81 Dereham Road, Norwich

INVESTMENT SUMMARY 

  • Freehold investment for sale.
  • Prominent location on busy arterial road.
  • Attractive, mixed use investment.
  • Long established and highly successful pizza takeaway and 3 well let residential units.
  • Current rent £35,736 per annum.
  • VAT not payable on sale.

 

 

LOCATION

 The property is located on Dereham Road (A1074) approximately 1½ miles west of Norwich city centre within a mixed commercial and residential area.

Dereham Road is one of Norwich’s principal arterial routes leading from the west of the city.

The premises are in a popular terrace of commercial properties occupied by a range of convenience retailers, beauty/hair salons, cafes/takeaways and service providers.

To the rear of the property is the recently completed and award winning Goldsmith Street housing development.

 

ACCOMMODATION

 The property comprises a takeaway unit occupying the front of the ground floor and the basement, with off road, forecourt parking.

The rear of the ground floor and the entire first floor comprise 3 residential units.  A 2 bed townhouse, a 1 bed flat and a studio flat.

The accommodation can be further described as follows:-

Ceasar’s Pizza and Kebab
Ground:Sales430 sq ft39.9 sq m
Preparation150 sq ft13.9 sq m
Basement:Storage273 sq ft25.3 sq m
 
Flat 1First Floor1 bed
Flat 2First FloorStudio
Flat 3Ground & First Floor2 bed town house
 

Rear Yard  3 car spaces

 

TENURE

 Freehold.

LEASES

 Ceasar’s Pizza and Kebab

Ground floor front, basement and forecourt
Tenant:D Polat Esq
Term:15 years from 25 November 2012. Expires 24 November 2027.  Approximately 7 years unexpired.
Rent:£18,060 pax

Fixed increase every 2 years, approximately equivalent to + 2½% per annum.

Details on request.

Repairs:Internal repairing plus service charge.
Flat 1Let on AST at £500 pcm£6,000 pa
Flat 2Let on AST at £455 pcm£5,460 pa
Flat 3Let on AST at £518 pcm£6,216 pa
£17,676 pa
Current total annual rent£35,736 pa

 

RATEABLE VALUE

 We understand from the Valuation Office Agency website that the ground floor front and basement commercial element of the property has a rating assessment of £9,400 with effect from 1 April 2017.  Interested parties are advised to make their own enquiries.

 

ENERGY PERFORMANCE CERTIFICATE

 Details are available upon request.

 

VAT

 The property is not elected for VAT.

 

PROPOSAL

 Offers are invited in excess of £475,000 (Four Hundred & Seventy-Five Thousand Pounds) plus VAT for the freehold of the property, with the benefit of the existing leases.

 

LEGAL COSTS

 Each party to be responsible for their own legal costs incurred in the transaction.

 

 

 

 

 

Plans

 

Promap 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.

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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