Gold Street investment property in Northampton sold at auction for £320,000

A freehold retail and residential investment in the centre of Northampton has been sold at an auction in London for �320,000. NNL-141219-123125001
A freehold retail and residential investment in the centre of Northampton has been sold at an auction in London for �320,000. NNL-141219-123125001
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A freehold retail and residential investment in the centre of Northampton has been sold at an auction in London for £320,000.

The property in Gold Street includes two ground floor retail units and three self-contained flats to the upper floors.

The annual rental income is £28,030, with a gross return of over 8.75 per cent. It had been offered at a guide price of £250,000 plus but eventually sold for £320,000.

It has not been revealed who purchased the property.

The existing tenants in the retail units - All Night burger joint and Carmelo barbers - will remain leasing the units.

Eddisons’ London sale was part of a three day event which also included dates in Manchester and Leeds. In total 76 of the lots offered sold, generating proceeds of over £8.5m.

Throughout the year the firm has staged 19 auctions at which 75 per cent (622) of the lots offered have been sold, producing revenue of approximately £58m.

Simon Bailey Director and Auctioneer at Eddisons said: “Given the uncertain economic backdrop over the last 12 months these figures are very impressive. Investors have consistently turned out in large numbers and bid for stock in all categories.

“It is clear that auctions remain an effective route to market, particularly where the true market value is largely unknown.”