FREEHOLD SALE OF 8 BILLING ROAD
Date Posted: 11/7/2008
Acting on behalf of the James Hay Pension Trustees, Northampton based independent chartered surveyors Drake Commercial have sold a freehold period office investment at 8 Billing Road, Northampton. The distinctive corner building, known as Denmark House, is held on a full repairing and insuring lease by Bidwells but sub let to CAN. The lease has twelve years remaining and the passing rent was £25,000 pax.The net internal floor area was approximately 2,500 sq ft together with basement stores and two car parking spaces. Tony Drake of Drake Commercial commented “The purchaser, a private investment fund, paid close to the asking price of £370,000 which represented an initial yield, net of costs, of just under 6.5%. Although the commercial property market has been receiving bad press of late, transactions such as Denmark House prove there is an ongoing demand from private investors for the right calibre of well let properties”.