32-38 Surrey Street 47-51 All Saints Green 1-3 Saints Court, Norwich, NR1 3NY

Description
The properties comprises 8 self contained buildings which form part of an established office/mixed use estate.

Location
Norwich is an affluent and attractive cathedral city that draws on a large catchment population of over one million 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.

The properties are located in Norwich City Centre at the junction of Surrey Street and All Saints Green in close proximity to the inner ring road (A147). The main shopping areas of Stephens Street and Chantry Place are within walking distance. John Lewis, Sainsbury's and the central bus station are nearby.

Tenure and terms
The properties are offered by way of a sale of the four long leasehold interests which are subject to the following lease terms:

32 and 34 Surrey Street
A term of 99 years from 9.12.1977 with an unexpired term of approximately 50 years at a current ground rent of £2,712 subject to 10 yearly reviews to 17.5% of ERV.

36 and 38 Surrey Street
A term of 99 years from 9.12.1977 with an unexpired term of approximately 50 years at a current ground rent of £3,212 subject to 10 yearly reviews to 17.5% of ERV.

47, 49 and 51 All Saints Green
A term of 99 years from 9.12.1977 with an unexpired term of approximately 50 years at a current ground rent of £3,762 subject to 10 yearly reviews to 17.5% of ERV.

1, 2 and 3 Saints Court and strip of land
A term of 125 years from 21.8.1987 with an unexpired term of approximately 86 years at a current ground rent of £4,487 subject to 5 yearly reviews to 15% of ERV.

Proposal
We are instructed to seek offers of £675,000 (Six hundred and seventy five thousand pounds), subject to contract, for the long leasehold interests with the benefit of the existing tenancies. A purchase at this level would reflect a Net Initial Yield of 11.47% after allowing for purchaser's costs (1.5% plus stamp duty land tax) on a total profit rent income of £81,488.50 pax (£95,663.50 rental income less ground rents of £14,175).

Anti Money Laundering
In accordance with the latest anti money laundering legislation, the purchaser will be required to provide proof of identity, address and source of funds to the selling agents prior to solicitors being instructed.