8 Castle Street, Norwich, Norfolk, NR2 1PD

Rare freehold Investment opportunity

City Centre location

Ground floor and basement let to EACH

Potential for residential conversion on upper floors

FREEHOLD INVESTMENT FOR SALE

FREEHOLD INVESTMENT FOR SALE

Detailed Description

The property comprises a basement and ground floor retail shop and three further upper floors.

Gross and net square footages are as follows:

Description Gross sq ft Net sq ft
Ground floor 764 764
First floor 764 505
Second floor 764 505
Third floor 593 593
Basement 720 720
Total 3,605 3,087

East Anglian Children's Hospices (EACH) occupy the ground floor by way of a 10 year Lease from June 25 at a rent of £57,500 pa with a break clause after 6.5 years with not less than 6 months notice. There will be an upward only rent review at the end of the 5th year. EACH have a 100 score by Experion credit check and are regarded as a very low risk

The first and second floors comprise rooms off a central landing could used as offices or studious. They are currently vacant other than a beauty salon occupying two rooms by way of a license that can be broken on two month's notice. The current rent is £5,000 per annum.

The first floor is currently being marketed quoting £12,000 per annum.

The third floor is currently unoccupied.

Vacant possession of the upper floors is therefore available.



Location

The property is located on Castle Street in central Norwich between Davey Place and Old Post Office Court. This is one of the busiest footfalls in the city.

Nearby occupiers include Dipple & Conway, Waterstones, Sea Salt, Crew Clothing, Joules and Boots Opticians and Jarrolds amongst many others.