Agency logo

Auction Property

4 - 7 Market Cross Mews, North Walsham, Norfolk, NR28 9BS

Sold for £50,000

Share

FREEHOLD AND GROUND RENT INVESTMENT OPPORTUNITY

Location:

North Walsham is a thriving and established market town with many amenities and facilities, lying approximately 5 miles from the North Norfolk coast and 15 miles from Norwich.

Energy Rating:

Shop 4: B. Shop 7: C.

Directions:

Head into North Walsham along the Norwich Road, pass under the railway bridge, go straight over the traffic lights and at the mini-roundabout turn left into Park Lane. Proceed to the junction, turning right into Aylsham Road and at the traffic lights right again into Market Street. Continue round the corner and the opening to Market Cross Mews will be found after a short distance on the right hand side.

Viewing:

It will only be possible to view the vacant shop and our representative will be at the premises on Wednesdays and Fridays between 12.45pm and 1.15pm, commencing on Friday 3rd March and ending on Friday 24th March.

General

Two ground floor lock-up shops with two flats over. One shop is currently let (no. 4) on a 7 year lease which expires in 2020, with a break clause in 2018. This unit produces £4,200 per annum and according to the valuation office website it extends to approximately 52.6sq.m. (566sq.ft.). The other shop (no. 7) is vacant and extends to approximately 49.9sq.m. (504sq.ft.) The two flats above (no. 5 & 6) have been sold off on 125 year leases which commenced in June 1987. Each flat pays £25 per annum as ground rent and this figure, as per the lease, doubles every 25 years but at the last review (2012) no action was taken. The total income at present is £4,250 per annum with potential to increase.