31 Bedford Street, Norwich

INVESTMENT SUMMARY

 

  • Norwich is an affluent and historic cathedral city and the retailing and administrative centre for East Anglia.
  • Norwich has a primary catchment population of 894,000 which is significantly above the PROMIS regional centre average and ranks the city 11th of the PROMIS centres.
  • Norwich has over 19,000 students, with University of East Anglia consistently ranked 54 in the QS World University Rankings league table (UEA 10.12.2024).
  • Norwich University of the Arts is ranked in the top two creative arts universities in the UK.
  • Norwich has been voted top 10 city to live and work in Britain (The Telegraph 9.9.2024).
  • Norwich catchment is highly affluent and loyal with an over representation of ‘comfortable communities’ and ‘affluent achievers’.
  • Tourism is worth an estimated £750 million every year and supports more than 13,000 jobs.
  • The property is let to Electronic Cigarettes Ltd at £20,000 pax on an FRI 5-year lease from 14 June 2020.

 

LOCATION

Norwich is located approximately 43 miles north of Ipswich, 62 miles northeast of Cambridge and 100 miles northeast of London.

Norwich benefits from excellent road communications providing direct access to the A11 which connects it with Cambridge to the southwest and onto Junction 9 of the M11.  The A140 provides access to the A14 and Ipswich to the south.  The A14 also provides access to the M1 and M6.

Rail communications are provided from Norwich Railway Station with direct services to Ipswich, Cambridge and London Liverpool Street. The quickest journey times are approximately, 1 hour 11 minutes and 1 hour 38 minutes respectively.

Norwich International Airport is located approximately 3.5 miles to the north of the city and London Stansted Airport is located approximately 77 miles to the southwest.

The property is located on the corner of Bedford Street/St Andrews Hill at the junction with London Street which links Norwich Cathedral, the traditional business quarter with the heart of Norwich’s prime retail.  It is a very prominent corner and is opposite Cosy Club.  London Street is a busy retail thoroughfare.

 

ACCOMMODATION

The property provides accommodation on ground and first floors with good basement storage which, although below the ground floor is accessed externally. The approximate dimensions and areas are as follows:-

 

Shop Depth:15’457.2 cm
Internal Width:28’3”853.44 cm
Ground Floor
Sales398 sq ft36.9 sq m
First Floor
Stock/staff326 sq ft30.2 sq m
Basement

Storage

 

326 sq ft

 

30.2 sqm

 

TENURE

Freehold.

 

LEASE

The property is let to Electronic Cigarettes Ltd on a full repairing and insuring lease for a term of 5 years from February 2020 at a rent of £20,000 pax.

 

RATEABLE VALUE

We understand from the Valuation Office Agency website that the property has a rating assessment of £15,750 with effect from 1 April 2023. Interested parties are advised to make their own enquiries.

 

EPC

The property has an EPC rating of D. Further details are available upon request.

 

VAT

The property is not elected for VAT. VAT will not be charged on the sale.

 

PROPOSAL

Offers are invited in the region of £235,000 (Two Hundred and Thirty Five Thousand Pounds) for the freehold of the property. A purchase at this level will reflect a net initial yield of approximately 8.5% after buyer’s costs.

 

ANTI MONEY LAUNDERING

In accordance with Anti Money Laundering Legislation, the purchaser will be required to provide proof of identity and address to the selling agents prior to solicitors being instructed.

 

 

Plans

 

Francis Darrah for themselves and as Agents for the proposed Vendor(s) or Lessor(s) give notice: 1. That they do not make or give either in these particulars or in negotiations or otherwise any warranty or representation whatever in relation to the property. 2. Any plan attached to these particulars is for identification purposes only and all measurements are given as a guide and no liability can be accepted for errors arising therefrom. 3. The property being open to inspection any intended purchaser must satisfy himself as to the accuracy of these particulars and he will be deemed to have full knowledge thereof. 4. No liability can be accepted for any misstatement, omission or errors in these particulars. 5. These particulars do not constitute an offer or Contract or any part thereof.

 

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