1 - 7 Stephens Road Norwich Norfolk NR1 3SP

1 - 7 Stephens Road
Norwich
Norfolk
NR1 3SP

Freehold Retail Investment

Prominent city centre location on A147 Ring Road
Close to the Chapelfield Shopping Centre
Comprises approximately 10,179 sq ft of retail and 24 flats (sold off)
Majority let to Body Power Sports Plc on a 10 year lease (1)

Lot
4
Auction
23rd May 2019
Rent
£73,500 per Annum Exclusive
Status
Sold
Price
£550,000
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN
On behalf of a Pension Fund

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Freehold Retail Investment

Prominent city centre location on A147 Ring Road
Close to the Chapelfield Shopping Centre
Comprises approximately 10,179 sq ft of retail and 24 flats (sold off)
Majority let to Body Power Sports Plc on a 10 year lease (1)

Lot 4
Auction 23rd May 2019
Rent £73,500 per Annum Exclusive
Status Sold
Price £550,000
Sector
High Street Retail
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN
On behalf of a Pension Fund

Property Information

Location

Miles: 25 miles west of Great Yarmouth; 45 miles north of Ipswich; 63 miles north-east of Cambridge
Roads: A140, A146, A11
Rail: Norwich Train Station
Air: Norwich International Airport

Situation

Norwich is a cathedral city and the county town of Norfolk, with a population of 141,300. Norwich is located 45 miles north of Ipswich, 63 miles north-east of Cambridge and 73 miles east of Peterborough. Norwich benefits from regular rail services to London Liverpool Street (1 hour 50 minutes). The property is situated at the junction of St Stephens Road (A11) and Chapel Field Road (A147). The A147 forms part of the inner ring road and the A11 provides direct links to the M11 to the south-west. The property is close to the Chapelfield Shopping Centre, car park and a number of bus stops. Nearby occupiers include Wilko, Poundland, Iceland and Greggs.

Tenure

Freehold.

Location

Miles: 25 miles west of Great Yarmouth; 45 miles north of Ipswich; 63 miles north-east of Cambridge
Roads: A140, A146, A11
Rail: Norwich Train Station
Air: Norwich International Airport

Situation

Tenure

Freehold.

Description

The property comprises two ground floor retails units,
Unit 1 a fitness studio of 9,325 sq ft and Unit 2 a florist of
854 sq ft. The first and second floors comprise 24 flats sold off on a long lease.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Band D. See legal pack at acuitus.co.uk.

Description

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Band D. See legal pack at acuitus.co.uk.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review
Ground	Retail	866.32 sq m	(9,325 sq ft)	BODY POWER SPORTS PLC (1) t/a Fitness Superstore	10 years from 2/01/2019 (2)	£60,000 (3)	02/01/2024
Ground	Retail	79.34 sq m	(854 sq ft)	MARGARET EMMS LIMITED t/a Margaret Emms Florist	10 years from 01/06/2017 (4)	£13,500 (5)	01/06/2022
First & Second	Residential	24 flats		KETTS COURT MANAGEMENT COMPANY LIMITED	125 years from 29/09/2006	Peppercorn	-
Total Commercial Area		945.66 sq m	(10,179 sq ft)			£73,500

(1) For the year ending 30th September 2018, Body Power Sports Plc reported a turnover of £30,412,490, pre-tax profits of £2,417,562 and a net worth of £15,647,406 (Source: Experian Group 29th March 2019). Founded in 1994, Fitness Superstore is the largest supplier of specialist fitness equipment in the UK and has the 10 largest fitness showrooms in the UK
(Source : www.fitness-superstore.co.uk).
(2) Tenant's option to determine in the 3rd and 5th years upon 6 months' notice.
(3) The tenant benefits from a rent free period expiring October 2019, so the seller will adjust the completion monies so the unit effectively produces £60,000 per annum from completion of the sale.
(4) Tenant's option to determine in the 5th year upon 6 months' notice.
(5) A rent deposit of £4,050 is held by the Vendor.