The property is an end of terraced building of brick construction comprises under a pitched roof forming part of residential and established local retail parade.
The store trading as a convenience store is arranged over the ground floor with a sales area providing a range of grocery products, excellent range of fresh food and an off license with ancillary store and staff accommodation to the rear of the unit.
There are 2 well maintained one-bedroom flats over the first floor, benefitting from a roof terrace.
Location
Norwich is an attractive cathedral city located approximately 110 miles north of London via the A11/M11, 40 miles north of Ipswich via the A140/A14, and 60 miles north of Cambridge. Norwich Rail Station offers regular services to London Liverpool Street, with a journey time of approximately 1 hour and 51 minutes.
The property is prominently situated on Unthank Road, at the junction with Olney Street, in the heart of the Golden Triangle - one of Norwich's most sought after residential suburbs. The area is vibrant and diverse, popular with students, professionals and families alike. Occupiers in the nearby vicinity include a mixture of several national occupiers such as TSB Bank, Cafe Nero and well established local traders such as estate agents, chemist, butchers, florist, funeral directors, hairdressers/barbers, public houses and take away restaurants.
Accommodation
Ground Floor - 1,639 sq ft (152.27 sq m)
1st Floor 1 Onley Street - 1 bed flat - 560 sq ft (52.03 sq m)
1st Floor 1a Onley Street - 1 bed flat - 560 sq ft (52.03 sq m)
Total - 2,759 sq ft (256.32 sq m)
Terms
Tenure - Freehold
Proposal - £500,000 (Five Hundred Thousand Pounds)
Subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 7.64% after allowing for a purchaser's costs of 4.70%.
Covenant - The East of England Co-operative Society trade from over 120 stores in the East of England. For the year ending 25th January 2025 reported a turnover of £378,302 million, a pre-tax profit of £49.873 million and net assets of £200,388 million.
For further information: East of England Co-op | Supporting Your Local Community with Food, Funerals, Travel & More
EPC - The commercial unit has an EPC rating of B35. Both apartments have EPC rating of D.
Certificates are available on request.
VAT - The property is elected for VAT purposes an the transaction will be treated as a transfer of going concern (TOGC).
Specification
- Convenience & Residential Investment situated in the heart of the Golden Triangle area of Norwich
- Let to East of England Co-operative Society Ltd
- Recently renewed 10 year lease subject to a tenants break option 24th April 2029
- Let on an overriding lease with a current passing rent of £40,000 per annum
- Includes two well maintained 1 bedroom flats
- Freehold
- Offers in excess of £500,000 with a net initial yield of 7.64%