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114A King Street, Norwich NR1 1QE
407 sq. ft. (37.81 sq. m.)
For the Long Leasehold
£95,000
Investment
  • Modern well-maintained ground floor unit
  • Currently let until January 2024 producing £6,600 per annum exclusive
  • Small/affordable lot size
  • Prospects for rental growth at lease expiry January 2024

The premises comprise a ground floor lock up café/retail premises, with traditional timber framed shop front with double glazed windows, and a smaller return window frontage to the side elevation.

Internally, the tenant has fitted out the unit to suit café use, with open seating area, with timber floor, set around a fitted kitchen/sales counter, with small sink/prep area to the rear, and a presentable single WC.

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About this property

Detailed Description

The premises comprise a ground floor lock up café/retail premises, with traditional timber framed shop front with double glazed windows, and a smaller return window frontage to the side elevation.

Internally, the tenant has fitted out the unit to suit café use, with open seating area, with timber floor, set around a fitted kitchen/sales counter, with small sink/prep area to the rear, and a presentable single WC.

Location

The property forms part of a modern development of mainly residential units on King Street, Norwich close to Dragon Hall and opposite the new St Anne's Quarter apartment development, which provides circa 430 apartments being developed by Orbit Housing.

The adjoining ground floor retail unit trades as the Grasshopper Off License and the subject premises trade as Butterfly Café.

The Riverside Retail and Leisure Complex are situated across the pedestrian Lady Julian Bridge opposite the subject premises.

Accommodation

On a net internal area basis the accommodation is as follows:

Description sq m sq ft
Café Seating & Kitchen Area 37.79 407
WC
Total NIA 37.79 407

Business Rates

Business rates will be the responsibility of the occupier. The premises have the following assessment:-

Description Café & Premises
Charging Authority Norwich City Council
Rateable Value £4,550
Rates payable for 2022/2023 £2,270.45

As the RV is less than £12,000, the tenant may qualify for Small Business Rates Relief and be exempt from paying business rates. Please make enquiries to Norwich City Council.

Viewing

Strictly by appointment with the sole selling agent:

Nick Dunn
01603 598241
nick.dunn@brown-co.com

VAT

The property is elected for VAT and it is proposed the transaction be treated as a Transfer of Going Concern. Further details on application.

Legal Costs

Each party will be responsible for their own legal costs in documenting the sale.

Terms

The Property is held by way of a long lease for a term of 125 years from 22 September 2009 at a peppercorn rent. The long leasehold interest is available to purchase subject to and with the benefit of the current lease dated 5 January 2009 to Stephen Kittle, brief details of which are set out below:-

Length: 15 years
Start Date: 5 January 2009
Expiry Date: 4 January 2024
Rent: £6,600 pax
Repairs Tenant responsible for internal repairs and maintenance and the shop front and for reimbursing a fair proportion of the costs incurred by the
landlord in maintaining and repairing the exterior of the building, by way of service charge recovery.
Insurance Landlord insures and recovers the premium from the tenant.
Permitted Use Class A1 (Shop) or A3 (Cafe)
Security of
Tenure The security provisions of the Landlord & Tenant Act 1954 are excluded
Deposit A deposit of £3,300 plus VAT is lodged with the landlord to be held throughout the term.

Price
£95,000 plus VAT for the long leasehold interest subject to and with the benefit of the current lease.

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To arrange a viewing contact

The Atrium, St George's Street, Norwich, Norfolk, NR3 1AB

07977 121341

01603 598241

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