3 East Grove Cromer Norfolk NR27 0BL

3 East Grove
Cromer
Norfolk
NR27 0BL

Freehold Care Home Investment

  • Let to Progress Housing Association Limited – a social housing provider registered with Homes England, which receives its funding from Local Authorities
  • Lease expires August 2024
  • Uncapped Annual RPI Rent Reviews
  • Located in a predominantly residential location
  • VAT-free Investment
  • Lot
    41
  • Auction
    11th July 2018
  • Rent
    £26,194 per Annum Exclusive
  • Status
    Sold Prior
  • Price
     
  • Sector
    Medical/Healthcare
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Behalf of Trustees
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Freehold Care Home Investment

  • Let to Progress Housing Association Limited – a social housing provider registered with Homes England, which receives its funding from Local Authorities
  • Lease expires August 2024
  • Uncapped Annual RPI Rent Reviews
  • Located in a predominantly residential location
  • VAT-free Investment
  • Lot 41
  • Auction 11th July 2018
  • Rent
  • Status Sold Prior
  • Price  
  • Sector
    Medical/Healthcare
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Behalf of Trustees

Property Information

Location
Miles
0.5 miles south of Cromer town centre, 18 miles north of Norwich
Roads
A148, A149
Rail
Cromer Railway Station
Air
Norwich International Airport
Situation

Cromer is an attractive and popular Norfolk seaside town. The property is situated in a predominantly residential area some 0.5 miles south of Cromer town centre, with a number of local amenities located nearby.

Tenure

Freehold.

Location
Miles
0.5 miles south of Cromer town centre, 18 miles north of Norwich
Roads
A148, A149
Rail
Cromer Railway Station
Air
Norwich International Airport
Situation

Cromer is an attractive and popular Norfolk seaside town. The property is situated in a predominantly residential area some 0.5 miles south of Cromer town centre, with a number of local amenities located nearby.

Tenure

Freehold.

Description

The property comprises a detached care home arranged on the ground floor only. The property benefits from off-street car parking.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises a detached care home arranged on the ground floor only. The property benefits from off-street car parking.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor Accommodation Tenant Term Rent p.a.x Reviews
Ground 4 bedrooms, kitchen
and bathroom
PROGRESS
HOUSING
ASSOCIATION
LIMITED (1)
20 years from 25/08/2004
until 24/08/2024 on a full
repairing and insuring
lease
£26,194.32 Uncapped RPI linked rent
reviews on 25/08/2018 and
annually thereafter
Total
    £26,194.32  

(1) Progress Housing Association Limited is a subsidiary of Progress Housing Group, one of the UK’s leading social housing providers, providing high quality housing solutions for individuals with a range of support needs. Progress Housing Association covers over 100 local authorities, providing more than 3,100 units of accommodation. For the year to 2017, Progress Housing Group reported a turnover of £74.5 million and net assets of £238 million (Source: www.progressgroup.org.uk - Report & Accounts - 11/06/2018).

NB: The Property is subject to an option to purchase in favour of Progress Care Housing Association Limited. The option can be exercised at any time during the term of the lease by Progress Care Housing Association Limited serving notice confirming that the property is and has been vacant for a period of more than three months. The option to purchase expires if it has not been exercised by 24th May 2024. The option to purchase would be the greater of OMV or £250,301.

Property Documents

  • Site Plan
    Updated Date
    07.11.19
    File Size
    612 KB
    View PDF
  • Catalogue Page
    Updated Date
    07.11.19
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
Seller's Solicitors
Gateley Plc Park View House, 58 The Ropewalk
Nottingham
NG1 5DW
Kim Grundstrom 0115 983 8229kim.grundstrom@gateleylegal.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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