Business for Sale in Cromer, Norfolk - COMMERCIAL & RESIDENTIAL INVESTMENT/DEVELOPMENT - CROMER, NORTH NORFOLK - Freehold: £1,100,000

Key Information

Ref
INV35083E
Type
Commercial Property: Investment Properties
Location
England: Norfolk
Tenure
Freehold
Status
For Sale
Download Particulars Add to my favourites

Request Particulars

Please fill the form in below to request particualrs via e-mail for Business Ref : INV35083E

Please let us know whether you are happy for us to contact you from time to time with information about our products or services by selecting one of the following options:

Call us on 01603 662662
  • 5 Residential Flats
  • 2 Further Flats to be Developed
  • Sea Views on Upper Floors
  • Former Cromer Indoor Market
  • Redevelopment Potential
  • 1 Let Commercial Unit
  • Potential New Build Unit S.T.P
  • Attractive Traditional Building
  • Excellent Location
  • Very Interesting Opportunity

PARTICULARS
We are delighted to have been instructed to bring to the market this exciting opportunity to acquire this attractive and imposing building set in a prime location in the North Norfolk seaside town of Cromer.

Currently offering a ground floor let commercial unit together with 5 residential properties set over the first to third floors providing a good rental income. In addition is the option to convert additional unused space in the building into two further flats with planning already in place for this. In our opinion there is also the option to explore the possibility of adding additional units to the rear subject to any planning or other consents that may be required. Please note that no discussions have previously been had with the local authority in this regard.

There is significant potential to add value both in respect of the extra units that can be developed and to the existing units and building. Given the location, the sea views to the upper levels, as well as the appeal and history of the building itself, we feel there is much of interest here to many a potential buyer.

PREMESIS
ALL MEASUREMENTS ARE APPROXIMATE AND FOR GUIDANCE ONLY.

To the ground floor is the 3,445 sqft (321 sqm) commercial unit providing a main retail area of approximately 2,500 sqft (240 sqm) with the remainder being a good size store room. The tenant entered into a 10 year lease in Dec 2017 with an option to break in Dec 2022 with a current rent of £35k p.a with a review due in year 5.

The residential accommodation provides a 2 bedroom maisonette on the first and second floors with its own entrance. A 1 bedroom flat on the second floor with its own entrance on the ground floor. The second floor has a further 1 bedroom flat accessed from the communal staircase whilst the third floor has two 2 bedroom flats also accessed from the communal staircase.

The two unconverted flats can be found on the first floor and when completed will each provide 1 bedroom, with one having an open plan kitchen and lounge and the other with separate kitchen and lounge.

To the rear of the building are 3 further store rooms, access to the commercial unit store room and W.C as well as the staircase leading to the first floor flat roof. This provides an entrance into the communal staircase and directly into those flats on this level. It also provides a seating and drying area for the tenants use.

We are advised that the rent being achieved on the 5 flats is £2,205 p.m / £26,460 p.a in their current form and condition.

Further detailed information can be provided upon requested and so please contact us at your earliest convenience if this opportunity is of interest to you.

FURTHER INFORMATION

REFERENCE NUMBER
INV35083E.

TENURE
Freehold, sold subject to the existing tenancy agreements and leases that are currently in place.

RATES PAYABLE
Currently none paid by the vendor in respect of the un-let parts of the building.

This information has been provided to us by the vendor and any interested party is advised to enquire of the local authority to check the position with regards to business rates that will apply to a new owner.

EPC
Energy Performance Certificates are available on request for both the commercial and residential accommodation respectively.

PRICE
£1,100,000.

For the freehold property and site subject to the existing tenancies and lease that are currently in place.

VIEWING
Strictly by appointment only, please call our Norwich Office on (01603) 662 662 to make an appointment.

BUSINESS TO SELL?
Let us know as soon as possible! Just ask for a FREE NO OBLIGATION VALUATION and one of our valuers will carry out a detailed marketing appraisal of your business at a time of your choice.

PREMIER MARKETING
We take care to present our businesses to a standard like no other. Offering quality property particulars as well as detailed information on all of the online portals and our own website, make your business stand out from the crowd - call us today!

UNHAPPY?
Do you feel you are receiving the level of service promised by your agents? If not, we would be happy to carry out a FREE no obligation marketing appraisal of your business.

1. MONEY LAUNDERING REGULATIONS: Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.

2. General: While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property.

3. Measurements: These approximate room sizes are only intended as general guidance. You must verify the dimensions carefully before ordering carpets or any built-in furniture.

4. Services: Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.

Copyright © EM & F Group Limited 2021 - Company No: 03035561 - VAT: 631 4000 02