Norwich - Auctions

176
LOT
Norwich
1-7 St Stephens Road
Norfolk
NR1 3SP
• Freehold Shop and Residential
Ground Rent Investment
• Majority let to Multiyork Furniture Ltd
until 2021
• Prominent location overlooking the
ring road and opposite the Intu
Chapelfield Shopping Centre
• Comprising 1,023.28 sq m (11,014 sq
ft) retail and 24 flats, which have
been sold off
• Total Current Rents Reserved
£167,500 pa
On the Instructions of Pension
Trustees
SIX WEEK COMPLETION
AVAILABLE
Tenure
Freehold.
comprise 24 flats, which have been sold off on a single long lease and
which benefit from undercroft parking and a communal roof terrace.
Location
VAT
Norwich, with a population of some 171,000, is an historic city and the
largest of the East Anglian commercial centres. Norwich is some 45 miles
north of Ipswich and 65 miles east of Peterborough. Communications to
London are via the A11 and M11 motorway and a regular rail service to
Liverpool Street (approximately 1 hour and 50 minutes).
The property is situated on the A147 Chapelfield Road at the roundabout
junction with the A11 (St Stephens Road) to the south-west of the city
centre. The A147 forms part of the city’s main inner ring road, whilst the
A11 is one of the main arterial roads leading into the city.
The property is opposite the Intu Chapelfield Shopping Centre, which is
anchored by House of Fraser with other occupiers including H&M, Zara,
River Island, Monsoon, Boots, French Connection and Apple.
VAT is applicable to this lot.
Documents
The legal pack will be available from the website www.allsop.co.uk
Energy Performance Certificate
For EPC Ratings please see website.
Viewings
There will be a block viewing held prior to the auction.
If you would like to attend you must register with us in advance.
Please email viewings@allsop.co.uk with the name and mobile number of
each party wishing to attend, photographic ID will be required in advance
of the inspection and on the day. In the subject box of your email please
enter Lot 176 Norfolk.
Description
The property is predominantly arranged on ground and two upper floors to
provide a large corner retail unit, plus a smaller rectangular shaped retail
unit. In addition there is a former depository, arranged on ground to fifth
floors which, together with the first and second floors of the main building,
No.
Present Lessee
Accommodation
Unit 1
Multiyork Furniture Ltd (1) Gross Frontage
Ground Floor
Unit 2
Subway Realty Ltd
Gross Frontage
Net Frontage
Shop Depth
Built Depth
Ground Floor
Upper Floors &
Former Depository
Ketts Court Management
Company Ltd
First and Second Floors and part ground to fifth – 24
Apartments
Current Rent
£ p.a.
Next Review/
Reversion
£150,000 p.a.
Rent Review 2016
10 years from 25.03.2011
Rent review and Tenant’s option to break in
the 5th year
FR & I by way of Service Charge
£17,500 p.a.
March 2016 Break
Notice Served
125 years from 29.09.2006
Peppercorn.
Reversion 2131
Lease Terms
49.75 m
934.95 sq m
6.61 m
5.35 m
13.95 m
13.95 m
88.33 sq m
(163' 3") 15 years from 25.03.2006
(10,064 sq ft) Rent review every 5th year
FR & I by way of Service Charge
(21' 8")
(17' 6")
(45' 9")
(45' 9")
(951 sq ft)
(1) No. of Branches: 61. Website Address: www.multiyork.co.uk
Prospective buyers are strongly advised to read the Auctioneers’ Notices Part One and Part Two and all applicable conditions of sale and addenda
246
NB. The plan is for identification only. © Crown Copyright, ES 100004106
Total £167,500 p.a.
Seller’s Solicitor K Andrews Esq, Birketts LLP. Tel: 01473 299167 e-mail: keith-andrews@birketts.co.uk
Joint Auctioneer J McCombe Esq, Cluttons LLP. Tel: 020 7647 7234 e-mail: jamie.mccombe@cluttons.com
247
LOT
176