8-18 Abington Street, Northampton, Northamptonshire

Description

Comprising 5 retail units, ancillary uppers, and a residential element subject to a long lease. Tenants include O2, Coventry Building Society, Howden Insurance and Wenzels. Total accommodation of approx. 1,413 sq m (15,208 sq ft). VAT is applicable.

Accommodation

5 retail units, ancillary uppers, and a residential element; total accommodation approx. 1,413 sq m (15,208 sq ft).

Location

Pedestrianised town centre location on the south side of Abington Street, at its junction with Dychurch Lane, close to the Grosvenor Shopping Centre. Nearby occupiers include Starbucks, Tesco Express, Superdrug, Greggs, Holland & Barrett, Costa Coffee, Barclays Bank, EE and Nationwide amongst others.

Tenure / Property Information

Investment Analysis

The property comprises approximately 15,208 sq ft of tenanted town-centre retail and ancillary accommodation across five units, with a residential element subject to a long lease. The supplied sold comparables at 6A Abington Street were £1,030,000 in 2017 and £1,500,000 in 2021, but they are not sufficiently detailed to establish a current valuation for this larger multi-unit asset. The £1.65m+ guide is therefore not independently supported by the supplied evidence. VAT applies and additional charges may be payable, but the amounts and recoverability are unknown.

Investment Snapshot

Strategy Recommendation

Treat as a potential income-led commercial investment only after obtaining the full rent roll, leases, tenant covenant information, service-charge position, VAT advice and independent valuation. Do not rely on the guide as a maximum bid.

Works Required

No physical refurbishment works are evidenced. The priority is legal, tenancy and technical due diligence, including review of the five occupational arrangements, the residential long lease, VAT treatment and any proposed subdivision of 16-18 Abington Street.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed because there is no supported GDV, rental income, refurbishment budget or refinance valuation. The tenanted commercial profile and residential long lease also require lender and lease review before assuming refinanceability.

Buy-to-Let Analysis

A BTL yield cannot be established because no passing rent, rent schedule or sufficiently specific rental evidence has been supplied. The asset is primarily a tenanted retail investment, with the residential element subject to a long lease, so the lease and occupational income details are essential before assessing income performance.

Flip Analysis

A flip analysis cannot be reliably completed. No refurbishment scope, supported current GDV, resale costs or selling allowance has been supplied. The 2021 Abington Street comparable at £1.5m provides context only and is not sufficient to support a resale value for this property.

Investor Risks & Due Diligence

• VAT applies, with the rate, treatment and recoverability not supplied.

• Additional seller or third-party charges may be payable, but amounts are unknown.

• No passing rent, rent schedule, lease terms or tenant covenant details have been provided.

• The residential element is subject to a long lease, which may affect income, control and future options.

• Future subdivision of 16-18 Abington Street is subject to consents and the existing lease.

• The supplied comparables are historic and not sufficiently detailed to establish current market value.

• No refurbishment, operating-cost or resale-cost information is available.

Recommendation

Treat as a potential income-led commercial investment only after obtaining the full rent roll, leases, tenant covenant information, service-charge position, VAT advice and independent valuation. Do not rely on the guide as a maximum bid.

Strategy Rating

Analysis Confidence

Property size, use, tenure, occupancy and two historic comparables are supplied, but rent, lease terms, valuation, costs, fees, refurbishment requirements and VAT impact are not quantified.