Leaving aside uncertainties within the general UK economy, the busy start to the year continues with strong demand in most sectors – especially freeholds

A good example of  the current market was the disposal of  an industrial unit at 3 Ross Road Business Centre.           

The property, comprising around 4,600 sq ft was placed on the market at ‘offers over £425,000’ and was sold within days.  Demand for small industrial units is very strong – both for owner occupiers and investors.  We have a number of clients seeking either vacant or well let industrial buildings within a 20 mile radius of Northampton – any lot size considered but preferably in the range £200,000 to £1M.  All of our clients are cash buyers and are able to move quickly.

We’ve recently been instructed by one of our clients to advise in respect of the sale of the former Barclays Bank at 67-69a Weedon Road.  The property is currently let to the bank (with the exception of a first floor flat let on a long lease) and they have exercised their option to determine their lease (passing rent £20,000 pax).  Our clients would consider a new letting at the existing rental or may consider a sale – we are quoting £275,000.  The property comprises a ground floor of approximately 1,450 sq ft with first floor accommodation of approximately 580 sq. ft.  There is also a sizeable car park to the rear. The building is opposite Northampton Saints ground and would be ideal for a fast food operator, with living accommodation above -  subject to planning.

We are also instructed in respect of a major office building at Oriel House, 55-57 Sheep Street Northampton.  Comprising approximately 10,042 sq. ft. with 14 on site car spaces, the property which is Grade II listed would make an ideal candidate for serviced offices or alternatively for a residential conversion. 

Our clients have recently submitted a Planning Application for change of use from offices to 14 flats.  The property is available for sale for £1.3M.

So, at present, no real evidence that Covid-19 is having an adverse effect on the market but with rising unemployment and general uncertainty in the economy, perhaps it’s too early to call. Time will tell.