Fully Let Established Retail and Residential Parade with Development Potential
Unbroken fully let retail and residential parade with prominent frontage to busy main road
9 shops and 8x 2 bed self-contained maisonettes all let separately on AST's
Large rear site offering development potential (subject to consents)
All shop and flat tenants paying full rent during pandemic
Large Morrisons Superstore and Petrol Filling Station directly opposite with Tesco Superstore and Aldi very closeby
Affluent commuter town, with wealthy rural catchment
VAT free investment
In the same ownership for nearly 29 years
Lot 8
Auction 11th February 2021
Rent £171,000 per Annum Exclusive
Status Sold Prior
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
23 miles south of Norwich
23 miles north of Ipswich
49 miles east of Cambridge
Roads
A1066, A140, A143
Rail
Diss Railway Station
Air
Stansted Airport, Norwich Airport
Situation
Diss is an attractive and historic market town located approximately 23 miles to the south of Norwich. The property is very prominently situated within the town centre fronting a busy roundabout on Victoria Road (A1066). The property is less than a mile from Diss Railway Station and benefits from a Morrisons superstore and petrol filling station directly opposite and a Tesco superstore very closeby. The town's two principal car parks are at Morrisons and Tesco, and the property benefits from pedestrian flow between the historic town centre and these car parks. Other nearby occupiers include Aldi and Greggs.
Tenure
Freehold.
Location
Miles
23 miles south of Norwich
23 miles north of Ipswich
49 miles east of Cambridge
Roads
A1066, A140, A143
Rail
Diss Railway Station
Air
Stansted Airport, Norwich Airport
Situation
Diss is an attractive and historic market town located approximately 23 miles to the south of Norwich. The property is very prominently situated within the town centre fronting a busy roundabout on Victoria Road (A1066). The property is less than a mile from Diss Railway Station and benefits from a Morrisons superstore and petrol filling station directly opposite and a Tesco superstore very closeby. The town's two principal car parks are at Morrisons and Tesco, and the property benefits from pedestrian flow between the historic town centre and these car parks. Other nearby occupiers include Aldi and Greggs.
Tenure
Freehold.
Description
The property comprises an unbroken parade of 9 retail units (let to 6 shop tenants) on the ground floor with 8x 2 bedroom maisonettes on the first and second floors separately assessed from the rear. The property also benefits from development potential at the rear (subject to consents), currently used in part as a service yard and a car park, with 8 dedicated spaces reserved for the flats. There is also a lay-by to the front of the shops which is used for customer parking.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
See legal pack.
Description
The property comprises an unbroken parade of 9 retail units (let to 6 shop tenants) on the ground floor with 8x 2 bedroom maisonettes on the first and second floors separately assessed from the rear. The property also benefits from development potential at the rear (subject to consents), currently used in part as a service yard and a car park, with 8 dedicated spaces reserved for the flats. There is also a lay-by to the front of the shops which is used for customer parking.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
See legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
1-2
Ground
Retail
121.59 sq m
(1,309 sq ft)
THE BRITISH RED CROSS SOCIETY (1)
10 years from 21/12/2012
£26,000
(20/12/2022)
3-5
Ground
Retail
177.00 sq m
(1,905 sq ft)
A.W. MYHILL & SON LTD (Electrical shop)
10 years from 02/04/2013
£35,000 (2)
(01/04/2023)
6
Ground
Retail
47.70 sq m
(513 sq ft)
Y. KARAKUS (Take-away/Pizza Shop)
35 years from 22/10/1999 (3)
£13,000
22/10/2024 and 5 yearly thereafter (21/10/2034)
7
Ground
Retail
47.70 sq m
(513 sq ft)
A. VILVELEVICI (Ethnic Grocer)
3 years from 25/05/2020 (4)
£13,000
(24/05/2023)
8
Ground
Retail
39.70 sq m
(428 sq ft)
Y. KARAKUS (Laundrette)
20 years from 22/07/2006 (5)
£12,500
22/07/2021 / (21/10/2026)
9
Ground
Retail
78.10 sq m
(841 sq ft)
TIMEOUT COFFEE LTD & K. CANHAM (Coffee Shop)
10 years from 25/06/2014
£16,000
(24/06/2024)
1a
First and Second
Residential
2 Bedroom Maisonette
INDIVIDUAL
6 month assured shorthold tenancy from 20/12/2020
£7,200 (6)
2a
First and Second
Residential
2 Bedroom Maisonette
INDIVIDUAL
6 month assured shorthold tenancy from 24/03/2018
£6,600 (6)
3a
First and Second
Residential
2 Bedroom Maisonette
INDIVIDUAL
6 month assured shorthold tenancy from 08/12/2020
£6,900 (6)
4a
First and Second
Residential
2 Bedroom Maisonette
INDIVIDUAL
6 month assured shorthold tenancy from 01/03/2015
£6,600 (6)(7)
5a
First and Second
Residential
2 Bedroom Maisonette
INDIVIDUAL
1 year assured shorthold tenancy from 15/10/2016
£6,600 (6)
6a
First and Second
Residential
2 Bedroom Maisonette
INDIVIDUAL
6 month assured shorthold tenancy from 25/07/2020
£7,200 (6)(8)
7a
First and Second
Residential
2 Bedroom Maisonette
INDIVIDUAL
6 month assured shorthold tenancy from 30/06/2020
£7,200 (6)
8a
First and Second
Residential
2 Bedroom Maisonette
INDIVIDUAL
1 year assured shorthold tenancy from 01/07/2019
£7,200 (6)
Total Commercial Floor Area
511.79 sq m
(5,509 sq ft)
£171,000
(1) The British Red Cross are a part of the International Red Cross and Red Crescent Movement, the worlds largest independent humanitarian network with 189 Societies around the world and 97 million members and volunteers worldwide (Source: redcross.org.uk 05/01/2021). (2) The tenant is currently paying rent of £2,000 per month by way of personal concession. The contractual rent is £34,000 p.a. rising to £35,000 p.a. on 01/04/2022. The seller will top up the rent from completion of sale until the fixed rental increase on 01/04/2022, so that it will be producing £35,000 p.a. (3) The lease provides for a mutual option to determine on 22/10/2029, subject to 6 months notice. The shop was originally let on a 20 year term from October 1999 and the lease was extended for 15 years, thereby expiring in October 2034. (4) The lease is outside of the Security of Tenure provisions of the Landlord & Tenant Act 1954. (5) The lease provides for a tenant option to determine on 21/10/2021, subject to 6 months notice. The shop was originally let on a 10 year term from July 2006 and the lease was then extended for another 10 years, thereby expiring in October 2026. (6) The residential rents above have been annualised. (7) Notice has been served to increase the rent to £600 pcm (£7,200 pa) commencing 01/03/2021. (8) The lease is in the process of being renewed for 6 months from 25/01/2021 at the same rent.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
