ST. JAMES RETAIL PARK - NORTHAMPTON - FREEHOLD OPEN A1 RETAIL WAREHOUSE INVESTMENT OPPORTUNITY - CORTEX PARTNERS
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St. James Retail Park Northampton Freehold Open A1 Retail Warehouse Investment Opportunity
St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity Northampton Investment Considerations n Northampton has a substantial and affluent population which is projected to grow significantly. n The scheme draws on a primary retail catchment of approximately 473,000. n St. James Retail Park is the dominant retail park in Northampton city centre. n The park comprises 15,369 sq m (165,428 sq ft) benefitting from an Open A1 non-food planning consent. n The scheme is anchored by DFS and Toys R Us with other tenants including Next, Boots, Mothercare and Homesense. n Substantial car parking extending to approximately 588 spaces. n The property is held Freehold. n The park offers an attractive income profile with a WAULT of 10.5 years, and approximately 53% of the income benefiting from fixed uplifts. n This is a rare situation where average rents reflect £20.77 psf compared to rental offers of £29.50, whereby there is immediate scope for rental improvement. n There are numerous asset management angles. n Offers in excess of £54,160,000 (Fifty Four Million One Hundred and Sixty Thousand Pounds) are being sought, subject to contract and exclusive of VAT, reflecting a net initial yield of 6.00% after deduction of purchaser’s costs at 5.8 %. n The running yield is anticipated to increase 6.41% in 2018 as a result of fixed increases in the leases.
under-Lyme A17
Boston
A525 26 A1121
A48
7 A5
1
15 A50
A52 Ilkeston NOTTINGHAM A1 A52
A5
A52
A16
95 Beeston
A4
A5
3 Uttoxeter DERBY A52
Grantham
St. James Retail Park
A41
25 A A52
Stone
Freehold
Long Eaton Open A1 Retail Warehouse Investment Opportunity
A5
60
16 A6 6
A5
94
A470
A4
A17
Oswestry A51
53
18 A607
A15
A5
A4
East
A50
Burton upon 24
A151
Northampton
14 Midlands
A442
A 41
A53
Stafford Trent Spalding King's
A49
Loughborough Melton
A515
8 A17
A51 M6 M1 Mowbray Lynn
A4
8
A5
A3
A46
A470 Newport
2
4
Rugeley 23
A1101
A4
4
13
Ashby-de-
7 A47
la-Zouch A60
A34
Coalville A6
A1
6
A6
A45 06
8 Cannock
Shrewsbury
A1
22 A5
A16
6
A5 7 6 11 0
A4
5 12
Location
A45 4
8 Telford 3 11 A606
M54 Tamworth M42 LEICESTER A1 A1
A487
2 1 13 122
A6003
A458 9
83
A47
A44
A4
A4
2
70 10 21
WOLVERHAMPTON
A4
A47
Walsall Wigston
Northampton is the county town of Northamptonshire, in the East Midlands, located M69 Peterborough
7
10
A43
A49
9 March
Bridgnorth A4 8 7 Hinckley
approximately 109km (68 miles) north of London, 61km (38 miles) south of Leicester, 72km
A6
89 9 2
M6 Nuneaton 1
1 6 Market
0
5 8
05
(45 miles) south-east of Birmingham, and 48km (30 miles) north-east of Oxford.
