1 Orford Place & 3-5 Orford Place

ACCOMMODATION

The property is arranged as 3 self-contained units within 2 separate buildings and provides accommodation with the following approximate areas:-

 

AddressTenantGround FloorBasementFirst FloorSecond FloorThird FloorTotal
1 Orford PlaceTime2Vape Ltd Sales 274 sq ft

(25.4 sq m)

 

Anc. 238 sq ft

(22.1 sq m)

Anc.  278 sq ft

(25.8 sq m)

 Anc. 197 sq ft

(18.3 sq m)

 Anc. 122 sq ft

(11.3 sq m)

1,107 sq ft

(102.9 sq m)

3–5 Orford Place

Ground Floor

and Basement

Hays Travel Ltd  Sales 882 sq ft

(81.9 sq m)

Anc. (potential sales)

866 sq ft

(80.5 sq m)

 

n/an/an/a 1,748 sq ft

(162.4 sq m)

3-5 Orford Place

First Floor and

Second Floor

 

Norwich Yoga Central Ltdn/an/a Studio 859 sq ft

(79.8 sq m)

Studio 622 sq ft

(57.7 sq m)

n/a 1,480 sq ft

(137.5 sq m)

 

TENANCY SCHEDULE

AddressTenantLease Start DateLease

Length

Tenant BreaksRent paxRent ReviewOther Terms
1 Orford PlaceTime2Vape Ltd28/5/2110 years28/5/24

28/5/28

                            £32,500 pax28/5/26Full repairing and insuring subject to a Schedule of Condition.

 

3-5 Orford Place

Ground Floor and Basement

Hays Travel Ltd6/7/2110 years  6/7/266/7/21-5/1/22      Rent Free

6/1/22-5/4/22      £25,000 pax

6/4/22-5/7/23      £50,000 pax

6/7/23-5/7/25      £52,500 pax

6/7/25-5/7/26      £55,000 pax

Note 1.

 

  6/7/26Full repairing and insuring by way of service charge subject to a Schedule of Condition.
3-5 Orford Place

First & Second Floors

Norwich Yoga Central Ltd (Guarantee

Tracy Bickerstaff)

28/6/2110 years28/6/24

28/6/26

Year 1                     £9,000 pax

Year 2                   £15,000 pax

Years 3-5              £18,000 pax

Note 2.

Fixed uplift 28/6/26 to

£19,875 pax

Full repairing and insuring by way of service charge.

Note 1.     Seller to make up rent to £52,500 pax from completion.

Note 2.     Seller to make up rent to £18,000 pax from completion.

TENURE

Freehold.

 

TENANT COVENANT INFORMATION

 Time2Vape Ltd – Co. number 09166184
  Year endingNet Assets
  30/7/2019£446,161
  31/7/2020£656,025
 

 Hays Travel Ltd – Co. number 1990682

  Year endingTurnoverProfit after taxNet Assets
  31/10/2019£240,603,000£1,919,000£49,526,000
  UK’s largest independent travel retailer c. 450 branches.
 

 Norwich Yoga Central Ltd – Co. number 12734317

Recently incorporated company.

Personal guarantee from Tracy Bickerstaff for maximum of 2

years rent.

 

RATEABLE VALUE

We understand from the Valuation Office Agency website that the properties have a rating assessment as follows:-

 

AddressRating Assessment with effect from 1 April 2017
1 Orford Place£37,500
3-5 Orford Place

Ground Floor and Basement

£76,000
3-5 Orford Place

First and Second Floors

£18,000

Interested parties are advised to make their own enquiries.

EPC

 

AddressEPC Rating
1 Orford PlaceD
3-5 Orford Place

Ground Floor and Basement

E
3-5 Orford Place

First and Second Floors

tbc

 VAT

The property is elected for VAT.  The sale will be treated as a Transfer of a Going Concern.

 PROPOSAL

Offers are invited in excess of £1,150,000 (One Million, One Hundred and Fifty Thousand Pounds) for the freehold of the property.  A purchase at this level will reflect a net initial yield of approximately 8.5% after purchaser’s costs of 5.5%, on a total income of £103,000 pax.

ANTI MONEY LAUNDERING

In accordance with Anti Money Laundering Legislation, the purchaser will be required to provide proof of identity and address to the selling agents prior to solicitors being instructed.

 

Plans

 

Goad Digital Plans are for identification only and not to be scaled as a working drawing and are based upon the Ordnance Survey Map with the permission of The Controller of Her Majesty’s Stationery Office © Crown Copyright 39954X. No part of this plan may be entered into an electronic retrieval system without prior consent of the publisher. Experian, Goad House, Salisbury Square, Hatfield, Hertfordshire, AL9 5BJ. Tel: 01707 636901 Fax: 01707 636907.

Francis Darrah for themselves and as Agents for the proposed Vendor(s) or Lessor(s) give notice: 1. That they do not make or give either in these particulars or in negotiations or otherwise any warranty or representation whatever in relation to the property. 2. Any plan attached to these particulars is for identification purposes only and all measurements are given as a guide and no liability can be accepted for errors arising therefrom. 3. The property being open to inspection any intended purchaser must satisfy himself as to the accuracy of these particulars and he will be deemed to have full knowledge thereof. 4. No liability can be accepted for any misstatement, omission or errors in these particulars. 5. These particulars do not constitute an offer or Contract or any part thereof.

 

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