1-3 The Quay, Wells-Next-The-Sea, Norfolk NR23 1FA
- PROPERTY TYPE
Commercial Property
- SIZE
Ask agent
Key features
- Commercial investment comprising three let shops
- Producing £42,000 pa plus VAT
- Prime North Norfolk
- Guide price: £400,000 + VAT
- For sale by livestream auction
- Unless previously sold or withdrawn prior
- 11:00am, Thursday 8th May 2025
Description
FOR SALE BY LIVESTREAM AUCTION ON THURSDAY 8TH MAY 2025 AT 11:00AM
TO REGISTER FOR LEGAL PACKS AND BIDDING INSTRUCTIONS PLEASE VISIT OUR WEBSITE
Commercial investment comprising three let shops producing £42,000 pa plus VAT in prime North Norfolk
This lot comprises of three ground floor purpose built lock up shops in the exclusive Quayside Court development built in 2014, overlooking the harbour. All three units are let producing £42,000 pa giving a healthy yield for an investor.
The units have excellent display facilities, together with underfloor gas fired heating from a communal boiler, electric entrance doors, store, kitchen facility, disabled wc and vehicular access to the rear service courtyard with commercial refuse store.
There is a service charge payable by each tenant, for the apportioned cost of Landlord’s insurance and maintenance of the building.
Unit 1 Let to Wills of Wells at £12,500 plus VAT pa holding over under a three year lease dated 21st September 2019.
Unit 2 Let to an art Gallery on new five year lease at £17,500 plus VAT pa with effect from 1st October 2024, with a rent review on 1st October 2027 linked to CPI.
Unit 3 Let to Wet Dog at £12,000 plus VAT pa under a lease for three years with effect from 1st June 2023.
Rateable Value According to the valuation office website unit 1 has an area of 69.68 sq/m and a rateable value of £13,250, unit 2 an area of 61.78 sq/m and a rateable value of £14,250 and unit 3 an area of 53.92 sq/m and a rateable value of £10,250, all with effect from 1st April 2023.
Lease Details 999 years lease from 28th March 2014 (988 years unexpired)
Annual service charge - tbc
Annual ground rent - tbc
Note Please note the purchase price is plus VAT
Tenure: Leasehold
Lease Details: 999 year lease from 28th March 2014
EPC Rating: Unit 1: A Unit 2: B Unit 3: B
Administration Fee: £1200 inc VAT payable on exchange of contracts.
Buyer's Premium Fee: £900 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.
1-3 The Quay, Wells-Next-The-Sea, Norfolk NR23 1FA
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Sheringham Station14.9 miles
About Auction House, East Anglia
The Barn Newmarket Road Cringleford Norwich NR4 6UE
Notes
Disclaimer - Property reference 202409031131sq_kaii_copy_2025-04-04_123749. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Auction House, East Anglia. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call Auction House, East Anglia on 01603 361653.
*Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.
Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”
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