A1
A6
A444
A45 A427
BIRMINGHAM Corby
1
8 2 Harborough
A14
7 0 Bedworth M1
A4
87
3 04
A61
A4
Birmingham
44 Stourbridge 3 6
20 A43 27)
A (A4
16
Aberystwyth 2
A4
A45
A483
M42 Ely
42
M6
A1
Kidderminster M5 Solihull 1 Kettering
COVENTRY 19
A1
A4 5
9
42
A50
A14
3
4
A4
A4 4
Rugby Huntingdon M
8
70 A14
Stourport- 1 2
M42
3 A45 18
5
6
2 A4
A4
on-Severn M45 St Ives
A10
16
A456 17
A4
48
A449
M40 Wellingborough Rushden
Leamington Spa A1
A4
5 Redditch 4
5
Warwick A1
4
A5
A6
15 14
A435
A44
A44 M5 13 Daventry A45 A428 14
St Neots
1
16 13
A483
A44 A428
6 12
A46
Worcester
NORTHAMPTON 12 15
A43
Stratford
28
11 1
A1
A429
A4
7
A487 112 upon Avon Bedford
A4 03 M1 M11
A509
A41
6
83 A5
A5
Newport 10
A4
A470
0
A4 Great
38
Biggleswade
A1
08
A4
A438 3 Pagnell
Malvern A44 Evesham A4
A50
5 9
A6
A438 Banbury 11
Hereford Milton Keynes
14 Royston Saffron
8 A42
A1
A44 2 5
1 13
10 A50 Walden
6
70 A4
A4 2 9
Letchworth
65 Tewkesbury
A4 A4
3
0 9
A4
M50 M5 Leighton 12 Hitchin
A47
10 A5
A4
9
A49 4 3 10 4 Buzzard M1
8
A4
0 M40 A1(M) Stevenage
Gloucestershire Luton
Carmarthen A40 11 Bicester Dunstable 11 7 A60
2 8
Stansted
Gloucester A41
A483
9 A120
A4
A10
A48 0 10
40 Luton
4
A40 A436
A3
Abergavenny A
6
A47
9
Kidlington Aylesbury Ware
0
5 A40 M11
Merthyr A46 Witney Tring Hemel
5
Hertford
29
Ammanford
A41
St
A4
7 12 4
Tydfil A40 Hempstead
7
A40 Oxford Albans Hatfield
A4
Stroud
8
M10 3 Hoddesdon Ch
1
A4042
49 13 A4 Berkhamsted 7
A413
65 0
8
7
A4 Thame 2 1
A4
Aberdare 8 A418
M5
49
48 A419 7 22
Pontypool Cirencester
A4
A4010
Amersham 20
M4 24 M25 25 26
Llanelli 47 46 45
A420
19 5
44 Neath Abingdon High Watford
Swansea 43 Cwmbran 6 18 Enfield 5
42 Chepstow 5 Wycombe 4 Barnet
9
17
M11
A42
41 2
14 Didcot M40 Beaconsfield A12
28
Bre
33 6
A4
4
M48 A4 3 M1 2 A40 4
19
40 26 25 24 1
Marlow 2
Port 39 Pontypridd 27
Newport 23
29
A4
Talbot Caerphilly A40 Harrow 6 1 A41
70
28 21
38 M4 22
Swindon
1
0 M25
M4 30 29
M49 Henley- Maidenhead Uxbridge A4
37
36
35
34 33
32 17
16
19 17
M4
16
15 on-Thames Slough
7
LONDON A13
30
6
Bridgend
A34
18 4 2 1
Porthcawl CARDIFF 1 M4 18 3 31
19 2 M32 14 A205 Dartfo
Clevedon M5 3 Chippenham 14 13 M4 Reading A2
20 BRISTOL 12 10 Bracknell
13
Staines 1 Kingston
0 A2
Swanley
2
A4
A350
Barry 11 upon Thames
6
The town benefits from excellent road communication, with Junctions 15, 15a and 16 of the A4
Melksham Newbury
8
A37
A3
11 Sutton A232
Bath Croydon
M1 being located approximately 8 km (5 miles) to the west of the town centre. In addition the
A45 provides east and west access across the Midlands, whilst the A43 provides a direct link
to the M40 motorway to the south-west.
Northampton station provides direct rail services to both London and Birmingham, both with
journey times of approximately 1 hour. In addition, the town is within an hours’ drive of four
international airports: Birmingham, East Midlands, Stansted and Luton.
Oswestry A51 18 A607
17
A15
5
A5
A4
East
A50
14 Burton upon Midlands
24
A151
A442
A4 1
A53
St. James Retail Park
Stafford Trent Spalding
Freehold Open A1 Retail Warehouse Investment Opportunity
A49
Loughborough Melton
A515
8
M6 A51 M1 Mowbray
A4
8
A5
A3
A46
Newport
2
44
Rugeley
Northampton
23
A4
13
Ashby-de-
la-Zouch 7
A60
A3 4
Coalville A6
A1
6
A6
A45 06
8 Cannock
Shrewsbury
A1
22 A5
A16
6
A5 7 6 11 0
A4
5 12
4
Telford
Demographics 3
M54
11 retail catchment map A606
A458 2 1 Tamworth M42 LEICESTER A1
13
9
83
A47
A44
A4
Northampton is one of the UK’s fastest growing towns with a resident population of
2
10 21
WOLVERHAMPTON
A4
A47
10 Walsall M69 Wigston
7
approximately 212,000 (2011 Census) and is the UK’s third largest town without official
A43
A49
9
city status.
