500 Pavillion Drive, Northampton, NN4
Description
Quadra is a multi-let office building situated on Northampton Business Park, occupying a site area of approximately 1.63 acres. The property provides 41,916 sq ft of modern office accommodation over ground and two upper floors offering flexible workspaces for tenants. The vendor has undertaken a significant refurbishment programme including the following works: Refurbishment of Suites 2, 3b, 6 & 8 (noting that the refurbishment of Suite 2 is in progress), incorporating new VRF air conditioning, carpets, ceiling tiles and redecoration throughout. Upgraded external and internal common parts including the reception and VRF air conditioning and upgraded WCs on each floor
Investment Summary
Reversionary multi-let office located on Northampton Business Park, Northampton's premier office location
Excellent connectivity, located adjacent to Brackmills Industrial Estate and 3 miles from J15 of the M1, and 3.5 miles from Northampton Train Station which provides a direct service into London Euston and Birmingham New Street in 56 mins and 60 mins respectively
Providing a total of 41,916 sq ft of offices over 3 storeys and 9 office suites
Let to 6 tenants with a WAULT of 2.83 years to expiry (2.47 years to break)
Rent passing of £477,226 pa which equates to £11.39 psf overall and £16.51 psf on the let accommodation
Recent rents achieved in the building of £20.52 psf to CIWM, offering a substantial reversion
Significant asset management opportunities:
- Based on a conservative ERV of £19.50 psf, upon letting of the vacant suites this would increase the rent passing to £731,330 pa. Once this ERV has been realised throughout the whole building this provides an increase to £817,362 pa
- AIB is in lease renewal discussions, offering an early opportunity for a purchaser to increase the rental income
- Keepmoat is in discussions about a possible re-gear/ re-location to Suite 6
- The vendor has been undertaking a refurbishment programme. There is an opportunity for an investor to upgrade the EPC ratings across the property to at least a B, leading to improved liquidity and broader market appeal.
Flexible floor plates well suited to occupational demand
in Northampton
Freehold
Location
Key property details
- Property type(s)
- Offices
- Tenure details
- Freehold £4,072,000 Offers in excess of
- Property agent(s)
- Vikram Dard Tom Forman
- Carter Jonas reference
- 20020208
Description
Quadra is a multi-let office building situated on Northampton Business Park, occupying a site area of approximately 1.63 acres. The property provides 41,916 sq ft of modern office accommodation over ground and two upper floors offering flexible workspaces for tenants. The vendor has undertaken a significant refurbishment programme including the following works: Refurbishment of Suites 2, 3b, 6 & 8 (noting that the refurbishment of Suite 2 is in progress), incorporating new VRF air conditioning, carpets, ceiling tiles and redecoration throughout. Upgraded external and internal common parts including the reception and VRF air conditioning and upgraded WCs on each floor
Investment Summary
Reversionary multi-let office located on Northampton Business Park, Northampton's premier office location
Excellent connectivity, located adjacent to Brackmills Industrial Estate and 3 miles from J15 of the M1, and 3.5 miles from Northampton Train Station which provides a direct service into London Euston and Birmingham New Street in 56 mins and 60 mins respectively
Providing a total of 41,916 sq ft of offices over 3 storeys and 9 office suites
Let to 6 tenants with a WAULT of 2.83 years to expiry (2.47 years to break)
Rent passing of £477,226 pa which equates to £11.39 psf overall and £16.51 psf on the let accommodation
Recent rents achieved in the building of £20.52 psf to CIWM, offering a substantial reversion
Significant asset management opportunities:
- Based on a conservative ERV of £19.50 psf, upon letting of the vacant suites this would increase the rent passing to £731,330 pa. Once this ERV has been realised throughout the whole building this provides an increase to £817,362 pa
- AIB is in lease renewal discussions, offering an early opportunity for a purchaser to increase the rental income
- Keepmoat is in discussions about a possible re-gear/ re-location to Suite 6
- The vendor has been undertaking a refurbishment programme. There is an opportunity for an investor to upgrade the EPC ratings across the property to at least a B, leading to improved liquidity and broader market appeal.
Flexible floor plates well suited to occupational demand
in Northampton
Freehold
Location
Key property details
- Property type(s)
- Offices
- Tenure details
- Freehold £4,072,000 Offers in excess of
- Property agent(s)
- Vikram Dard Tom Forman
- Carter Jonas reference
- 20020208