Property Information
Address:
2 Redwell Street, Norwich, Norfolk
, NR2 4SN
, Norfolk
, United Kingdom
Price: Property no longer available.
Size: 2954 sq ft274 sqm
Primary Category: Office
All Categories:
Investment, Office,
Property Ref/Movehut: MH660121
Property Ref/Agent: 431101
*Please use the agent ref when calling the agent directly.
Property description
FREEHOLD OFFICE INVESTMENT
Detailed Description
The property comprises a four-storey Grade II* Listed office on Redwell Street.
The ground floor and basement are let to Jackson-Stops Limited. The ground floor comprises a largely open-plan office with separate meeting room and WC to the rear. The basement is a 15th century undercroft separated into two parts, which provides additional storage.
The upper floors are let to Yawn Marketing Limited and are accessed via a separate entrance within the ground floor. The first floor is separated into two large workspaces, WC and kitchenette and has recently been refurbished. The second floor comprises a large, open-plan office area.
Price
The freehold is available to purchase and offers are invited in excess of £375,000, subject to and with the benefit the current tenancies. This reflects a net initial yield of circa 7.25% after allowing for purchaser's costs.
EPC Rating
The first & second floor have an EPC rating of E (101).
The ground floor & basement have an EPC rating of D (79).
Location
The property is located on Redwell Street within Norwich City Centre.
Redwell Street is a short walk from both St Andrew's Car Park and Castle Meadow which is served by numerous bus routes. It is also just a 10 minute walk from Norwich Train Station.
Nearby occupiers include Purcell Architects, Reed Recruitment Agency, Norwich University of Arts, Wright's Café, William H Brown, Brewdog and Revolution de Cuba.
Attractive four-storey Grade II* Listed office building
Let to two tenants producing an income of £28,200 per annum.
New leases both commencing October 2023
Established city centre office location with professional practices
The ground floor and basement is let to JS (Norwich) Limited on a 12 year lease commencing 12th October 2023 at a rent of £16,000 per annum. There are tenant breaks on the fourth and eight anniversaries of the term, subject to six months notice in writing, and there is a rent review on the sixth anniversary of the term. The tenant has the benefit of security of tenure provisions in accordance with the 1954 Landlord and Tenant Act.
The upper floors are let to Yawn Marketing Limited on a 10 year lease commencing 2nd October 2023 at a rent of £12,200 per annum. There is a tenant break on the fifth anniversary of the term, subject to six months notice in writing, together with a rent review. The tenant does not have the benefit of security of tenure provisions in accordance with the 1954 Landlord and Tenant Act.
Both tenancies are on an internal repairing and insuring basis. External/communal repairs and maintenance is undertaken by the Landlord and reimbursed from the tenants through a service charge.
The property provides the following net internal floor area.
Description
sq m
sq ft
Ground floor
92.1
991
First floor
74.3
800
Second floor 55.8
600
Basement 52.3
563
Total NIA 274.5
2,954
Business rates will be the responsibility of the occupier. The premises has the following combined rates:-
Description Offices & premises
Rateable Value
£26,900
Rates payable for 2023/2024 £13,423
We have not carried out tests on any of the services or appliances and interested parties should arrange their own test to ensure these are in working order.
Strictly by appointment with the sole selling agent:-
The property is elected for VAT and it is proposed the transaction be treated as a Transfer of a Going Concern. Further details on application.
Each party will be responsible for their own legal costs incurred in documenting the sale.
Attractive four-storey Grade II* Listed office building
Let to two tenants producing an income of £28,200 per annum.
New leases both commencing October 2023
Established city centre office location with professional practices
;