16-18 High Street, Dereham, Norfolk, NR19 1DR

Freehold high street investment opportunity in Norfolk

Guide price*

£500,000+

Plus fees

Unsold

Lot 111 Commercial Investment
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Auction details:

Thursday 14th September 2023 @ 09:00AM

A Prominent Freehold High Street Investment Opportunity Fully Let on 10 Year FRI Lease At Net Effective Rent Of £40,100 PA

Property Description

Property comprises an extensive ground floor high street premises with glazed frontage facing High Street, currently occupied as offices, but suitable for a variety of alternative uses including retail and leisure. The property extends to approximately 6,243 sq. ft. (580 sq. m.) on a site area of approximately 0.26 acres. Externally, there is off road car parking to the rear of the property for 11 vehicles. Internally, the property provides a reception area accessed directly off High Street leading to offices which have been extensively refitted with glazed partitioning, suspended ceilings and air conditioning. The refit could be easily removed to create open plan retail/leisure accommodation. To the rear of the premises there is a boardroom with kitchen facilities and WCs.

Location

Property is located within Dereham a market town in Norfolk situated on the A47, approximately 15 miles west of Norwich and 25 miles east of King’s Lynn.
Property is situated within the prime retail pitch of Dereham. Local occupiers comprise retail, office and leisure operators including Wilko, Argos, TUI, Vodafone, Halifax and Morrisons. The Dereham Shopping Centre and Breckland Business Centre are both less than a 5 minute walk from the property.

Energy Performance Rating

The property has a rating of D (95).
A copy of the EPC certificate is available within the legal pack.

Tenure

The property is freehold subject to a 10 year full repairing and insuring lease to Ward Gethin Archer solicitors with effect from 21st March 2023.

Planning

We understand the property has planning consent for its existing use however interested parties must rely on their own enquiries.

Services

Mains services are understood to be available in the vicinity of the site, but prospective buyers should make their own independent enquiries as to the suitability of services for their particular requirements.

Value Added Tax

For clarification in respect of whether or not VAT will be chargeable on the purchase price please refer to the legal pack.

Auctioneer's Note

Please note offers may be considered prior to the Auction Sale.

Remote Bidding Auction

This property is being offered via a remote bidding auction with bidding by proxy, telephone or internet only. You will need to pre-register for remote bidding, provide your identification and debit card details no later than 24 hours prior to the auction, please visit our website for further details.

Viewings

Strictly by appointment with the Auctioneers.

Tenancy Details

Blank Blank
Tenant Ward Gethin Archer (Creditsafe Rating 'A')
Start 21 March 2023
Term 10 years 'Full Repairing and Insuring'
Annual Rent Year 1 - £30,000 / Year 2 - £32,000 / Years 3 & 4 - £45,500 / Year 5 onwards - £47,500
Review 21 March 2028
Break 21 March 2028 ('Tenant only')
Other We understand that VAT is payable on rent
Ward Gethin Archer is a long established and one of the largest law firms of solicitors and notaries in Norfolk and Cambridgeshire, operating from 8 offices.
Watling
DISCLAIMER

Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and include information that has been provided to them. Plans, photographs and room measurements (provided via a 3rd party) are provided as guidance only and should not be relied upon. All potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars or to obtain further information that is not provided which they deem to be important prior to bidding. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.

LIVE-STREAMED AUCTION

Please note that the Auction will be livestreamed via our website.  You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction. Please click here for further details.

*DEFINITION OF GUIDE & RESERVE PRICE

All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.

COSTS AT AUCTION

When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding.  They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.

The sale of each lot is subject to an administration fee of £1,920 inc VAT (£1,600.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction.  Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.

Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack has been prepared by the seller’s solicitor(s), who are responsible for its contents and disclosing all know information. It is available to download free of charge under the ‘lot information’, and you take responsibility for reading and understanding the legal pack and are bound by all the contents. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.

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