Description
City Centre retail investment for sale located within Norwich's retail core in a prime corner position on Exchange Street at the junctions of Gentlemen's Walk, London Street and Guildhall Hill. Jarrolds Department Store and Norwich Market are adjacent to the premises, as are the popular Norwich Lanes, that form a bustling mix of independent retailers and restaurateurs. The property comprises 7 retail units with a combined income of £65,325.
Location
Norwich is an affluent and attractive cathedral city that draws on a large catchment population of over one million persons which is substantially enhanced by a year round tourist influx. The city benefits from excellent transport links to London (A11/M11) and the Midlands (A14). Norwich has twice hourly direct train links to London (1 hour 50 minutes) and an International Airport.
The city boasts two universities, University of East Anglia and Norwich University of the Arts, is a UNESCO City of Literature, forms part of the Cambridge Norwich, Tech Corridor and has its own Research Park. Norwich is frequently cited as one of the most desirable cities to live in the UK as a result of its safe and historic environment, affordable housing and access to jobs. It is surrounded by the coast and the Norfolk Broads National Park. Norfolk has a total of 32 million tourist trips that benefit the economy by £2.34 billion.
Accommodation Description
2 Exchange Street (Ground Floor and Basement) 515 sq ft 47.8 sq m
2A Exchange Street (First, Second, Third and Fourth Floor) 1,151 sq ft 106.9 sq m
4 Exchange Street (Ground Floor and Basement) 344 sq ft 32.0 sq m
4 Exchange Street (First, Second, Third and Fourth Floor) 2,522 sq ft 234.3 sq m
4A Exchange Street (Ground Floor and Basement) 361 sq ft 33.5 sq m
4B Exchange Street (Ground Floor and Basement) 339 sq ft 31.5 sq m
4C Exchange Street (Ground Floor and Basement) 231sq ft 21.4 sq m
TOTAL 5,463 sq ft 507.4 sq m
Terms
We are instructed to seek offers of £725,000 (Seven Hundred and Twenty Five Thousand Pounds), subject to contract, for the freehold interest with the benefit of the existing tenancies. A purchase at this level would reflect a Net Initial Yield of 8.55% after allowing 5.35% for purchaser's costs (1.8% plus stamp duty land tax) on a total rental income of £65,325 pax. The yield will improve still further following the letting of 4A Exchange Street which is currently vacant.
Rates
The units are assessed separately for business rates. Please see the brochure for further details.
( Agency Pilot Software ref: 169016 )
