Milton Keynes. The total population within the Wellingborough primary catchment area is 90,000. Further expansion of the town is now progressing at 'WEAST' (Wellingborough East,) which will provide for an additional 12,800 new homes and around 3 million sq ft of employment space.
The property is situated on the northern side of the town centre on the corner of Church Street with Park Road, forming part of the town's one-way system.
THE PROPERTY: The property, formerly a cinema, is of traditional brick construction with a mix of pitched and flat roofs. It has been converted to provide a bar/nightclub, snooker club and office.
INVESTMENT SUMMARY
Prominent building in the town centre
Freehold
Provides a total of 12,716 sq ft (1,181 sq m)
Total rental income of £58,100 per annum exclusive + supplemental turnover rent (for nightclub)
Weighted average unexpired term of approximately 9 years (WAULT)
Investment includes 3 effective full repairing and insuring occupier leases
A Creditsafe report is available for each of the tenants upon request
PROPOSAL: We are instructed to offer our client's freehold interest for sale at a guide price of £625,000, subject to contract and exclusive of VAT.
VAT: We understand that the property is VAT elected. This transaction could be treated as a TOGC.
Summary
Key points
- INVESTMENT FOR SALE: Freehold Town Centre Mixed-Use Investment
- Substantial town centre property of circa 12,716 sq ft
- Three tenancies producing a minimum of £58,100 pax
- Average unexpired term of 9 years
- Guide price of £625,000 exclusive of VAT
Contact
prop-search.com
Tel: 01933 223300
Samantha Jones
samjones@prop-search.com
www.prop-search.com
prop-search.com
Tel: 01933 223300
Simon Toseland
st@prop-search.com
www.prop-search.com
EPC
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