10/15 Notre Dame Mews, Northampton, NN1 2BG
Acting on behalf of a private trust, Franck-Steier Price has recently concluded the sale of a 1980’s built office building in Northampton town centre.
The property is 3 storeys and of steel frame construction with brick elevations and benefits from perimeter trunking, air handling system and suspended ceilings.
The property is let to Motor Neurone Disease Association for a term of 5 years with effect from 23rd July 2015. There is a tenant only break option effective 22nd July 2017. The current passing rent is £85,000 per annum.
The office building totals 8,155 sq.ft.
The sale price was £895,000 which reflects a net initial yield of 8.99% and commenting on the deal, Andrew Franck-Steier says “We are delighted with the sale price achieved given the length of income to the break of approximately 9 months, but this demonstrates the keen prices being paid for sub £1 million lot sizes”.
The purchaser Belljoy Limited were unrepresented and Franck-Steier Price represented the vendor.