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Retail Property (high street) for sale

1&3 Market Place, Bungay, Suffolk, NR35

Sold STC 800 sq. ft. | £195,000

Property Description

Commercial information

  • 800 sq ft (74 sq m)
  • Use class orders: A1 Shops

Key features

  • Well let on a new 10 year lease to EACH
  • Suit SIPP investor
  • Secure income

Full description

Tenure: Freehold

1 & 3 Market Place is situated in the centre of the historic and bustling market town of Bungay with a population of about 4,000, located on the Norfolk/Suffolk border. Best known for its Castle ruins, the town sits within a loop of the River Waveney in The Broads National Park. The town has a large catchment area and an additional influx of seasonal tourists. Bungay is located just off the A143, which links Bury St Edmunds to Lowestoft and Great Yarmouth, 16 miles to the South of Norwich and 38 miles to the North of Ipswich.

The Property is located in a highly visible and central position on the Market Place, which forms part of the main one-way system in the town. This attractive period building is arranged over 4 floors and is of brick construction. The retail element is let to EACH where they occupy part of the ground floor and the whole of the basement. The residential element, part ground and all of the upper parts, has been sold off on separate long leasehold interests of 125 years.

The vendor is seeking 195,000 for their freehold interest .

The retail lease is to East Anglia's Childrens Hospices which commenced on 1st August 2016 for a term of 10 years with a break option at year 5. The rent is stepped from the initial rent of 14,000, to 14,250 in 2017, to 14,500 in 2018 and 14,750 from 2019 to 2021 then OMRV.

The Energy Performance Certificate is not required as the property is Grade II Listed.

Both parties are to pay their own legal costs incurred in this transaction.

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