About this property

Detailed Description

The property comprises a two-storey banking hall on Watton High Street.

The ground floor provides a large banking hall accessed off a lobby and some office/ meeting rooms off the main the hall. There is also a large safe/ strong room on the ground floor forming part of a flat roofed extension at the rear of the property.

The first floor provides office space, storage and WCs. In August 2022 full planning permission was granted to convert the first floor to residential accommodation comprise two self-contained, two-bedroom apartments with separate access via a roof terrace at the rear.

Location

The property is located in Watton, which is a market town in the district of Breckland within the county of Norfolk. It is about 28 miles by road southwest of Norwich and 14.5 miles northeast of Thetford. Watton is approximately 7 miles from the A11, the fully dualled trunk road between Norwich, Cambridge and London.

The property is prominently positioned on Watton High Street fronting the B1108 with neighbouring occupiers to include The Original Factory Shop, Boots, Sowerbys and Cecil Amey Opticians.

Accommodation

The property provides the following net internal floor areas:

Description sq m sq ft
Ground floor banking hall 156.9 1,689
Ground floor office/ancillary 75.7 815
First floor 136.6 1,470
Total NIA 369.2 3,974

Business Rates

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

Description Offices & premises
Rateable Value (from 1st April 2023) £15,250
Rates payable for 2023/2024 £7,610

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.

VAT

The property is not VAT registered and therefore it is not applicable to this sale.

Other

Price
The freehold is available to purchase, and offers are invited in the region of £375,000, subject to and with the benefit of the current tenancy. This reflects a net initial yield of after stamp duty and purchaser's costs.

Terms

The ground floor is let on an FRI lease for a term of 10 years from 26th April 2024 to Cash Access Group UK Limited, at a rent of £25,000 per annum exclusive with an option to break on the fifth anniversary of the term