Available
Norwich – Barber Shop, Restaurant & Vacant Offices
18/20 Prince of Wales Road, Norwich, Norfolk NR1 1LBFreehold Retail Investment & Vacant Office with Development Potential
Price
£495,000
Rent P.A.
£36,500
Tenure
Freehold
Lease Term
10 Years
Years Left on Lease
9y 7m
Area
6,038 SQ FT
VAT Applicable
Yes
Sector
Investment Consideration
- Rental Income: £36,500 p.a. + 2 floors vacant offices
- ERV once fully let: £51,500 p.a. GIY: 10.40%
- Comprises barber shop and restaurant at ground floor, with vacant offices at first and second floor
- Permitted development potential of the offices, subject to obtaining the necessary consents
- Occupiers nearby include Tesco Express, restaurant, estate agents, convenience store, barber shop and many more.
Key Features
Tenure
Freehold
VAT
VAT is Applicable
Property Description
Comprises three-storey retail & office building. The ground floor provides two retail units fronting Prince of Wales Road t/a Barber Shop (No.18) and Restaurant (No.20). The first and second floor provides self-contained office accommodation. Each floor benefits from lift access and its own utilities, providing the following accommodation and dimensions:
Ground Floor Shop No.18: 91 sq m (979 sq ft)
Ground Floor Shop No.20: 110 sq m (1,185 sq ft)
First Floor Office: 180 sq m (1,937 sq ft)
Second Floor Office: 180 sq m (1,937 sq ft)
Total GIA: 561 sq m (6,038 sq ft)
Permitted development potential of the first and second floor, subject to obtaining the necessary consents.
Ground Floor Shop No.18: 91 sq m (979 sq ft)
Ground Floor Shop No.20: 110 sq m (1,185 sq ft)
First Floor Office: 180 sq m (1,937 sq ft)
Second Floor Office: 180 sq m (1,937 sq ft)
Total GIA: 561 sq m (6,038 sq ft)
Permitted development potential of the first and second floor, subject to obtaining the necessary consents.
Tenancy Description
Shop No.18 is at present let to KH249 Ltd (with personal guarantee) for a term of 10 Years from 1st May 2026 at a current rent of £16,500 per annum and the lease contains full repairing and insuring covenants. Rent review every 3 years linked to RPI. Tenant option to determine on the 3rd and 6th anniversary with min 6 months notice. Deposit held of £4,000.
Shop No.20 is at present let to KD Vada Pav Ltd (with personal guarantee) for a term of 10 Years from 19th March 2026 at a current rent of £20,000 per annum and the lease contains full repairing and insuring covenants. Rent review in the 5th year open market upward only. Tenant option to determine on the 5th anniversary with min 6 months notice. Deposit held of £5,000.
The first and second floor offices are at present vacant. ERV: £15,000 p.a.
Shop No.20 is at present let to KD Vada Pav Ltd (with personal guarantee) for a term of 10 Years from 19th March 2026 at a current rent of £20,000 per annum and the lease contains full repairing and insuring covenants. Rent review in the 5th year open market upward only. Tenant option to determine on the 5th anniversary with min 6 months notice. Deposit held of £5,000.
The first and second floor offices are at present vacant. ERV: £15,000 p.a.
Tenancies & Accommodation
Location Description
Norwich city centre provides an extensive range of shops and amenities. Norwich Station is within walking distance, approximately 0.4 miles away from the property. The property is located on Prince of Wales Road, which is the main thoroughfare from the city centre and Tombland to the Riverside complex and train station. The area is a mixture of bars, offices, and residential accommodation and within easy walking distance to the main shopping areas of Chantry Place and Castle Quarter. Occupiers nearby include restaurant`s, estate agents, convenience store and many more.
