Available
Norwich – Supermarket & Ground Rent
290-304 Aylsham Road, Norwich NR3 2RJFreehold Retail & Residential Ground Rent Investment
Price
£525,000
Rent P.A.
£42,500
Yield
8.10%
Tenure
Freehold
Lease Term
10 Years
Years Left on Lease
7y 4m
Area
5,191 SQ FT
VAT Applicable
Yes
Sector
Investment Consideration
- Rent review on 01.12.28 open market upward only
- Fixed rental increase to £45,000 p.a. from 1st December 2027
- VAT is applicable to this property. TOGC available.
- Comprises large ground floor retail premises t/a Supermarket with ancillary accommodation at basement
- Shop benefits from 9 allocated car parking spaces at rear
- Includes 4 residential flats above with 4 car parking spaces, all of which have been sold-off on long leaseholds
- The property is situated with frontage to the busy A1402 Aylsham Road, less than 2 miles north of Norwich City Centre and approximately 500 metres from the Ring Road.
- Occupiers nearby include Tesco Express, Lidl, Mecca Bingo, Fish n Chips Shop, Chinese Takeaway, Barber Shop and more.
Key Features
Tenure
Freehold
VAT
VAT is Applicable
Property Description
The property comprises large ground floor retail premises with ancillary accommodation at basement t/a Supermarket. The retail premises benefit from 9 car parking spaces at rear. The block includes 4 residential flats at first and second floor, with 4 allocated car parking spaces, all of which have been sold-off on long leaseholds. The property provides the following accommodation and dimensions:
Ground Floor: 438.05 sq m (4,715 sq ft)
Open plan retail, 5 storage rooms, kitchen, wc
Basement: 44.22 sq (476 sq ft)
Ancillary, storage
Total Retail GIA: 482.27 sq m (5,191 sq ft)
First/Second Floor: 4 residential flats (sold-off)
Ground Floor: 438.05 sq m (4,715 sq ft)
Open plan retail, 5 storage rooms, kitchen, wc
Basement: 44.22 sq (476 sq ft)
Ancillary, storage
Total Retail GIA: 482.27 sq m (5,191 sq ft)
First/Second Floor: 4 residential flats (sold-off)
Tenancy Description
The ground floor and basement retail premises are at present let to Foodbycpc Ltd for a term of 10 Years from 1st December 2023 at a current rent of £42,500 per annum and the lease contains full repairing and insuring covenants. Fixed rental increase to £45,000 on 01.12.27. Rent review on 01.12.28 open market upward only. Tenant break option on 01.12.28 with min 6 months notice. Deposit held of £20,000 (including £4,000 VAT). Benefits from 9 allocated car parking spaces.
Flats 290,296,298 have been sold off on long leaseholds to Aylsham Road Management Company Ltd for a term of 125 Years from 9th December 2004 at a ground rent of peppercorn. Each flat benefits from 1 car parking space. Reversion 2129 with approx. 103 unexpired.
Flat 294 has been sold off on long leasehold to an Individual for a term of 125 Years from 9th December 2004 at a ground rent of peppercorn. The flat benefits from 1 car parking space. Reversion 2129 with approx. 103 unexpired
Flats 290,296,298 have been sold off on long leaseholds to Aylsham Road Management Company Ltd for a term of 125 Years from 9th December 2004 at a ground rent of peppercorn. Each flat benefits from 1 car parking space. Reversion 2129 with approx. 103 unexpired.
Flat 294 has been sold off on long leasehold to an Individual for a term of 125 Years from 9th December 2004 at a ground rent of peppercorn. The flat benefits from 1 car parking space. Reversion 2129 with approx. 103 unexpired
Tenancies & Accommodation
Location Description
The city of Norwich is the largest East Anglian commercial centre and is located 43 miles north of Ipswich and 79 miles east of Peterborough. The A11 provides access to the M11 Motorway and London to the south-west whilst the A47 provides links to Peterborogh and The Midlands to the west. The property is situated with frontage to the busy A1402 Aylsham Road, less than 2 miles north of Norwich City Centre and approximately 500 metres from the Ring Road. Occupiers nearby include Tesco Express, Lidl, Mecca Bingo, Fish n Chips Shop, Chinese Takeaway, Barber Shop and more.
