COVID-19 – Important Auction Information
For Sale By Auction | 11:00, 24 March 2021 | Lot 8

5 Castle Street, Norwich, Norfolk, NR2 1PB

*Guide | £400,000 plus VAT (plus fees)

  • Retail Property (high street)
  • Tenure: Freehold

Call the team on 01603 505 100 for more information

Auction Date

Wed 24/03/2021

Auction Time

11:00

Auction 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 www.kinkihair.com 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.

Tenure

Freehold

Ground Floor

Main open plan shop area, rear store and wc

First Floor

Further shop area, additional area above adjacent shop leased at £85 pcm (£1,020 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.

Energy Efficiency Rating (EPC)

Current Rating G

Services

Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Local Authority

Norwich City Council. Tel: 0344 980 3333

Solicitors

Leathes Prior, 74 The Close, Norwich, NR1 4DR, Ref: James Allen, Tel: 01603 281008

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.

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