About this property

Detailed Description

The property comprises a two-storey building of brick elevations under a flat roof, split into three units, providing an office and separate restaurant at ground floor, and further self contained office suite at first floor.

Both ground floor units have direct access off St Andrews Hill and the first floor offices are served by a separate ground floor entrance and staircase.

Location

The property is situated on St Andrews Hill, a pedestrian throughfare linking St Andrews Street with London Street, in the heart of Norwich's historic Lanes, in close proximity to a range of shops, cafés and restaurant facilities.

St Andrews Multi-Storey Car Park is nearby (within c. 150m), offering extensive public parking provision, and Norwich Railway Station is accessible on foot, delivering direct links to London, Cambridge and other regional hubs.

The property immediately joins a multi-let office building (Lawrence House) and is a short distance from Cinema City.

The St Andrews multi-storey car park is approximately 150m away.

Accommodation

Measured on a net internal basis, the floor areas are as follows:-

Description sq m sq ft
3a - Ground floor 65.24 702
3b - Ground floor 60.38 650
3 - First floor 88.84 956
TOTAL 214.46 2,308

Business Rates

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

Property Rateable Value Rates Payable
3a St Andrews Hill £14,750 £7,360
3b St Andrews Hill £9,900 *£4,940
FF 3 St Andrews Hill £10,750 *£5,364

*The rateable value is below the minimum value threshold therefore an occupier may therefore be eligible for full rates relief. Contact Norwich City Council Business Rates team for further information.

Services

We have not carried out tests on any of the services or appliances and interested parties should arrange their own test to ensure these are in working order.

Viewing

Strictly by appointment with the sole selling agents.

VAT

The property has been elected for VAT, and it is proposed a transaction be treated as a Transfer of a Going Concern (TOGC).

Legal Costs

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

Other

Lease Terms & Tenant Covenant
The property is fully let to three tenants on effectively full repairing and insuring leases with service charge to recover common part expenditure. The current combined rent passing is £41,500 per annum exclusive.

Further information is set out in the Tenancy Schedule attached.

The tenants are well established and have been in occupation under previous leases since 2004 (No. 3b), 2005 (No. 3) and 2016 (No. 3a)

Terms

Price
The freehold is available to purchase subject to and with the benefit of the current tenancies at a price of £465,000, reflecting an attractive Net Initial Yield of approximately 8.55% after Stamp Duty and usual purchaser's costs.