26 April 2010, Eleven town centre commercial properties that have a total value of nearly £1.5 million will come under the hammer next month, thanks to property consultants Carter Jonas. And it is the first time since the credit crunch began to bite nearly two years ago, that such a large number of commercial properties in Northampton have been put up for auction at any one time, confirming the recent predictions made by Carter Jonas that a recovery in the property market is now underway.
The auction, which is being conducted by auctioneer Andrew Cowling of the firm’s Northampton office, will take place on 25th May at the Holiday Inn, Bedford Road, Northampton at 4pm, and will include a variety of properties belonging to three different vendors in the town’s Marefair, Gold Street and York Road areas.
“It is very rare to see freehold properties for sale in the very heart of any major town, so we are delighted to be involved in the marketing and selling of such a prestigious number of lots. What will particularly appeal to potential purchasers and property entrepreneurs is that the majority of the properties being sold already have existing tenants, so they represent a good investment opportunity, especially at the moment when interest rates are so low.”
The portfolio of properties includes a restaurant, cafe, shops and offices as well as a block of five properties in Gold Street (with twelve parking spaces) that has potential for redevelopment.
With Travelodge re-opening the nearby Grand Hotel later this summer, Andrew Cowling believes that the Gold Street and Marefair areas of town where the majority of properties are located will certainly enjoy a renaissance.
“There has been considerable investment in these particular areas of town recently, and once Travelodge re-open the Grand Hotel later this year, then who knows what the potential of nearby properties and businesses will be?”
Selling properties and land by auction is not an uncommon practice for Carter Jonas who have a dedicated auctioneering team to oversee its auctions across the entire UK. The benefit of auctions is that not only are properties sold within a defined time scale, but once the auctioneer’s gavel falls, a binding contract exists between buyer and seller.
“There is always an element of competition with an auction which adds to the excitement. Having eleven freehold town centre properties up for sale all at once is unique. I am sure there will be a considerable amount of interest from people who are looking for an investment opportunity, and who are optimistic about the future of Northampton’s town centre.
Andrew Cowling was keen to emphasise that the existing businesses operating from the properties will be unaffected by the auction, which will provide the proprietors with the rare opportunity of buying the freehold of their premises.