Northampton Warehouse with consent for residential redevelopment on sale for £7.4 million

16 March 2017

A client of Aberdeen Asset Management, represented by international real estate advisor Savills, has brought to market a single let warehouse site located in Northampton at a guide price of £7.4 million, reflecting a 9.5% NIY and low capital value of £25 per sq ft (£269 per sq m). The property is fully let to Premium Warehousing Limited and has outline planning consent for the development of 120 dwellings.

Located on a site extending to 15.3 acres (6.2 hectares) the property provides 291,557 sq ft (27,087 sq m) of space across two multi-bay distribution warehouses. Fully let on a new 10 year lease to Premium Warehousing Limited, the unit generates a passing rent of £750,000 per annum with a fixed rental increase in the fifth year.

Tom Scott, Director in the Industrial Investment team at Savills, comments: “We have been experiencing significant interest in industrial and logistics properties across all types of investor groups as the conflicting market forces of robust occupational demand and low vacancy rates create rental growth. The property also has outline planning consent to develop housing, significantly underpinning investment value.”

 
 

Key Contacts

Tom Scott

Tom Scott

Director
Business Space Investment

Savills Margaret Street

+44 (0) 20 7075 2819