8 - 12 St. Benedicts Street, Norwich, Norfolk, NR2

Description

City Centre Retail Investment For Sale

The property is a three storey mixed-use building comprising basement, ground, first and second floors. The four residential flats are subject to 125 year, long leasehold interests with peppercorn ground rents. The ground floor provides two retail units with a combined income of £48,500 per annum exclusive.

Location

Norwich is an affluent and attractive cathedral city that draws on a large catchment population of over 800,000 persons which is substantially enhanced by a year round tourist influx. The city benefits from excellent transport links to London (A11/M11) and the Midlands (A14). Norwich has twice hourly direct train links to London (1 hour 50 minutes) and an International Airport. The city boasts two universities, University of East Anglia and Norwich University of the Arts, is a UNESCO City of Literature, forms part of the Cambridge Norwich, Tech Corridor and has its own Research Park. Norwich is frequently cited as one of the most desirable cities to live in the UK as a result of its safe and historic environment, affordable housing and access to jobs. It is surrounded by the coast and the Norfolk Broads National Park. Norfolk has a total of 32 million tourist trips that benefit the economy by £2.34 billion.

St Benedicts Street is within the historic Norwich Lanes shopping area which is known for its unique array of specialist retail, restaurants and bars whilst being adjacent to Norwich's prime retail core. The subject property is situated in a prime position towards the eastern end of the street. Occupiers of note close by include Pizza Express, Benedicts, Pinocchio's and Haggle.


Accommodation Description

1 Lord Howe Yard - 602 sq ft (56 sq m)
2 Lord Howe Yard - 775 sq ft (72 sq m)
3 Lord Howe Yard - 839 sq ft (78 sq m)
4 Lord Howe Yard - 2,421 sq ft (225 sq m)

8 St Benedict's Street - 790 sq ft (73 sq m)
10 - 12 St Benedicts Street 1,910 sq ft (177 sq m)

Total - 7,337 sq ft (681 sq m)

Terms

The property is held freehold with the title number NK81907.

We are instructed to seek offers of £510,000 (Five Hundred and Ten Thousand Pounds), subject to contract and exclusive of VAT for the freehold interest. A purchase at this level would reflect a Net Initial Yield of 9.08% after allowing 4.74% for purchaser's costs (1.8% plus stamp duty land tax) on a total rental income of £48,500 pax.

The property has been elected for VAT purposes. It is anticipated that the investment will be treated as a transfer of a going concern.


Legal costs

Each party is to be responsible for their own legal costs incurred in the transaction. Each party is to be responsible for their own legal costs incurred in the transaction.

In accordance with the latest Anti Money Laundering Legislation, the purchaser will be required to provide proof of identity and address to the selling agents prior to solicitors being instructed.