Investment Properties: 20, 22, 22A, 24 & 28 High Street and 1 North Street, Daventry NN11 4HU
20, 22, 22A, 24 & 28 High Street and 1 North Street, Daventry NN11 4HU
OIEO £1,100,000 subject to contract - Freehold Interest
- Daventry is a historic market town located 75 miles north of London.
- The property is situated in the heart of Daventry town centre in a highly prominent and visible location.
- Adjacent to £8.2m development project by Daventry District Council comprising a cinema, restaurants and a public square.
- The property has not been offered to the market for approximately 40 years.
- Freehold interest.
- Total accommodation of 8,763 sq ft / 786 sqm.
- Comprising a mixed-use parade of 5 units plus upper parts.
- Multi-let to 6 tenants with a total current rental income of £70,050 per annum.
- 30% of the rental income is secured to Nationwide Building Society.
- Immediate opportunities to increase rents with a total estimated rental value of £105,000 per annum.
- Potential for a change use & extension ofthe upper parts to residential, subject to planning.
- We are instructed to seek offers in excess of £1,100,000, subject to contract.
- This reflects a Net Initial Yield of 6.0%, based on purchasers’ costs of 5.85%, and a Capital Value of £125 per sq ft.
- A purchase at the asking price reflects a potential reversionary yield of 9.0%.