FREEHOLD RETAIL INVESTMENT 2A MARKET STREET WELLINGBOROUGH NN8 1AN

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Mark Fox
6 years ago
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1 FREEHOLD RETAIL INVESTMENT 2A MARKET STREET WELLINGBOROUGH NN8 1AN

car parking close by Very prominent unit with retail gross frontage of 6m Current passing rent 25,000

2 Investment Summary High street retail investment opportunity in the heart of Wellingborough town centre Freehold Located in the prime pitch on Market Street, opposite the Swansgate Shopping Centre with free car parking close by Very prominent unit with retail gross frontage of 6m Current passing rent 25,000 per annum exclusive Guide price of 325,000 for the freehold interest, subject to contract and exclusive of VAT

Wellingborough benefits from excellent road communications. Leicester and other cities to the north are easily accessible via the M1 while Birmingham is accessed via the M6.

3 Location Wellingborough is a market town in the East Midlands and a borough within the county of Northamptonshire. 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. London is located 70 miles (112km) to the south. Wellingborough benefits from excellent road communications. Leicester and other cities to the north are easily accessible via the M1 while Birmingham is accessed via the M6. The A14, which links Wellingborough to the M1 and M6, also provides access to locations in East Anglia such as Cambridge, Peterborough and the port of Felixstowe. Wellingborough Station provides links with Leicester and London (average travel times are 30 and 45 minutes respectively). Rail services to Kettering and Bedford are also provided with approximate journey times of 10 minutes. Luton Airport, the nearest major airport and also the 5th busiest in the UK in terms of passenger numbers (UK Civil Aviation Authority), is situated approximately 39 miles (59km) south of Wellingborough. The total population within the Wellingborough primary catchment area is 90,000. In the last 10 years, total employment has gradually increased and is projected to increase above the national average beyond The town is projected to see above average growth in population over the period due to the planned town expansion, which will see an additional 11,500 new homes over the period. The Stanton Cross development to the east of Wellingborough station is currently underway, with Bovis Homes set to deliver 3,650 new homes. It will be the largest growth the town has seen since the 1960s and will include new homes, shops, schools, commercial space, a town park, community centre and doctor s surgery. Situation The property is situated on the western side of pedestrianised Market Street in Wellingborough town centre. The prime retailing pitch within the town is Market Street which stretches north west from the property. This location is anchored by the Swansgate Shopping Centre, just opposite. The property benefits from significant footfall between the Morrisons supermarket and its free car park and the Swansgate Shopping Centre. There is also a free multi-storey car park on nearby Cannon Street, adjoining the shopping centre. It has been a long term policy of the council and shopping centre owners to offer free car parking in the town. At the rear of the property is Market Square, which hosts an open stalls market four days a week. The immediate area is occupied by Lloyds, HSBC, NatWest, Halifax, Santander, Barclays, QD Store, Claire s Accessories and The Hind Hotel. The Swansgate Shopping Centre provides a range of national multiples, namely Argos, Specsavers, New Look, Bonmarche, Game, M&Co, Clintons Cards, Superdrug, Boots and Wilko.

4 THE PROPERTY Waendel Leisure Centre Market Square Morrisons and Car Park Wellingborough Library Matalan Aldi Commercial Way Multi-storey Car Park Jackson's Lane Car Park Wellingborough College Silver Street QD Store Market Street Swansgate Shopping Centre

Retailing in Wellingborough Wellingborough s retail floor space amounts to 640,000 sq ft and is mainly

It is in the centre of a broadly triangular site bounded by Silver Street to the west, Church Street to the

Swansgate Shopping Centre is located to the south of Market Street and it attracts more than 5.

Market Street acts as the central promenade within the town, being adjacent to the shopping centre and

The Wellingborough Market, recently refurbished, is located directly behind the property and is open four

5 Retailing in Wellingborough Wellingborough s retail floor space amounts to 640,000 sq ft and is mainly focused around the Market Square. It is in the centre of a broadly triangular site bounded by Silver Street to the west, Church Street to the north and Market Street to the south. Swansgate Shopping Centre is located to the south of Market Street and it attracts more than 5.3 million shoppers per year. Key tenants include Wilko, Boots, 99p Stores, Iceland, Home Bargains and Argos. Market Street acts as the central promenade within the town, being adjacent to the shopping centre and within close proximity to Sheep Street, Midland Road and Cambridge Street. The Wellingborough Market, recently refurbished, is located directly behind the property and is open four times a week. Currently, the occupancy level within Wellingborough town centre is high and there is a lack of supply of retail units, especially of a similar size to the property. We understand the majority of retailing accommodation around the town centre was built in the 1970s and provides small, lock up size units.