A489
Bridgnorth 8 7 Hinckley
A6
9 2
M6 1
1 6 5 8 Market
The town’s retail offer draws on a wide primary retail catchment estimated at 473,000, 05
A6
A444
A45 2 A427 Corby
8
BIRMINGHAM Bedworth M1 Harborough
ranking the town 47 of the Promis Retail Centres. The retail catchment includes the 3 04
A61
Birmingham
Stourbridge
surrounding towns of Wellingborough, Kettering, Daventry and Newport3 Pagnell. 6
20 A43 27)
(A4
16
2
M6
A4
A45
M42
42
A1
Kidderminster M5 Solihull 1 Kettering
The catchment shows good A4
9 levels of affluence, as demonstrated by the following
5 COVENTRY 19
A50
A14
3
4
A4
socio‑economic indicators:
4
Rugby
8
A14
Stourport- 1 2
M42
3 A45 18
5
6
2 A4
A4
on-Severn 16 M45 St
A456 17
A4
48
A449
Acorn Profile Catchment UK M40 Wellingborough Rushden
Leamington Spa A1
A4
5 Redditch 4
5
A5
Wealthy Executives 15.7% 8.3%
A6
15 14 Daventry
A435
A44
A44 M5 13 NORTHAMPTON St Neots
A
1
Flourishing Families A44 8.6% 7.2% 16
A428
6
6 A4
Secure Families 15.3%
Worcester 13.6% Stratford 12 ST. JAMES 15
A43
28
A429
A4
7
112
SettledA4Suburbia 9.3% 03 6.1% upon Avon RETAIL PARK M1
Bedford
A509
A41
6
A5
A5
Catchment UK Newport
A4
Great
38
Biggleswade
08
A4
A438 3 Pagnell
Malvern A44 Evesham A4
A6
Home Ownership A438 74% 70% Banbury 11
14
Hereford 8 A42 Milton Keynes
A1
A44 2 13 05
2+ Car Households 36% 1
6 30% 10 A5
A4
2 9
Letchworth
65 Tewkesbury
Northampton was A4 designated a new town in 1968, has experienced significant housing and
3
9
A4
M50 M5 Leighton 12 Hitchin
A47
population growth. The Regional Housing Strategy aims for further significant growth, with A4
10 A5
9
A49 4 3 10 4 Buzzard M1
8
a target of 40,375 new homes within Northamptonshire over the
Gloucestershireperiod between 2001 and M40
Luton A1(M)
2026, the majority of which will be built within
A40 Northampton itself.
11 Bicester Dunstable 11 7
A
Gloucester 9
A41
40 10
40 Luton
Abergavenny A
The significant new housing is expected A436
to lead to an increase in population of more than 6
9
Kidlington Aylesbury
100,000 by 2026. PMA have estimated that population growth between 2011 and 2016 A40 will Witney Tring Hertfor 5
Hemel
29
A41
St
A4
be 1.1% p.a. which is significantly ahead of the national
12
average of 0.6% p.a. Comparison A4Catchment Map KeyOxford Hempstead 4
7
A40 0 Albans Hatfield
A4
8
goods retail expenditure growth in the catchment is13 also forecast
Stroud to be significantly ahead of M10 3
1
A404
n Primary A4 Berkhamsted
A413
0
8
7
Thame 2 1
A4
the national average over the period. M5
8 A418
2
49
A419
Pontypool Cirencester n Secondary 7 22
A4
A4010
Amersham 20
24 M25 2
n A42Tertiary
19
Significant new housing developments currently underway include Upton (1,600 homes to 0
Abingdon High Watford
5
Cwmbran
the west of the town centre), Pineham (650 homes to the north), Nunn Mills (950 homes to 6 18 E
Chepstow n Quaternary 5 Wycombe 4 Barnet
9
17
A42
the east) and Ransome Road 2
(800 homes 14to the south). 3 Didcot M40 Beaconsfield 6
A4
4
M48 A4
3 3 M1 2 A40
19
26 25 24 1 2
27 23 Marlow
Caerphilly 28
Newport 21 A40 Harrow 6 1 A41
M4 22
Swindon
1
0
M4 30 29
M49 Henley- Maidenhead Uxbridge A4
17
16
19 17
M4
16
15 on-Thames Slough
7
LO
6
A34
18 18 4 3 2 1
1
St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity
Northampton
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A5095
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A 5 0 76
HALFORDS BECKETT RETAIL PARK
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BECKETT’S
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BEDF HM
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NENE VALLEY RETAIL PARK B&Q
A 51 2 3 A 428
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A508
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Retail Warehouse Provision
