- Self contained ground floor retail/office property
- Suitable for a variety of uses s.t.p
- Situated within North Walsham town centre
- Residential upper floors let on long leases, producing £400 per annum
Town Centre Commercial Opportunity, Possible Development Potential STP
About this property
The property comprises an attractive office/shop premises with two flats above which are sold off on a long leasehold basis.
Internally, the ground floor office/shop offers well presented, attractive accommodation that is mostly open plan with the exception of an internal, glazed office to the rear. There is a shower and WC to the rear of the property with a kitchenette along one wall. The property has a good-sized basement, accessed via a staircase, which offers additional storage space. To the side of the property is a small courtyard garden.
The upper floors have separate access and are occupied as residential accommodation, divided into two flats both of which have been sold off on a long leasehold basis.
North Walsham is a busy market town within the North Norfolk district, approximately 15 miles north of Norwich and 7.5 miles south of Cromer.
The property is located just off the market place, with nearby occupiers including Costa Coffee, Lloyds Bank, Specsavers and Bupa Dental.
The property provides the following net internal floor area.
Office/Shop sq m sq ft
Office 75.4 811
Basement 19.8 213
Total NIA 95.1 1,024
Business rates will be the responsibility of the occupier. The premises have the following assessment:-
Description Offices and Premises
Rateable Value £11,250
Rates payable for 2023/2024 *£0
*The rateable value is below the minimum value threshold therefore the occupant maybe eligible for a full exemption.
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.
Strictly by appointment with the selling/letting agent.
It is understood that VAT is applicable.
Each party will be responsible for their own legal costs incurred in documenting the sale.
The two flats are each let on 125 year leases, commencing April 2008. The ground rent is currently £200 per annum per flat, which increases every 25 years by £200, and there is an additional service charge of £100 per annum payable per flat. The current combined income is £400 per annum.
The freehold is available to purchase with vacant possession at a price of £150,000.
Alternatively, the property is available to let on a new full repairing and insuring lease for a term of years to be agreed at a rent of £12,500 per annum.