Freehold ground rent investment producing £34,000 paSecured on 0.36 acre city centre site comprising a range of residential and commercial properties
This freehold ground rent is secured upon commercial property and 13 residential dwellings. The property comprises: Bacon House, 31 Colegate: Grade II listed building in commercial use. Built by Henry Bacon who was mayor of Norwich in 1557. 33 St Georges Street: residential 35 St Georges Street: commercial 11 and 12 Calvert Street: residential 1 to 10 Lowes Yard: 10 flats with garages A 99 year lease was granted on the whole 0.36 acre site to Norwich City Council on 8th March 1974 so there are 53 years remaining. A copy of the lease along with further information will be in the online legal pack. Subsequent to this Norwich City Council developed what was the car parking area at the rear into 10 individual properties known as Lowes Yard that were then sold on 99 year leases. Some of these leases have applied for lease extensions for which a premium was payable. These flats are 1, 3, 4, 7 and 12. There is further reversionary income potential on the others. The site attracts a rent from Norwich City Council of £34,000 per annum. It can be reviewed every 3 years, the last review was carried out in 2017. The broadly rectangular site borders Colegate to the front and St Georges Street and Calvert Street to the side. It is next to St Georges Church Colegate on one side and the Octagon Chapel on the other. This would appeal to a long term investor looking for a secure income.
Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.
Norwich City Council
England & Co, 137 Bells Road, Gorleston, Great Yarmouth, NR31 6AG, Ref: Lorna Anderson, Tel: 01493 604990
Administration Charge - 0.3% inc VAT of the purchase price, subject to a minimum of £954 inc VAT, payable on exchange of contracts.
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.