50
Sixfields Retail Park (USS) St Peter’s Way Retail Park
12
A5
L A DY
76
Located to the west of the town centre on the A4500 (DTZ Investment Management)
DA
NE
BRI D GE DR
Weedon Road, Sixfields Retail Park comprises
DELAPRE GOLF
Situated on the edge of the town centre this is a hybrid
RD
Current retail warehouse provision is estimated at
SC
A 51 2 3
COMPLEX
AM
A508 LON D O N
approximately 1.5 million sq ft, with the town’s main retail approximately 60,000 sq ft of Open A1 non-food consented town centre/retail warehouse scheme extending to
PW
accommodation. The scheme is occupied by Boots, M&S approximately 96,000 sq ft of Open A1 food and non-food
AY
parks being as follows:
Simply Food, Next, First Choice Holidays and Mama’s & accommodation. Occupiers include Argos, Iceland, Home
Nene Valley Retail Park (Land Securities) A50
76
Papa’s. Top rents reflect approximately £25 psf. Bargains and Just for Pets. TK Maxx occupy a unit of
Located immediately adjacent to St James Retail Park, 21,500 sq ft immediately to the south of the scheme.
this scheme comprises approximately 147,000 sq ft of There are several solus units in the close proximity including Top rents reflect approximately £20 psf.
accommodation benefiting from an Open A1 non-food Wickes, Matalan, Hobbycraft and Halfords.
planning consent. Occupiers include Currys/PC World, Riverside Retail Park (BP Pension Fund)
B&M, Family Bargains, SCS, Pets at Home and Staples. Located approximately 2 miles to the east of the town
Top rents reflect approximately £25 psf. B&Q occupy a unit centre, this scheme extends to approximately 180,000 sq ft,
of 105,000 sq ft on the opposite side of Towcester Road. and benefits from a restricted consent. Current occupiers
include Homebase, Next, Brantano, Carpetright, Boots,
Sports Direct, Harveys, Halfords, Pets at Home and Currys.
Top rents reflect approximately £27 psf.
St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity
Northampton
Situation
St James Retail Park is located approximately ½ a mile to the south-west of Northampton
town centre, adjacent to the A5123 Towcester Road which is one of the town’s main
arterial routes, linking the town centre to Junction 15a of the M1.
The A5123 Towcester Road links to the A4500 St Peter’s Way, forming the town’s
inner ring road, approximately 250 yards to the north east via a roundabout junction. AD
RO
The proximity to the town centre and inner ring road means that the scheme is easily
ER
accessible from surrounding areas.
ST
CE
W
TO
Nene Valley Retail Park, owned by Land Securities, is located directly adjacent to
23
A5 1
the south, whilst on the opposite side of Towcester Road is a B&Q Warehouse of ST. JAMES
RETAIL PARK
approximately 105,000 sq ft.
Customer vehicle access and egress to the scheme is via Towcester Road.
Nene Valley
Retail Park
EAST
OAD
ST. JAMES MILL R
GRAND UNION CANAL
ION CANAL
G R AN D U N
St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity
Northampton
Description
The scheme comprises a purpose built retail Several of the units contain trading mezzanines,
warehouse development, with a total ground floor with a total provision of 34,303 sq ft.
GIA of approximately 15,369 sq m
(165,428 sq ft). The units are arranged in an Car parking provision extends to approximately
L-shaped terrace of 9 units totalling 14,783 sq m 588 spaces in total, with 455 spaces in the main
(159,128 sq ft) GIA, with two standalone units customer car park to the front of the units, and
with a combined floor area of 585 sq m a further 133 spaces within the service yard to
(6,300 sq ft). the rear of Unit 3A which are used for customer
overflow / staff parking. The overall parking ratio
D
OA
is therefore 1:281 sq ft.
