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
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.
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
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.
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.
Contacts
Associate Auctioneers
Cluttons Investment Management (UK) LLP Portman House, 2 Portman Street London W1H 6DU
