14 Haymarket, Norwich

INVESTMENT SUMMARY

  • Norwich is a major UK city with a large and affluent catchment.
  • Prominent city centre location in the heart of the retail area.
  • Prime location adjacent to Topshop and Hays Travel and opposite Pret a Manger.
  • Entire property let to Phone Gadget Ltd at £40,000 pax.

 

LOCATION

 Norwich is a major UK city situated 110 miles north east of London, 65 miles north east of Cambridge and 42 miles north of Ipswich.

Norwich has an excellent rail service to London Liverpool Street with a travel time of under 2 hours and has direct rail services to Manchester and Liverpool and the East Coast Line via Peterborough which is 1 hour 30 mins by rail.

The dualled A11 links to the M11 motorway and provides access to Cambridge, the West Midlands via the M6 and the A14 to Felixstowe.

Norwich International Airport is 3 miles north of the city centre with scheduled daily flights to Amsterdam (KLM), Edinburgh and Aberdeen, Scotland (Loganair).  Stansted Airport is located approximately 69 miles to the south, offering national and international flights.

Norwich is one of the UK’s fastest growing urban areas – a dynamic contemporary city that has retained its impressive medieval heritage.

Norwich is a major regional service centre with a diverse business base and thriving knowledge economy.  Norwich has a strong record of attracting private and public investment.  Its prestigious university and teaching hospital, world-class research park, international airport, skilled workforce and one of the highest graduate retention rates in the country add to the many opportunities for all types of business to develop and thrive.

The property occupies a prime location in the centre of Norwich adjacent to Topshop.  Other multiple retailers in the immediate vicinity include Pret a Manger, Marks & Spencer, Debenhams, Next, Primark and Goldsmiths.

 

ACCOMMODATION

 The property provides accommodation on ground, first and second floors.  The approximate dimensions and areas are as follows:-

 

 Shop Depth:16’6”5.03 m
Internal Width:18’8”5.69 m
 
Ground Floor
 Sales287  sq ft26.66 sq m
First Floor
 Ancillary301 sq ft27.96 sq m
Second Floor
  Ancillary420 sq ft39.02 sq m

 

TENURE

Freehold.

 

LEASE

 The property is let to Phone Gadget Ltd on a full repairing and insuring lease for a term of 10 years from 1 March 2019 with a tenant only break on 1 March 2024 at a rent of £40,000 pax.

 

PLANNING

 The property is Grade II listed.

 

RATEABLE VALUE

 We understand from the Valuation Office Agency website that the property has a rating assessment of £38,750 with effect from 1 April 2017.  Interested parties are advised to make their own enquiries.

 

EPC

 To be confirmed.

 

VAT

 The property is elected for VAT.  It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

 

PROPOSAL

 Offers are invited in the region of £500,000 (Five Hundred Thousand Pounds) + VAT for the freehold of the property.  A purchase at this level will reflect a net initial yield of approximately 7.6% and after purchaser’s costs of 5.5%.

 

Plans

 

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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