Recently Let Freehold Convenience Store Investment
Let to Nisa Local franchisee on two 10 year leases from February 2024 and October 2024 (each lease subject to option)
Includes rear car parking
First floor benefits from full planning permission from August 2023 for change of use to 3 residential flats
Nearby occupiers include Costa Coffee, Holland & Barrett, WHSmith, Boots and Superdrug
VAT free investment
Lot 31
Auction 10th July 2025
Rent £27,000 per Annum Exclusive
Status Sold
Price £300,000
Sector High Street Retail, Supermarket/Convenience
Auction Venue Live Streamed Auction
Property Information
Location
Miles
23 miles south of Norwich, 23 miles north of Ipswich
Roads
A1066, A14, A12
Rail
Diss Railway Station
Air
Norwich Airport
Situation
The property is situated on the west side of Market Place in the heart of Diss town centre, benefitting from high footfall with the weekly traditional market held in Market Place every Friday. Nearby occupiers include Costa Coffee, Holland & Barrett, WHSmith, Boots and Superdrug.
Tenure
Freehold.
Location
Miles
23 miles south of Norwich, 23 miles north of Ipswich
Roads
A1066, A14, A12
Rail
Diss Railway Station
Air
Norwich Airport
Situation
The property is situated on the west side of Market Place in the heart of Diss town centre, benefitting from high footfall with the weekly traditional market held in Market Place every Friday. Nearby occupiers include Costa Coffee, Holland & Barrett, WHSmith, Boots and Superdrug.
Tenure
Freehold.
Description
The property comprises two adjoining shops arranged over the ground and first floors. The tenant is currently shop fitting having expanded into both units and removed the partition wall. The property benefits from rear car parking.
VAT
VAT is not applicable to this lot.
Planning
Planning permission was granted by South Norfolk Council on the 21/08/2023 under planning ref (2022/2187) for Change of Use from first floor shop storage to three residential flats (over ground floor shop units 1 and 2).
Description
The property comprises two adjoining shops arranged over the ground and first floors. The tenant is currently shop fitting having expanded into both units and removed the partition wall. The property benefits from rear car parking.
VAT
VAT is not applicable to this lot.
Planning
Planning permission was granted by South Norfolk Council on the 21/08/2023 under planning ref (2022/2187) for Change of Use from first floor shop storage to three residential flats (over ground floor shop units 1 and 2).
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas Approx sq m (4)
Floor Areas Approx sq ft (4)
Tenant
Term
Rent p.a.x.
Rent Review
Unit 1, 11 Market Place
Ground
Retail
85.45
(919)
ALGORIAL RETAIL LIMITED with personal guarantee t/a Nisa Local (1)
10 years from 01/10/2024 until 30/09/2034 (2)
£11,000
01/10/2029
Unit 2, 11 Market Place
Ground First
Retail Ancillary
93.20 87.90
(1,003) (946)
ALGORIAL RETAIL LIMITED with personal guarantee t/a Nisa Local (1)
10 years from 01/02/2024 until 31/01/2034 (3)
£16,000
01/02/2029
Total
266.55
(2,868)
£27,000
(1) Algorial Retail Limited operate from one other Nisa Local store in Woodbridge, Suffolk. (2) The lease provides a tenant the option to determine on 21/10/2029. A rent deposit of £2,750 is held by the Landlord. (3) The lease provides a tenant the option to determine on 01/02/2029. A rent deposit of £4,000 is held by the Landlord. (4) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk).
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
