Sold

Northampton – Recently Converted Student & Leisure Investment

14 Fish Street & 1-7 Dychurch Lane, Northampton, NN1 2AA

Offers in excess of £2,200,000

Property Type:
Commercial
Sub Types:
Leisure, Student Accommodation
Tenure:
Freehold
Net Initial Yield:
9.90%

Income

£231,223 p.a.

Description

  • Northampton is a Dominant Central England and M1 Corridor Retailing Centre
  • Attractive former Council Office Building converted in 2019 to retail/leisure use on basement and ground floors
  • All three retail/leisure units are recently let and produce £80,000 p.a. (35% Income Share)
  • All commercial income is subject to RPI & CPI indexed rental increases, reviewed 5 yearly
  • 22 Student Beds, arranged as three cluster flats and two studios producing a gross current rent reserved of £151,223 p.a. (65% Income Share)
  • First and second floors recently converted to student accommodation in July 2018
  • The student accommodation has been fully let since being first offered in 2019 on Assured Shorthold Tenacies (ASTs)
  • Excellent student demand for for the forthcoming 2021/22 Academic Year
  • 15,000 students consisting of 9,500 full-time students studying at the University of Northampton and a further 4,500 student at Northampton College