Ben Coleman Associates report a busy end to 2020 and the start of the New Year seems to have continued that trend.

During the last three months we have been involved in transactions for commercial property assets totalling in excess of £7M.   The largest of these involved Sol House, a major office building in Northampton town centre comprising approximately 30,000 sq. ft.  The property is almost fully let and provides an income approaching £400,000 per annum. We have acted on behalf of the owners, Zurich Assurance Ltd for many years and were instructed by them to sell the property at offers in excess of £3.75M.  Contracts were signed shortly before Christmas for an undisclosed figure.

The practice was also successful in disposing of an attractive period office building 40 Billing Road.   Comprising approximately 3,600 sq. ft. with 18 car spaces, the high profile Victorian office was marketed at £695,000 and attracted interest from a variety of potential buyers including residential developers and  medical users and was eventually sold to an owner/occupier. 

We have recently been instructed in respect of the adjoining property.  41 Billing Road comprises 3,650 sq. ft. and is let to Oasis Dental Care Ltd (trading as BUPA Dental Care) for a term of 10 years from March 2018 at a rent of £50,000 pax. The property has been fully fitted out as a Dental Surgery and the tenant has been in occupation for some time.

We are instructed to seek offers over £775,000 and, bearing in mind the level of interest in the property we have now been instructed to seek ‘best offers’.

Elsewhere in Northampton we have received instructions to dispose of a prominent town centre property at 10/15 Notre Dame Mews. The property is a modern three storey office building which would lend itself to a number of uses and would make an ideal residential conversion.  Comprising 8,300 sq. ft. with 20 car spaces the property was marketed at £1.3M and was placed under offer within two weeks of going to market.

Looking ahead, its clear COVID-19 will continue to have an effect on all commercial property and it’s more important than ever to seek advice from your property professional to make ensure you are kept aware of trends. For example whilst demand for some sectors in the office market are subdued, low interest rates mean  finance has never been cheaper and demand for small/medium sized offices is stronger than ever. 

Likewise, many offices which are beyond their useful economic life are being converted to residential use to cope with the ever growing demand for housing.

Ben Coleman Associates are happy to provide free initial advice on any commercial property matters.