Vacant Shop and 2 Flats 127.84 SqM (1,376 SqFt)

FRONTING BUSY ARTERIAL ROUTE INVESTMENT OPPORTUNITY OR OWNER OCCUPATION GROUND FLOOR VACANT

POSSESSION

2 LET FLATS

31 Magdalen Road, Norwich, NR3 4LQ

A mixed use property located fronting Magdalen Road a busy arterial route and close to the city centre. The property is close to the junction of Magdalen Road and Sprowston Road and is on the B1151. It therefore benefits from a large amount of passing vehicular and pedestrian traffic. Nearby occupiers include Costcutter and Tesco Express.

Retail

For Sale

Note: Arnolds for themselves and for the vendors or lessees of this property whose agents they are give notice that (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute part of, an offer or

contract: (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchaser or lessees should not rely on them as statements or representations of

fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them (iii) no person in the employment of Arnolds has any authority to make or give any representation or warranty whatever in relation to this property.

Description

The property is a two storey corner terrace building with a ground floor retail unit and two, externally accessed, one bedroom first floor flats. Internally, the shop benefits from front and side display windows, carpet tiles and vinyl flooring. The property also benefits from a single WC, small kitchenette and storage area. There is also a small basement, which is accessed externally via double metal floor doors to the side of the building. The first floor accommodates two 1 bedroom flats which are accessed externally. Both are currently let. There is also forecourt parking.

Accommodation

We have measured the property in accordance with the RICS Code of Measuring Practice and calculate the following approximate net internal floor area:

Description M² Sq Ft Retail area 91.69 987 Internal storage 22.51 242 Total NIA 114.20 1,229 Basement 13.64 147 Flat one – not inspected One Bedroom Flat two – not inspected One Bedroom

Terms

The freehold interest in the property is available for sale for offers in the region of £260,000 exclusive. Tenancies: Flat 31A - Let for a period of 35 months from 31st May 2018 at a rent of £500 per calendar month. Flat 31B - Let for a period of 6 months from 22nd July 2019 at a rent of £550 per calendar month. Total income currently £12,600 pa.

Legal Costs

Each party to bear their own costs.

VAT

Our client reserves the right to charge VAT in line with current legislation.

Business Rates

The property has been entered onto the Valuation Office Agency website as the following:

Description: Show and Premises

Rateable Value: £10,250

Rates Payable 2019/2020: £5,032.75

Due to the level of rates payable the occupier may be eligible for 100% rate relief. Please contact the agent for further information.

Council Tax: Both flats are Band A

EPC

The properties have EPC ratings of:

Retail Unit - TBC

Flat 31A - E

Flat 31B – E

Viewing and further information

Strictly by appointment with the sole agents:

Arnolds Keys 01603 216825

Jordan Bailey Tel: 01603 216806

Jordan.bailey@arnoldskeys.com

or

Mark Mayhew Tel: 01603 216828

Mark.mayhew@arnoldskeys.com

SUBJECT TO CONTRACT - JSAB/hcc/25397/120

31 Magdalen Road, Norwich, NR3 4LQ