About this property

Detailed Description

The investment comprises four commercial and two residential properties, to include a funeral parlour together with an adjoining two storey terraced house, a restaurant together with a first floor flat which extends over adjoining properties, two intercommunicating lock-up shop units used for the sale of gardening products and ground floor premises occupied by a beautician.

There is also a small rear yard used for parking and a single storey detached outbuilding.

Location

Loddon is a small market town around 12 miles southeast of Norwich and under 15 miles from coastal towns such as Lowestoft and Great Yarmouth.

The subject premises are prominently positioned at the heart of the town centre, a short distance from the Loddon Marina. Nearby occupiers include Boots, Premier, Co-Op and Loddon library.

Accommodation

The property provides the following internal floor areas:

Description sq m sq ft
Funeral Parlour (incl. outbuilding) 158.54 1,707
House at 21 Bridge Street 141.86 1,527
Restaurant at Part 23 70.88 763
Flat at Part 23 57.22 616
Garden Centre (right hand shop) 58.90 634
Garden Centre (left hand shop) 123.37 1,328
Beautician at Part 25 50.16 540
Storage building at shared carpark 72.32 540
Total NIA 733.25 7,655

Business Rates

Business rates will be the responsibility of the occupier. The premises have the following assessment:-

Description 19 Bridge St 23 Bridge St 25 Bridge St
Rateable Value
(from 1st April 2023) £11,000 £9,200 £16,250
Rates payable for 2023/2024 £0* £0* £8,109

*The rateable value is below the minimum value threshold and an occupier may therefore be eligible for full rates relief.

Services

We have not carried out tests on any of the services or appliances and interested parties should arrange their own test to ensure these are in working order.

Viewing

Strictly by appointment with the sole letting agent:-

VAT

It is understood that VAT is applicable.

Legal Costs

Each party will be responsible for their own legal costs incurred in documenting the sale.

Other

Price
The freehold is available to purchase and offers are inviting offers of and around £525,000, subject to and with the benefit the current tenancies. This reflects a net initial yield of circa 8.9% after allowing for purchasers costs.

Tenure
The premises are offered freehold subject to and with the benefit of the tenancies referenced in the below schedule.