Investment Sale The Comms Centre, Talavera Court, Northampton NN3 6RW

Freehold Office Investment Opportunity

The Comms Centre, Talavera Court, Northampton NN3 6RW

Executive Summary:

• Talavera Court is a modern office complex on Moulton Park one of the principle employment areas in Northampton and host to a range of corporate occupiers and strong regional companies.

• A two storey modern office building comprising 2,660 sq.ft (247 sq.m)

• Fully let to the excellent covenant of dbfb Limited

• Let for 10 years, subject to break options at the 5th anniversary of the lease date

• Current net income of £40,000 per annum (£15.00 per sq.ft)

• Freehold

• Due to the low vacancy rate Grade A rents in Northampton have risen to a high of £19.50 per sq.ft but are still undervalued in relation to competing M1 centres.

• We are seeking offers of £550,000 (Five Hundred and Fifty Thousand Pounds) , subject to contract, reflecting 6.75% NIY after allowing for purchasers' costs.

www.lshinvestmentsales.co.uk

731 Capability Green, Luton , LU1 3LU

Location: Northampton is the major County town and borough within the County of Northamptonshire. The town benefits from excellent communication links being served by 3x Junctions on the M1 motorway as well as the A45, A43 and A14 links to the wider national network including the M6 Northampton benefits from three major airports being within 45 mins drive including London Luton Airport, Birmingham and East Midlands. Northampton railway station provides a direct service to London Euston and Birmingham New Street, with a fastest journey time of 50 minutes.

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Situation: The property is located in a modern courtyard office development on the entrance to Moulton Park, Moulton Park is one of Northampton’s premier employment areas and which is situated approximately 4 miles north of Northampton town centre. Moulton Park accommodates a range of small, medium and large corporate occupiers including the Nationwide Building Society, Greencore, Goodwill Solutions and Kings Park Leisure and Conference Centre.

Description: The Comms Centre is a two storey self-contained B1 office unit within a purpose built development totalling 11 units. The Comms Centre benefits from 10 on site car parking with an overall ratio of 1:289 sq ft. The unit was constructed to a high standard with an internal specification including raised flooring, suspended ceilings incorporating recessed lighting, comfort cooling and state of the art security. The Building is 2 GigaByte enabled with ultra fast broadband connectivity and accommodates the tenants main operational Network Control Centre which is business critical and reflects the commitment to the property.

The Comms Centre, Talavera Court, Northampton NN3 6RW

731 Capability Green, Luton , LU1 3LU

Accommodation: The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and comprises the following net internal area:

www.lshinvestmentsales.co.uk

Floor Plans:

Description Sq.M Sq.Ft

Grd Floor Office

1st Floor Office

Total NIA 247 2,658

Tenancy: The property will be let in its entirety to Database for Business Limited on a full repairing and insuring lease for a term of 10 year. The annual rental is £40,000 per annum, subject to an upward only rent review at the 5th anniversary of the lease commencement. The lease includes provision for tenant only break at the 5th anniversary of the lease commencement, subject to 6 months prior written notice. The tenant has been in occupation for 10 years and has chosen to consolidate its operations at The Comms Centre which is the Hub for its operations in Northampton and Milton Keynes.

Covenant Status: Database for Business Limited was Incorporated in 1998 and has always been based in Northampton.

The company is a proven communications business that delivers integrated solutions to a range of clients from 5 to 2500 employees, including Briggs Equipment Rental, Carlsberg, Compass Group, Hain Daniels, Northampton Saints & MK Dons, helping them transform their mobile, fixed telephony, connectivity and IT.

We have obtained audited accounts and management statements which can be made available.

Tenant Date of

Acc’s T/over Profit

After Tax

Net Assets Credit Limit

Graydon Rating

Database for Business limited

30/09/17 £3.731m £180,742 £529,517 £115,000 pcm

4A Excellent

Not included

in the title

Contacts: Lambert Smith Hampton Pyramus House Grange Park Northampton

Ian Leather Guy Sinkler 01604 664399 01604 663362 07860 612242 07860 187933 ileather@lsh.co.uk gsinkler@lsh.co.uk

731 Capability Green, Luton , LU1 3LU

VAT: The property has been elected for VAT and therefore VAT will be payable on the purchase price. It is however anticipated that the sale will be dealt with by way of a TOGC.

www.lshinvestmentsales.co.uk

Proposal: We are instructed to invite offers in the region of £550,000 (five hundred and fifty thousand pounds) for the freehold interest, subject to contract. A purchase at this level reflects a net initial yield of 6.75% after allowing for purchaser’s costs.

Subject to Contract and Exclusive of VAT © Lambert Smith Hampton January 2018 Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any (“LSH”) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.

Further information can be obtained on the property

EPC: The building has an EPC rating of D93 as below. A report is available upon request.