1 - 7 Stephens Road
Norwich
Norfolk
NR1 3SP

Freehold Retail Investment

  • Prominent city centre location on A147 Ring Road
  • Close to the Chapelfield Shopping Centre
  • Comprises approximately 10,179 sq ft of retail and 24 flats (sold off)
  • Majority let to Body Power Sports Plc on a 10 year lease (1)
  • Lot
    4
  • Auction
    23/May/2019
  • Rent
    £73,500 per Annum Exclusive
  • Status
    Sold
  • Price*
    £550,000
  • Sector
    High Street Retail
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
  • On behalf of a Pension Fund

Important Auction & Property Update
  • 1 - 7 Stephens Road<br>Norwich<br>Norfolk<br>NR1 3SP
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* More information on the term "price" can be found here

Property Information

Location
Miles
25 miles west of Great Yarmouth
45 miles north of Ipswich
63 miles north-east of Cambridge
Roads
A140, A146, A11
Rail
Norwich Train Station
Air
Norwich International Airport
Situation

Norwich is a cathedral city and the county town of Norfolk, with a population of 141,300. Norwich is located 45 miles north of Ipswich, 63 miles north-east of Cambridge and 73 miles east of Peterborough. Norwich benefits from regular rail services to London Liverpool Street (1 hour 50 minutes). The property is situated at the junction of St Stephens Road (A11) and Chapel Field Road (A147). The A147 forms part of the inner ring road and the A11 provides direct links to the M11 to the south-west. The property is close to the Chapelfield Shopping Centre, car park and a number of bus stops. Nearby occupiers include Wilko, Poundland, Iceland and Greggs.

Tenure

Freehold.

Description

The property comprises two ground floor retails units,
Unit 1 a fitness studio of 9,325 sq ft and Unit 2 a florist of
854 sq ft. The first and second floors comprise 24 flats sold off on a long lease.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Band D. See legal pack at acuitus.co.uk.

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReview
GroundRetail866.32 sq m(9,325 sq ft)BODY POWER SPORTS PLC
(1) t/a Fitness Superstore
10 years from
2/01/2019 (2)
£60,000 (3)02/01/2024
GroundRetail79.34 sq m(854 sq ft)MARGARET EMMS LIMITED
t/a Margaret Emms Florist
10 years from
01/06/2017 (4)
£13,500 (5)01/06/2022
First &
Second
Residential
24 flats
KETTS COURT
MANAGEMENT COMPANY
LIMITED
125 years from
29/09/2006
Peppercorn-
Total Commercial Area945.66 sq m
(10,179 sq ft)
  £73,500 

(1) For the year ending 30th September 2018, Body Power Sports Plc reported a turnover of £30,412,490, pre-tax profits of £2,417,562 and a net worth of £15,647,406 (Source: Experian Group 29th March 2019). Founded in 1994, Fitness Superstore is the largest supplier of specialist fitness equipment in the UK and has the 10 largest fitness showrooms in the UK
(Source : www.fitness-superstore.co.uk).
(2) Tenant's option to determine in the 3rd and 5th years upon 6 months' notice.
(3) The tenant benefits from a rent free period expiring October 2019, so the seller will adjust the completion monies so the unit effectively produces £60,000 per annum from completion of the sale.
(4) Tenant's option to determine in the 5th year upon 6 months' notice.
(5) A rent deposit of £4,050 is held by the Vendor.

Property Documents

  • Catalogue Page
    Updated Date
    01.05.19
    File Size
    739 KB
    View PDF
  • Site Plan
    Updated Date
    01.05.19
    File Size
    3 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.01.19
    File Size
    143 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Peter MayoPeter Mayo +44 (0)20 7034 4864 +44 (0)7833 459318Peter.mayo@acuitus.co.uk
Associate Auctioneers
Cluttons Investment Management (UK) LLP Portman House, 2 Portman Street
London
W1H 6DU
Jamie McCombe 020 7647 7234jamie.mccombe@cluttons.com
Seller's Solicitors
Birketts LLP 141 - 145 Princes Street
Ipswich
IP1 1QJ
Keith Andrews 01473 406 343keith-andrews@birketts.co.uk

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