RR
TE
ES
WC
TO
ST. JAMES
RETAIL PARK
For indicative purposes only
St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity Northampton Planning The majority of the scheme has the benefit of an Open A1 non-food planning consent with the following exceptions: n Unit 5A (BHS) and Unit 7 (Boots) benefit from an unrestricted A1 consent n Unit 8 (Starbucks) benefits from an A3 consent n Unit 3A (DW Sports) benefits from a part D2 (up to 2,640 sq m) and part A1 non-food (up to 1,745 sq m) consent There are no restrictions on the amalgamation or subdivision of units with the exception of Units 6A and 6B which cannot be further subdivided without consent. A number of the units have mezzanines installed. Consent has been granted but not implemented to install trading mezzanine floorspace of approximately 1,541 sq m into Unit 5, subject to a bulky goods use restriction. Tenure The property is held Freehold.
St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity Northampton
St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity
Northampton
Tenancy
Unit Tenant Floor Areas (sq ft) Lease Terms Passing Rent Comments
Ground Mezz Start Expiry Rent Review Per Per
Floor Annum Sq Ft
Unit 1 Toys 'R' Us Limited 43,842 - 29-Sep-07 28-Sep-27 29-Sep-17 £858,275 £19.58 Fixed uplifts at review to £971,059 at 29/09/2017 and £1,098,665
at 29/09/2022 (representing 2.5% compound).
Unit 2 DFS Furniture Company 18,951 - 29-Sep-08 28-Sep-23 29-Sep-18 £428,827 £22.63 Current rent passing £379,020 p.a. 5 yearly reviews based on
Limited fixed uplifts of 2.5% pa compound. Rent rises to £428,827 on
29/09/2013 and to £485,178 on 29/09/2018. Rent to be topped
up to £428,827 p.a.
Unit 3A Dave Whelan Sports 23,140 18,768 29-Sep-06 28-Sep-26 29-Sep-16 £445,262 £19.24 Rent subject to 2.5% compound increases in 29/09/2016 to
Limited £503,783 pa and 29/09/2021 to £569,978 p.a.
Unit 3B Mothercare UK Ltd 10,445 3,015 02-Mar-07 01-Mar-17 02-Mar-12 £263,725 £24.88
Unit 3C Next Group Plc t/a Next 11,380 5,100 05-Feb-10 04-Feb-20 05-Feb-15 £170,700 £15.00 Higher of 5% turnover or base rent £170,700 for 10 years, with a
Home review in the 5th year to higher of the passing rent or 60% market
rent.
Unit 4 Brantano (UK) Limited 6,048 - 24-Jun-88 24-Jun-23 24-Jun-13 £150,875 £24.95
Unit 5A BHS Limited 30,322 - 25-Dec-06 24-Dec-21 25-Dec-11 £555,000 £18.50
Unit 6A Laura Ashley Limited 5,000 - 26-Mar-07 25-Mar-22 26-Mar-12 £125,000 £25.00 Tenant's break option in March 2012 was not actioned.
Unit 6B TJX UK t/a Homesense 10,000 7,420 17-Mar-08 16-Mar-23 17-Mar-18 £225,000 £22.50 Tenant has agreed March 2013 rent review to be documented at
£22.50 psf and March 2018 break option to be removed, subject
to payment of £225,000 to the tenant. The March 2018 rent
review is to OMRV capped at 115% of the passing rent.
Unit 7 Boots UK Limited 4,500 - 09-May-11 08-May-21 09-May-16 £130,500 £29.00 Drive Thru.
Unit 8 Starbucks Coffee Co 1,800 - 28-Feb-11 27-Feb-21 28-Feb-15 £82,500 £45.83 Drive Thru. Fixed uplifts to £83.5k Feb-15 and £90k Feb-16 (no
(UK) Ltd open market review).
Advertising Additional Income - - 03-Jun-05 02-Jun-15 - £1,000 £- Turnover provision equating to 20% of the revenue from each
advertising structure that exceeds the base rent.
