High Street Retail Property for sale

5 Castle Street, Norwich, Norfolk NR2


Guide price
£400,000
S.O.A.

Features

  • Freehold

Description

For sale by auction on Wednesday, 24 Mar 2021 at 11:00

Venue: Livestream Auction

Prime city centre shop Extending to around 100 sq/m (1,075 sq/ft)

The property comprises a mid-terraced two storey building with large display windows. The shop is currently utilised as an independent hair, makeup and nail salon trading as Kinki Boutique

The first floor may offer redevelopment potential subject to the necessary consents.

The property is situated on a pedestrianised area on the edge of Castle Street, London Street and Swan Lane. It is within close proximity to the Castle Mall shopping centre and the prime retail area of Gentlemans Walk. It is well located with a number of national operators within the immediate vicinity. The premises is adjacent to Sea Salt Cornwall and near Waterstones, Whittard, Crew, White Stuff, Jarrolds, Joules and The Gym. It is also near restaurants The Ivy, Turtle Bay, The Cosy Club and Cosmo.

According to the Valuation Office website, the shop has an area of 99.9 square metres and a rateable value of £42,250 with effect from the 1st April 2017.

Ground Floor
Main open plan shop area, rear store and wc

First Floor
Further shop area, additional area above adjacent shop leased at £180 pcm (£2,160 pa) on a 15 year lease with effect from July 2007 (one year remaining)

Outside
Rear access to Castle Meadow.

Tenure
The freehold property will be offered with vacant possession. However the owner occupier maybe prepared to enter into a sale and leaseback for in the region of £40,000 pa, The business is long established having operated in the vicinity since 2005 and being in the subject premises since 2007.

EPC Rating: G

Additional Fees
Administration Charge - 0.3% inc VAT of the purchase price, subject to a minimum of £1140 inc VAT, payable on exchange of contracts.

Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.

Price Information
Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Additional Fees Information
Please be aware there may be additional fees payable on top of the final sale price. This includes and are not limited to administration charges and buyer's premium fees payable on exchange, and disbursements payable on completion. Please ensure you check the property information page for a list of any relevant additional fees as well as reading the legal pack for any disbursements.

Categories

High Street Retail Property
Call
Property reference
CP_8F8DED5C41_77