Ground floor retail unit let to Lusa Export & Import Limited
Residential uppers let to Orwell Housing Association until 2029
Adjacent to King Street Car Park
Nearby occupiers include Domino’s, The Salvation Army and Betfred
Lot 66
Auction 13th July 2017
Rent £22,184 per Annum Exclusive
Status Sold
Price £225,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of a Major Fund Manager
Property Information
Location
Miles
19 miles east of Norwich, 74 miles north of Colchester
Roads
A12, A47, A143
Rail
Great Yarmouth
Air
Norwich International Airport
Situation
The property is located on the western side of King Street, within close proximity of Victoria Parade Shopping Arcade and the prime pedestrianised pitch. To the rear of the property is the King Street Car Park which provides approximately 135 spaces. Nearby occupiers include Domino’s, The Salvation Army and Betfred.
Tenure
Freehold.
Location
Miles
19 miles east of Norwich, 74 miles north of Colchester
Roads
A12, A47, A143
Rail
Great Yarmouth
Air
Norwich International Airport
Situation
The property is located on the western side of King Street, within close proximity of Victoria Parade Shopping Arcade and the prime pedestrianised pitch. To the rear of the property is the King Street Car Park which provides approximately 135 spaces. Nearby occupiers include Domino’s, The Salvation Army and Betfred.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit with selfcontained residential accommodation on ground, first and second floors accessed via the rear of the property
VAT
VAT is applicable to this lot.
Completion Period
Eight Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor retail unit with selfcontained residential accommodation on ground, first and second floors accessed via the rear of the property
VAT
VAT is applicable to this lot.
Completion Period
Eight Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
155
Ground and Basement
Retail
66.42 sq m
(715 sq ft)
LUSA EXPORT & IMPORT LIMITED t/a Lusa Mini Market (1) on a full repairing and insuring lease
6 years from 15/12/2009
£8,325
(Holding over)
155a
Ground, First & Second
Residential
2 x One Bedroom and 2 x Two Bedroom Flats
ORWELL HOUSING ASSOCIATION
Approx 29 years from 29/05/2000
£13,859
01/01/2018 and yearly RPI increases (2) (09/05/2029)
Total Commercial Area:
66.42 sq m
(715 sq ft)
£22,184
(1) For the year ending 31st January 2017, Lusa Export & Import Limited reported a turnover of £1,658,982, pre-tax profits of £42,118 and a total net worth of £223,333 (Source: Experian Group 05/06/2017). (2) The lease provides yearly increases linked to RPI. Please refer to the legal pack for further information