Substation East Midlands Electricity - - 25-Mar-88 24-Mar-09 - £- £-
Totals 165,428 34,303 £3,436,664 £20.77St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity
Northampton
Tenant Covenants
Unit Tenant D&B Year End Sales Profit/ (Loss) Tangible Net % of Current
Rating Turnover Before Tax Worth Income
1 Toys ‘R’ Us Ltd 5A1 28-Jan-2012 £476.3m (£2.6m) £328.7m 24.9%
2 DFS Furniture 5A2 28-Jul-2012 £2.2m £54.4m £37.6m 12.4%
Company Ltd
3A Dave Whelan 3A2 01-Apr-2012 £143.1m £7.4m £9.3m 12.9%
Sports Ltd
3B Mothercare UK 5A1 31-Mar-2012 £606.1m (£22.7m) £46.3m 7.6%
Ltd
3C Next Group plc 5A1 28-Jan-2012 £195.0m £530.6m £1,951m 4.9%
4 Brantano (UK) Ltd 3A2 31-Dec-2011 £97.0m (£3.7m) £10.7m 4.4%
5A BHS Ltd B2 27-Aug-2011 £740.3m (£78.06m) £0.33m 16.1%
6A Laura Ashley Ltd 5A1 28-Jan-2012 £278.7m £22.7m £102.7m 3.6%
6B TJX UK 5A1 28-Jan-2012 £1,353m £35.4m £370.6m 7.0%
7 Boots UK Ltd 5A1 31-Mar-2012 £6,354m £240m £234m 3.8%
8 Starbucks Coffee N2 02-Oct-2011 £397.7m (£32.9m) (£1.28m) 2.4%
Co (UK) LtdSt. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity
Northampton
Income Analysis
The property is fully let to 12 tenants, producing a total current income of
£3,436,664 per annum.
The property has a current WAULT to Break/Expiry of approximately 10.5 years.
Approximately 53% of the income is subject to fixed uplifts, with an additional £253,156 pa
of income by 2018.
Income by D&B Rating Income by Lease Expiry
N2 2.4%
0-5 yrs
B2 7.7%
16.1%
5A1 15+ yrs
3A2 10-15 yrs
51.8% 50.4%
17.3% 41.9%
5A2
12.4%St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity
Northampton
Asset Management
The scheme shows strong retailer trading patterns,
and the asset management strategy is to build on
this by incorporating new tenant fascias which will
complement the current line-up. There are currently
several retailer requirements for the scheme with a
strategy to incorporate them as shown on the plan.
AD
RO
BHS McDonald’s
R
There is the potential to split the store.
E
Heads of Terms have been agreed with
ST
Detailed proposals have been made by two
CE
McDonald’s to take a new Drive thru unit,
W
retailers which would increase the rental subject to planning, as indicated on the plan.
TO
income. Details are available on request.
ST. JAMES
RETAIL PARK
Toys R Us
Mothercare There is a potential to downsize the store and
The tenant has suggested that they may be increase the overall rental. Interest has been
prepared to regear their lease. expressed from a new tenant in taking a unit
of up to 13,000 sq ft. Details are available on
request.St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity
Northampton
Environmental Contacts
RPS have carried out and Environmental Desktop Study which can be assigned to the Mark Morgan
purchaser. A copy of the report is available on request. mark@morganwilliams.co.uk
Paul Williams
VAT paul@morganwilliams.co.uk
It is anticipated that the transaction will be structured as a TOGC.
Iain MacDonald
iain@morganwilliams.co.uk
Proposal
Offers for our client’s freehold interest in excess of £54,160,000 (Fifty Four Million One
Hundred and Sixty Thousand Pounds) are being sought, subject to contract and exclusive
of VAT, reflecting a net initial yield of 6.00% after deduction of purchaser’s costs at 5.8%.
The running yield is anticipated to increase to 6.41% by 2018 as a result of the fixed
increases in the leases.
Misrepresentation Act
Morgan Williams for themselves and for the vendors of this property whose agents they are give notice that the particulars are set out as a general outline only for the guidance of intending purchasers, and do not
constitute, nor constitute part of, an offer or contract; All descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed
to be correct, but any intending purchasers should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them; No person
in the employment of Morgan Williams has any authority to make or give any representation of warranty in relation to this property; All negotiations are subject to contract.
July 2013. Designed and produced by Creativeworld Tel: 01282 858200St. James’ Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity Northampton EPC’s
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