Description

The property comprises a detached, double-bay, concrete-framed warehouse currently trading as Crew Fitness. The building is of predominantly brick construction, with a plastic-coated clad frontage incorporating double-glazed windows, a personnel entrance and a roller shutter loading door. A pitched roof covers the building and on-site parking is provided to the front.

Internally, the accommodation is fitted out as a gym and includes male and female WC facilities together with a first-floor office area.

Location

Norwich has a population of approximately 140,000 and an extensive regional catchment area. In addition, more than 40
million people visit Norwich each year. The city has in recent years been voted the UK's "happiest city" and "best place to live" in two separate surveys.
Vulcan Road and the Northern industrial Estates are one of the principal warehousing and employment locations in Norwich. The property benefits from visibility to Vulcan Road, where nearby occupiers include Grahams Plumbers, KFC, MAG Group and MKM. The outer ring road is within 500 meters and there is good accessibility to the City Centre and the A140 and A1270 (Northern Distributor Road).

Accommodation Description

The property has the below floor areas:
Warehouse 4129 sq ft (384 sq m)
1st floor 844 sq ft (78 sq m)
Total 4973 sq ft (462 sq m)


Terms

The property is offered for sale on a freehold basis, subject to the current lease to Exhale Fitness Ltd, for 10 years, expiring 1st December 2032. There are tenant-only breaks on 2nd December 2027 and 2030. The lease is a full repairing and insuring lease. The passing rent is £36.000 per annum rising to £44,000 per annum from the 2nd December 2027.

Offers in the region of £475,000 (plus VAT) are invited for the freehold interest. This represents a net initial yield of 7.25%, after allowing for purchasers costs of 1.8% plus SDLT and a reversionary yield of 9.26% at the rent review.