Commercial investment comprising three let shops producing £42,000 pa plus VAT in prime North Norfolk

This lot comprises of three ground floor purpose built lock up shops in the exclusive Quayside Court development built in 2014, overlooking the harbour. All three units are let producing £42,000 pa giving a healthy yield for an investor. The units have excellent display facilities, together with underfloor gas fired heating from a communal boiler, electric entrance doors, store, kitchen facility, disabled wc and vehicular access to the rear service courtyard with commercial refuse store. There is a service charge payable by each tenant, for the apportioned cost of Landlord’s insurance and maintenance of the building.

Tenure

Leasehold. 999 year lease from 28th March 2014

Unit 1

Let to Wills of Wells at £12,500 plus VAT pa holding over under a three year lease dated 21st September 2019.

Unit 2

Let to an art Gallery on new five year lease at £17,500 plus VAT pa with effect from 1st October 2024, with a rent review on 1st October 2027 linked to CPI.

Unit 3

Let to Wet Dog at £12,000 plus VAT pa under a lease for three years with effect from 1st June 2023.

Rateable Value

According to the valuation office website unit 1 has an area of 69.68 sq/m and a rateable value of £13,250, unit 2 an area of 61.78 sq/m and a rateable value of £14,250 and unit 3 an area of 53.92 sq/m and a rateable value of £10,250, all with effect from 1st April 2023.

Lease Details

999 years lease from 28th March 2014 (988 years unexpired) Annual service charge - tbc Annual ground rent - tbc

Note

Please note the purchase price is plus VAT

Energy Efficiency Rating (EPC)

Current Rating Unit 1: A Unit 2: B Unit 3: B

Services

Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Local Authority

North Norfolk District Council

Solicitors

Trethowens, Ref: Zach Rooney, Tel: 01722 412512

Additional Fees

Buyer's Premium - £900 inc VAT payable on exchange of contracts.

Administration Charge - 0.3% inc VAT of the purchase price, subject to a minimum of £1200 inc VAT, payable on exchange of contracts.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.