Northampton Business Park, a UK Land subsidiary, has gone into receivership. Cork Gully is now in charge of the park’s 235,000-sq ft second phase, located at Brackmills, Northants.
The 120,000-sq ft first phase was prelet to Barclays Bank at an initial rent of some £2m pa — based on a rent of £15.50 per sq ft — and the investment sold to a foreign buyer for £19m in March.
Earlier this year, Underwoods, which was letting agent for the scheme with Chesterton and Nelson Bakewell, said that it was expecting £17 per sq ft on phase two. But local agents’ deals were being completed at around £10 to £12 per sq ft.
Debenham Tewson & Chinnocks is retained by the receivers as consulting agent; it is unclear whether the scheme’s existing letting agents will be retained.
