The 36,010 sq ft freehold property is constructed of steel frame with block work elevations to one third of the height with steel cladding above. To the rear of the showroom there is a large sales counter with offices behind. The warehouse is split into three bays with an eaves height of 5.4m, 6.0m and 7.2m. There is a roller shutter door (4.6m high and 4.4m wide) providing access to the car park and yard.
There is a two storey office attached to the warehouse and fronting on to Spencer Bridge road that has been sublet. Total site area is 1.32 acres which equates to a site area of approximately 60%. The site is regular and level and is secured with steel palisade security fencing.
The property is located on the junction of the A4500 Spencer Bridge road and Gladstone Road approximately half a mile north west of the town centre of Northampton. The surrounding area is predominantly low-cost residential with pockets of retail and parkland nearby.
Let to Jewson (parent company Saint Gobain) who have over 500 branches across the country, and are the UK’s leading supplier of timber and building products.
Structure
The property was part of the Sapphire Portfolio (Part). See ‘Sapphire Portfolio (Part)’ section for further details.
Asset Management/Value-Add
Vetoed deal negotiated by previous manager/loan sponsor to renew Jewson lease on very concessionary terms. Jewson subsequently “held over” for more than two years at existing passing rent until the portfolio sale occurred.
