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Wensum Mount Business Centre, Low Road, Norwich, NR6 5AQ

For sale: £1,100,000.00|7,302 Sq Ft|Office, Offices

Property details

FOR SALE£1,100,000.00
SIZE7,302 Sq Ft
ADDRESSWensum Mount Business Centre, Low Road, Norwich, NR6 5AQ
TYPEOffice, Offices
TENUREUnder Offer, For Sale Freehold
POSTED ON31st December 2019

Description

- A quality well occupied barn conversion business park
- Occupying a greenfield location on the fringe of Norwich
- Attractive landscaped setting
- Currently producing £88,473 per annum exclusive
- Asset management opportunities to enhance income
- Available freehold at a price of £1,100,000
- A sale at this level reflects a NIY of 7.6% after allowing for purchaser's costs

The Wensum Mount Business Centre has evolved over the last 14-15 years following the conversion of a range of traditional agricultural barns on a site of 0.61 ha (1.51 acres), to create a thriving business community.

The centre currently enjoys 100% occupancy.

The Wensum Mount Business Centre is situated on Low Road, which runs parallel with Drayton High Road, close to Hellesdon Hospital, and is approximately 4 miles north west of Norwich city centre.

The units are let on business tenancies to a range of occupiers, typically on 5 year leases, in some cases incorporating an earlier tenant break.

Approximately half of the leases are protected with the remainder contracted out of the Landlord & Tenant Act 1954.

The tenants are specifically responsible for internal repairs and decoration, and contribute to external repairs via a service charge.

The current rental income is £88,473 per annum exclusive.

The service charge is levied to cover costs incurred by the landlord for maintaining the landscaped areas of the estate, the common parts of each building and other common part expenditure.

The premises form part of a larger agricultural holding which is being marketed for sale through Brown & Co, which includes a pair of basic agricultural storage buildings extending to 917 sq m (9,190 sq ft), together with irrigated arable land and grazing meadows fronting the River Wensum extending to approximately 69 hectares (170 acres) in total.

The Wensum Mount Business Centre is to be sold freehold, subject to and with the benefit of the various leases, either as a single lot, or in conjunction with the agricultural land and buildings.

Overage
The area shaded purple on the plan will be sold subject to a 25 year overage agreement whereby 30% of any uplift in value attributable to a planning permission for non-agricultural use, to include development granted prior approval under the General Permitted Development Order, will be payable to the Vendor on the sooner of the implementation of the planning permission or the sale of the property with planning permission. The reasonable costs of securing planning permission would be deductible as allowable expenses in calculating the uplift.

Proposal
Wensum Mount Business Centre is offered for sale as an investment at a price of £1,100,000. A sale at this level will reflect a Net Initial Yield of 7.6% after allowing for purchaser's costs at 5.75%.

( Agency Pilot Software Ref: 425749 )

Location

Location: Wensum Mount Business Centre, Low Road, Norwich, NR6 5AQ

Norwich (3.5 miles)

Salhouse (6.3 miles)

Brundall Gardens (7.8 miles)

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