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For SalePOA

Foundry Court & Watermans Yard

Other, Mixed Use, Other Property Types & Opportunities
Property type: Other, Mixed Use, Other Property Types & Opportunities
Tenure: For Sale Leasehold
Price: POA
Location: Foundry Court & Watermans Yard, Norwich, NR1 1ND
This sale is comprised of two properties, Foundry Court and Watermans Yard.

Foundry Court completed in 2004 and comprises 24 self-contained apartments (three x one bedroom apartments, 20 x two bedroom apartments and one x three bedroom apartment), three commercial units, 12 garages and 11 surface car parking
spaces. The parking facilities service the residential aspect of the property. Six of the apartments are ground and first floor duplexes with direct access.

Since completion the properties have received general capital expenditure and have therefore been maintained to a good standard. However, there is an opportunity to add value through light refurbishment.

Foundry Court has three retail units with a gross income of £30,915 per annum

Foundry Court is situated on the Prince of Wales Road, which is one of the main links from the city centre to Norwich railway station. The station is located approximately 0.1 miles to the east and provides direct service to London Liverpool Street in as little as one hour 47 minutes, every half an hour. Norwich Cathedral and The Close, which is the largest English cathedral precinct at 44 acres, is
situated c. 0.2 miles to the north. All three retail units are in a prominent position fronting the Prince of Wales Road. The local council have just announced a £2.6 million regeneration plan aimed at the Prince of Wales Road, which will improve the flow of pedestrian and vehicle traffic. The prime retail area is situated c. 0.4 miles to the west of the property.

The estimated market rental value of the residential and commercial units is £218,300, reflecting a rental increase of 8.05%.

Watermans Yard completed in 2006 and comprises 24 self-contained apartments (23 x two bedroom apartments and one x three bedroom apartment), four surface car parking spaces and 14 garages. All of the apartments benefit from either a balcony or Juliet balcony. Four of the apartments are impressive duplex units and four have direct views over the River Wensum.

Watermans Yard is situated on Westwick Street, which is approximately 1.0 mile to the north west of Norwich railway station and c. 0.5 miles to the north west of the main shopping area of the city centre. The River Wensum runs parallel to Westwick
Street to the north of the site. St Benedicts Street, runs parallel to the south, which is a very vibrant part of the city centre with a number of independent bars and restaurants.

The estimated market rental value is £211,200, reflecting a rental increase of 7.19%.
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