Bartlett Property identified a vacant retail investment in Northampton, which occupied a high profile and sought after position on the edge of Northampton town centre.
The opportunity was introduced to ROM Capital together with a strategy that would generate generous returns. The property was in part let, but not occupied by Asda, with an additional vacant retail unit.
Our strategy involved the re-letting of the vacant unit, which we achieved to Vets 4 Pets on a new 15 year lease, together with the asset management of the remainder of the site, to repatriate capital and redevelop it to cater for the considerabe retail demand for this particular location.
Bartlett Property introduced the forward purchase of a medical centre investment yet to be constructed.
The proposed development comprised 2 buildings totalling 65,000 sq ft at 87% pre-let on 6 leases to include EMI Hospital, Renal Unit, Café, Cosmetic Surgery, Pharmacy, GP Surgery and Child Development Centre etc
Bartlett Property advised on the purchase price and structure of the deal which involved tax and VAT implications.
Having advised on the acquisition of the site, the development and letting of the Trade Park units, Bartlett Property acted for County Bedford Ltd in the sale of Kingfisher Trade Park on Bedford’s London Road.
The trade park extends to a total of 37,500 sq ft with tenants including Chips Away, Natural Stores Direct, Fair Deal Auto Centre, Jewson, Wolseley and Premier Kitchens and Bathrooms. The total rent roll was £237,500.
The deal showed a net initial yield of 5% which reflects the appetite for trade park opportunities where there is scope to enhance the tenant mix and the rental profile.