About this property

Detailed Description

The detached property comprises a large ground floor retail unit with ancillary basement storage and dedicated parking/loading to the rear, with 4 No. self-contained duplex apartments with parking on the upper floors which have been sold off on long leasehold basis at a peppercorn rent.

The ground floor shop is a former banking premises and provides an extensive open plan sales area, with ancillary office, storage and amenity facilities at ground floor level, with a vault and additional storage facilities at basement level.

The ground floor shop benefits from nine carparking spaces, with an additional five spaces allocated to the upper floor residential units.

The freehold of the entire building is available to purchase.

Location

The property is situated with frontage to the busy A1402 Aylsham Road, less than 2 miles north of Norwich City Centre and approximately 500 metres from the Ring Road.

The immediate area provides a mix of commercial and residential uses, and nearby occupiers include Lidl, Mecca Bingo, ATS Tyres, Tesco Express and The Mile Cross Library.

Accommodation

Measured on an NIA basis, the floor areas are as follows:-

Description sq m sq ft
Ground Floor Sales 361.35 3,890
Office 16.17 174
Vault 11.56 124
Stores (5 No.) 41.41 446
Kitchen 7.56 81

Basement Vault 37.98 409
Stores (3 No.) 6.24 67

Total NIA 482.27 5,191

Upper Floors Not measured and comprising four self-contained duplex apartments

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 selling agent:-

VAT

The property has been elected for VAT and the seller is currently VAT registered. It is proposed the transaction will be treated as a TOGC (Transfer of a Going Concern). Further details on application.

Legal Costs

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

Terms

The ground floor and basement are let on a lease to Foodbycpc Limited for a term of 10 years from 1st December 2023, incorporating a one-off tenant break option at 5 years (1st December 2028). The current rent is £40,000 pax, rising to £42,500 pax on 1st December 2025 and £45,000 pax from 1st December 2027. Rent is paid quarterly in advance and is reviewed in an upwards only direction at the 5th anniversary of the term. The lease excludes the security of tenure provisions of the LTA 1954.

Foodbycpc Limited was incorporated in 2020 and trades from premises at Anglia Square, Norwich and Great Yarmouth and specialize in selling Afro Caribbean tropical food.