Flats redevelopment in Northampton goes on the market...for £5.5million
Here's how much estate agent believes it will be worth once complete...and how revenue it will generate every year
An investment opportunity comprising the first phase of a 130 unit Victorian period former shoe factory conversion by Northampton House Builder Clayson Country Homes is on the market for £5.5million.
The Dunster Street factory comprises 39 one and two bedroomed apartments finished to a high quality specification with a predicted rental yield of £340,000 per annum.
The handsome five storey factory retains a wealth of original character features including exposed cast iron columns, exposed internal brickwork and stone dressed gabled elevations and is located approximately a quarter of a mile from Northampton town centre conveniently placed for access to both the University of Northampton Riverside campus and Northampton Castle railway station.
Richard Greener Rentals and Property Management have produced a schedule of rental values on a unit by unit basis and interested parties will be supplied with a copy of this appraisal which shows income to pass of £28,605 per calendar month at current commercial rents giving a gross annual yield of £343,260.
The agent estimates the gross development value of the site when completed to be approximately £5.75 million This calculation is based on current comparable prices for similar apartment blocks sales in Northampton
The total build area extends to about 20,824 square feet which includes 2,229 square feet of bike, bin and recycling storage areas. The habitable floor area for the apartments extends to about 17,595 square feet. The apartment interiors will feature exposed internal brick walls, powder coated aluminium double glazed windows, oak laminate flooring, kitchens with built in appliances and bathrooms with shower baths. A detailed specification is available upon request.