Grafton Trade Park, Grafton Street, Northampton, NN1 2PN
Franck-Steier Price has recently completed the sale of a multi-let trade park investment on behalf of CBRE Global Investors.
The property is located on Grafton St which forms the northern section of the inner ring road around Northampton town centre. The property is ½ mile to the north of the town centre and 5 miles to the east of J16 of the M1 motorway.
The property comprises a trade counter estate of 15 units arranged in three terraces totalling 84,447 sq.ft. The property is fully let producing a total income of 429,263 per annum with a WAULT of 5.26 years to break.
The property is held under two coterminous long leasehold interests from Northampton County Council and Northampton Borough Council with 89 years unexpired. The ground rent is payable annually in arrears to 6.4% of rents received. The current ground rent is £25,816 per annum.
The purchase price of £5,370,000 reflects a net initial yield of 7.05%, assuming purchaser’s costs of 5.76%.
The purchaser was Eskmuir Group, represented by Knight Frank.