3 East Grove Cromer Norfolk NR27 0BL

3 East Grove
Cromer
Norfolk
NR27 0BL

Freehold Care Home Investment

Let to Progress Housing Association Limited – a social housing provider registered with Homes England, which receives its funding from Local Authorities
Lease expires August 2024
Uncapped Annual RPI Rent Reviews
Located in a predominantly residential location
VAT-free Investment

Lot
41
Auction
11th July 2018
Rent
£26,194 per Annum Exclusive
Status
Sold Prior
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of Trustees

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Freehold Care Home Investment

Let to Progress Housing Association Limited – a social housing provider registered with Homes England, which receives its funding from Local Authorities
Lease expires August 2024
Uncapped Annual RPI Rent Reviews
Located in a predominantly residential location
VAT-free Investment

Lot 41
Auction 11th July 2018
Rent £26,194 per Annum Exclusive
Status Sold Prior
Price
Sector
Medical Centre/Doctors, Healthcare
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of Trustees

Property Information

Location

Miles: 0.5 miles south of Cromer town centre, 18 miles north of Norwich
Roads: A148, A149
Rail: Cromer Railway Station
Air: Norwich International Airport

Situation

Cromer is an attractive and popular Norfolk seaside town. The property is situated in a predominantly residential area some 0.5 miles south of Cromer town centre, with a number of local amenities located nearby.

Tenure

Freehold.

Location

Miles: 0.5 miles south of Cromer town centre, 18 miles north of Norwich
Roads: A148, A149
Rail: Cromer Railway Station
Air: Norwich International Airport

Situation

Tenure

Freehold.

Description

The property comprises a detached care home arranged on the ground floor only. The property benefits from off-street car parking.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises a detached care home arranged on the ground floor only. The property benefits from off-street car parking.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Accommodation	Tenant	Term	Rent p.a.x	Reviews
Ground	4 bedrooms, kitchen and bathroom	PROGRESS HOUSING ASSOCIATION LIMITED (1)	20 years from 25/08/2004 until 24/08/2024 on a full repairing and insuring lease	£26,194.32	Uncapped RPI linked rent reviews on 25/08/2018 and annually thereafter
Total				£26,194.32

(1) Progress Housing Association Limited is a subsidiary of Progress Housing Group, one of the UK’s leading social housing providers, providing high quality housing solutions for individuals with a range of support needs. Progress Housing Association covers over 100 local authorities, providing more than 3,100 units of accommodation. For the year to 2017, Progress Housing Group reported a turnover of £74.5 million and net assets of £238 million (Source: www.progressgroup.org.uk - Report & Accounts - 11/06/2018).

NB: The Property is subject to an option to purchase in favour of Progress Care Housing Association Limited. The option can be exercised at any time during the term of the lease by Progress Care Housing Association Limited serving notice confirming that the property is and has been vacant for a period of more than three months. The option to purchase expires if it has not been exercised by 24th May 2024. The option to purchase would be the greater of OMV or £250,301.