About this property

Detailed Description

41 & 41a Prince of Wales Road is positioned in a prominent position on the corner of Prince of Wales Road and West Street and is therefore situated upon an arterial route entering Cromer.
The Freehold of the property consists of two single storey commercial premises which are both let and occupied. The freehold of the building also includes long leased flats on the first and second floor.
41 has a large retail area with return frontage onto West Street, store, kitchen and two W.C. s and a parking space located off West Street.
41a has a large retail area which has been partitioned to provide internal storage and a W.C. and a basement below.
There are 3 flats above sold off on long leaseholds.

Location

Cromer is an attractive and popular seaside town on the north Norfolk coastline. The town is vibrant and boasts a wide range of facilities and shops ranging from large national chains such as Argos, Halfords and Iceland as well as a variety of cafes, restaurants and shops as well as traditional seaside shops selling buckets and spades and seaside gifts.

The town is one of North Norfolk's 'Principal Settlements' and as such is a primary retail destination with a strong collection of both local and national retailers. Demand for commercial property in Cromer has remained relatively strong for over a decade with few vacancies. Cromer has a population of about 7,500 (2021 census) which increases markedly during the busy summer months.

The cathedral city of Norwich, with its airport and frequent rail service to London Liverpool Street, is located about 23 miles to the south.

Accommodation

41 67.2 m2
41a (inc basement) 107.9 m2

All measurements are approximate and some are taken from the VOA

Business Rates

Rateable Value
41 £15,250
41a £7,100

Viewing

Strictly by appointment with the sole selling agent:-

Legal Costs

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

Terms

Lease Terms:-
41:- £11,500 p.a. ending 30/04/2031
41a:- £7,750 p.a. ending 07/08/2031
Flat 1 (1st Floor):- 198 years from 01/01/1981
Flat 2:- (Top Floor):- 198 years from 01/01/1981
Flat 3:- (1st and 2nd Floor) 99 years form 24/06/1981
Ground Rent £25 p.a. per flat.
Details of all tenancies are available on request.

Tenure
Freehold