Multi-let Investment - Arnolds Keys
Office
Multi-let Investment 206.61 Sq M (2,224 Sq Ft) CITY CENTRE MULTI-LET INVESTMENT OPPORTUNITY LOCATED IN THE PROFESSIONAL DISTRICT OF TOMBLAND WELL ESTABLISHED TENANTS IN A MARKETABLE BUILDING TOTAL INCOME £22,000 PER ANNUM, NET INITIAL YIELD 7.78%
Note: Arnolds for themselves and for the vendors or lessees of this property whose agents they are give notice that (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute part of, an offer or contract: (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchaser or lessees should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them (iii) no person in the employment of Arnolds has any authority to make or give any representation or warranty whatever in relation to this property.
For Sale
12 Bank Street, Norwich, Norfolk NR2 4SE The building is located close to the prime retailing heart of the city on Bank Street which is a one way street connecting Upper King Street and Bank Plain and is located in the heart of the professional district of Norwich. Nearby occupiers include Fosters Solicitors, Bidwells, Arnolds Keys, Savills and Strutt & Parker.
12 Bank Street, Norwich, Norfolk NR2 4SE
Description
VAT
A unique rare opportunity to purchase a multi-let city centre investment. The building has three tenants in occupation and produces £22,000 per annum. The property comprises a three storey terrace building with a self contained ground floor premises, with offices to the first and second floor which have a shared entrance at ground floor level.
VAT is not currently payable. However, our client retains the right to charge VAT in line with currently legislation.
Proposal We are instructed to seek offers in the region of £275,000 for the freehold interest subject to the existing tenancies. This provides a net initial yield of 7.78% after purchaser's costs of 3.8%.
Business Rates Typically, the property has timber floors with carpet finish, either painted wall papered walls or plastered emulsion walls under painted ceilings with strip fluorescent lighting.
Description: Offices and Premises
Accommodation We have measured the property in accordance with the RICS Code of Measuring Practice and calculate the following approximate net internal floor areas: Floor Ground
Sq M 81.98
Sq Ft 882
First
61.98
667
62.66 206.61
674 2,224
Second TOTAL NIA
Each floor has a separate listing on the Valuation Office Agency website, however, the VOA website provides the following total:
Rateable Value: £24,650 Rates Payable 2015/2016: £11,832
Legal Costs Each party to bear their own costs.
EPC The property has an EPC rating of: TBC
Viewing and further information Tenancy Schedule
Strictly by appointment with the sole agent:
The property is being sold subject to the below tenancies
Robert Flint or Craig Knights
Floor
Tenant
[email protected]
Ground
Heath & Co. £8,500 05/12/2018 (there is a rent review on the 5th December 2016
First
Francis Darrah
Rent pa
Expiry
£7,500 The tenant is currently holding over
Second HC £6,000 30/04/2018 Recruitment (East Anglia) Ltd
[email protected]
Arnolds Keys 01603 620551 SUBJECT TO CONTRACT - CMK/RJF/18979/120
Multi-let Investment 206.61 Sq M (2,224 Sq Ft) CITY CENTRE MULTI-LET INVESTMENT OPPORTUNITY LOCATED IN THE PROFESSIONAL DISTRICT OF TOMBLAND WELL ESTABLISHED TENANTS IN A MARKETABLE BUILDING TOTAL INCOME £22,000 PER ANNUM, NET INITIAL YIELD 7.78%
Note: Arnolds for themselves and for the vendors or lessees of this property whose agents they are give notice that (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute part of, an offer or contract: (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchaser or lessees should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them (iii) no person in the employment of Arnolds has any authority to make or give any representation or warranty whatever in relation to this property.
For Sale
12 Bank Street, Norwich, Norfolk NR2 4SE The building is located close to the prime retailing heart of the city on Bank Street which is a one way street connecting Upper King Street and Bank Plain and is located in the heart of the professional district of Norwich. Nearby occupiers include Fosters Solicitors, Bidwells, Arnolds Keys, Savills and Strutt & Parker.
12 Bank Street, Norwich, Norfolk NR2 4SE
Description
VAT
A unique rare opportunity to purchase a multi-let city centre investment. The building has three tenants in occupation and produces £22,000 per annum. The property comprises a three storey terrace building with a self contained ground floor premises, with offices to the first and second floor which have a shared entrance at ground floor level.
VAT is not currently payable. However, our client retains the right to charge VAT in line with currently legislation.
Proposal We are instructed to seek offers in the region of £275,000 for the freehold interest subject to the existing tenancies. This provides a net initial yield of 7.78% after purchaser's costs of 3.8%.
Business Rates Typically, the property has timber floors with carpet finish, either painted wall papered walls or plastered emulsion walls under painted ceilings with strip fluorescent lighting.
Description: Offices and Premises
Accommodation We have measured the property in accordance with the RICS Code of Measuring Practice and calculate the following approximate net internal floor areas: Floor Ground
Sq M 81.98
Sq Ft 882
First
61.98
667
62.66 206.61
674 2,224
Second TOTAL NIA
Each floor has a separate listing on the Valuation Office Agency website, however, the VOA website provides the following total:
Rateable Value: £24,650 Rates Payable 2015/2016: £11,832
Legal Costs Each party to bear their own costs.
EPC The property has an EPC rating of: TBC
Viewing and further information Tenancy Schedule
Strictly by appointment with the sole agent:
The property is being sold subject to the below tenancies
Robert Flint or Craig Knights
Floor
Tenant
[email protected]
Ground
Heath & Co. £8,500 05/12/2018 (there is a rent review on the 5th December 2016
First
Francis Darrah
Rent pa
Expiry
£7,500 The tenant is currently holding over
Second HC £6,000 30/04/2018 Recruitment (East Anglia) Ltd
[email protected]
Arnolds Keys 01603 620551 SUBJECT TO CONTRACT - CMK/RJF/18979/120
