Retail Investment - OnTheMarket
Investment
Retail Investment 147.90 Sq M (1,592 Sq Ft) MODERN RETAIL INVESTMENT
LET TO STRONG FINANCIAL COVENANT
CLOSE TO THE NORWICH OUTER RING ROAD
PURPOSE BUILT RETAIL PREMISES
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
William Hill Bookmakers, Catton Grove Road, Norwich NR3 3QL The property is located fronting Catton Grove Road, approximately two and half miles north of Norwich city centre, and close to its junction with the outer ring road. Catton Grove Road is in a densely populated residential area and the subject property is situated within a retail parade with a variety of local traders.
William Hill Bookmakers, Catton Grove Road, Norwich NR3 3QL
Description
Proposition
The subject property comprises the ground floor of a modern two storey building, constructed in 2008 and provides well proportioned retailing accommodation with extensive frontage to Catton Grove Road. WC facilities are installed. The property was let as a shell and has been extensively fitted out by the current tenants, who had the property designed for their purposes to expand from a smaller shop nearby.
Offers are invited for the freehold interest in the above property subject to the lease to William Hill Organisation plc and to two new ground leases for the first floor flats in the region of £350,000. This purchase price produces a net initial yield in the region of 6.75%.
On the first floor are two residential apartments which are available by separate negotiation.
The entire property including the two first floor flats is also available and offers are invited in the region of £600,000. Both of the flats are let on assured shorthold tenancies. For further information please contact the agents.
Accommodation
Legal Costs
Description Betting shop WC
m² 147.9 --
sq ft 1,592 --
Business Rates The property has been entered onto the Valuation Office Agency website as the following: Description: Betting Shop and Premises Rateable Value: £24,500 Rates Payable 2016/2017: £12,176
Each party to bear their own costs.
VAT Our client reserves the right to charge VAT in line with current legislation but the vendors will consent to a TOGC.
EPC The property has EPC rating: TBC
Viewing and further information Strictly by appointment with the sole agent:
Tenure
Guy Gowing
The property is held freehold and subject to a lease to William Hill Organisation for a term of 15 years from 2008 at a of £24,250. The next review is in 2018.
[email protected]
The two apartments on the first floor will be held on new 125 year leases at a ground rent of £200 per annum per flat. Accordingly the total rental income will be £24,650.
Arnolds Keys 01603 620551 SUBJECT TO CONTRACT - GWBG/jf/120
Retail Investment 147.90 Sq M (1,592 Sq Ft) MODERN RETAIL INVESTMENT
LET TO STRONG FINANCIAL COVENANT
CLOSE TO THE NORWICH OUTER RING ROAD
PURPOSE BUILT RETAIL PREMISES
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
William Hill Bookmakers, Catton Grove Road, Norwich NR3 3QL The property is located fronting Catton Grove Road, approximately two and half miles north of Norwich city centre, and close to its junction with the outer ring road. Catton Grove Road is in a densely populated residential area and the subject property is situated within a retail parade with a variety of local traders.
William Hill Bookmakers, Catton Grove Road, Norwich NR3 3QL
Description
Proposition
The subject property comprises the ground floor of a modern two storey building, constructed in 2008 and provides well proportioned retailing accommodation with extensive frontage to Catton Grove Road. WC facilities are installed. The property was let as a shell and has been extensively fitted out by the current tenants, who had the property designed for their purposes to expand from a smaller shop nearby.
Offers are invited for the freehold interest in the above property subject to the lease to William Hill Organisation plc and to two new ground leases for the first floor flats in the region of £350,000. This purchase price produces a net initial yield in the region of 6.75%.
On the first floor are two residential apartments which are available by separate negotiation.
The entire property including the two first floor flats is also available and offers are invited in the region of £600,000. Both of the flats are let on assured shorthold tenancies. For further information please contact the agents.
Accommodation
Legal Costs
Description Betting shop WC
m² 147.9 --
sq ft 1,592 --
Business Rates The property has been entered onto the Valuation Office Agency website as the following: Description: Betting Shop and Premises Rateable Value: £24,500 Rates Payable 2016/2017: £12,176
Each party to bear their own costs.
VAT Our client reserves the right to charge VAT in line with current legislation but the vendors will consent to a TOGC.
EPC The property has EPC rating: TBC
Viewing and further information Strictly by appointment with the sole agent:
Tenure
Guy Gowing
The property is held freehold and subject to a lease to William Hill Organisation for a term of 15 years from 2008 at a of £24,250. The next review is in 2018.
[email protected]
The two apartments on the first floor will be held on new 125 year leases at a ground rent of £200 per annum per flat. Accordingly the total rental income will be £24,650.
Arnolds Keys 01603 620551 SUBJECT TO CONTRACT - GWBG/jf/120
