Barwood Capital, the Northampton-based real estate investment and development business, has acquired Riverside House, a 60,000 sq ft iconic office building located on the Bedford Road in Northampton off market from LPA receivers for £4.5 million.
Current tenants include Capita, Northamptonshire County Council and the Northampton Renal Dialysis Unit. Riverside House is a five story building with two rectangular wings in an ‘L’ shape separated by a central service core.
It is located less than a mile from the town centre and is next to Northampton’s Hospital. The area is undergoing an exciting regeneration including the new £350m Northampton University campus which is due to open in September 2018.
Riverside House was acquired for Barwood’s 2015 Property fund, a closed ended five year fund that closed in July 2015 with the ability to secure more than £100 million of commercial and residential property assets.
Danielle Sheppard, associate investment director, Barwood Capital said: “Northampton is a vibrant town which is attracting a considerable amount of inward investment including the new railway station, new University campus and the new Northamptonshire County Council headquarters in the town centre.
“We can see huge potential to refurbish Riverside House to bring it up to modern standards for the benefit of the current and future tenants. All the fundamentals are there in terms of flexible accommodation, its location with links to the rail and motorway networks and its excellent parking ratio.
“Currently we are exploring opportunities that owning a building close to both the hospital and university might bring. It’s great to be investing in our home town and we continue to seek such on and off market assets across the UK’s regional property market.”
TDB Real Estate and Savills acted on behalf of the receivers; Barwood Capital will retain TDB Real Estate as leasing agents.