6 8 commercial property solutions Priory Cottage War Meml Church 1 Description The property comprises a two storey retail unit with a shared ancillary loading yard. The building is of steel frame construction and brickwork elevations. The Market Square is nearby with high pedestrian footfall and Silver Street is a main highway through the town centre. Unit 2a trades at ground floor with ancillary offices, kitchenette and training offices at ground and first floor. Orient House ORIENT ANGEL LANE WAY Posts WELLINGBOROUGH THE PROPERTY PCs 6 Library 9 8 Pebble Lane The property has been fitted out by the tenant in its house brand. Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and the Net Internal Areas (NIA) are set out below: Floor Use Area sq ft Area sq m Unit 2a - MKJ Ltd Ground Floor Retail ITZA Ground Floor 1, First Floor Total 2, Posts 11b 11a 10 21a 9a 9 SILVER STREET m 45a 5 to 4a 5 1 to a 2 3 PLACE BURYSTEAD MARKET SQUARE 1a 1 Posts 1-2 2a 3 Hind Hotel TCBs LB Market Street to The unit has the following approximate net and gross frontage: 4 PH Unit Net frontage (m) Gross frontage (m) 2a Market Street Tithe Barn 34 32a Shops SHEEP STREET 2 1 to TITHE For indicative purposes o BARN ROAD 0m 10m 20m 30m 30

7 BRIGHTHOUSE HOME ENTERTAINMENT O2 TELEPHONES CASTELLO LOUNGE BAR & REST 1-2 2a 3 Morrisons and Car Park For indicative purposes only.

Tenure Freehold Tenancy Unit 2a Unit Tenant Lease Start Lease Expiry

MKJ Ltd (t/a 02) 20/01/2012 19/01/2027 (8/02/2022) 25,000 ( 37.

2006, specialising in the retail sale of mobile telephones.

The company was acquired by a larger franchise, Talk Talk Mobile Phones

8 Tenure Freehold Tenancy Unit 2a Unit Tenant Lease Start Lease Expiry (Tenant Break) Rent pa (Headline Zone A) Rent Review Repairs Use Unit 2a MKJ Ltd (t/a 02) 20/01/ /01/2027 (8/02/2022) 25,000 ( 37.89) 20/01/2017 FRI A1 Unit 2a MKJ Ltd MKJ Limited was incorporated in 2006, specialising in the retail sale of mobile telephones. It has a D&B rating of D89. The company was acquired by a larger franchise, Talk Talk Mobile Phones Ltd, in Mar May May 2014 Tangible Net Worth 301, , ,161 Net Current Assets (Liabilities) 251, ,740 49,971

EPC Ratings The unit has been given the following EPC rating (reports are available on request): Further Information For further information or if you wish to arrange a viewing please contact the

Proposal Guide price of 325,000 for the freehold interest, subject to contract and exclusive of VAT. SIMON TOSELAND 01933 223300 07500 886177 st@prop-search.

9 EPC Ratings The unit has been given the following EPC rating (reports are available on request): Further Information For further information or if you wish to arrange a viewing please contact the sole agents. Unit 2a D89 VAT We understand the property is VAT elected. This transaction will be treated as a TOGC. Proposal Guide price of 325,000 for the freehold interest, subject to contract and exclusive of VAT. SIMON TOSELAND st@prop-search.com DEAL MAKER NORTHAMPTONSHIRE DEAL WINNER NORTHAMPTONSHIRE Misrepresentation: Prop-Search.com for themselves and for the Vendors or Lessors of the property whose agents they are give notice that: (i) The particulars are set out as a general outline only, for the guidance of intending purchasers or lessees and do not constitute whole or part of, an offer or contract; (ii) All descriptions, dimensions, references to conditions and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers or tenants should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) No person in the employment of Prop-Search.com has any authority to make or give any representation or warranty whatsoever in relation to this property. Services: We have not been able to test any of the services and installations and recommend that prospective purchasers or lessees arrange for a qualified person to check them before entering into any commitment. VAT: All rents, prices and charges quoted in these particulars may be subject to VAT. Liability: Prop-Search.com will not be liable in negligence or otherwise for any loss arising from the use of these particulars

Argos, Back Lane, Newtown, SY16 2NH Well Let Retail Investment

Argos, Back Lane, Newtown, SY16 2NH Well Let Retail Investment Executive Summary Modern purpose built retail unit Busy market town Prominent position immediately opposite the bus terminal and the town