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Lot 19 Click here for addendum

Gross Yield 11.2%
6 Week Completion

Situation

Located in this busy shopping precinct which is anchored by a Co-Operative Food Supermarket, close to the junction with Recreation Road, near to a Haart, Post Office and a variety of specialist traders serving the surrounding residential area.
Other nearby occupiers include Recreation Road School to the rear, the University of East Anglia and a number of hospitals, resulting in many students and nurses occupying flats above the properties.
Norwich city centre lies approx. 1 mile to the east and is the main administrative and commercial centre of East Anglia.

Property

Forming part of a modern neighbourhood shopping precinct comprising a Ground Floor Double Fronted Shop which extends along the side of No.9 (see map) . In addition, the property benefits from a rear service road for unloading and a front shopper's car park.

Accommodation

Ground Floor Double Fronted Shop
Gross Frontage 35'6"
Internal Width 56'10"
Shop & Built Depth 34'0"
Sales Area Approx 1,345 sq ft
Store Area Approx 910 sq ft
WC

VAT is NOT applicable to this Lot

Tenure

Leasehold for a term of 999 years from 25th March 2002 at a fixed ground rent of £100 p.a.

Tenancy

The property is let on a full repairing and insuring lease to Sue Ryder as a Charity Shop (having approx. 400 branches) for a term of 10 years from 29th September 2018 at a current rent of £29,000 per annum exclusive. (see Note).

Rent Review and Tenant's Break 2023

Note: The tenant has been in occupation for approx. 17 years and this is their third lease. In addition, the rent increased in Sept. 2018 from £22,500 p.a. to £29,000 p.a.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

10A, 10B & 10C Earlham House, Earlham Road, Norwich, Norfolk NR2 3PD