Retail premises for sale

High Street, Dereham NR19

Investment Consideration:
Gross Initial Yield: 8.17%
Rental Income: £12,575 p.a.
VAT is applicable to this property. Togc available.
Comprises ground floor shop and 2 flats above which have been sold-off on long leaseholds
Commercial unit let until 2032 to a Charity shop with 11 locations. Tenant in occupation since 2010.
Occupiers nearby including Argos, Greggs, HSBC, Vodafone, Café`s, Restaurant`s and many more.

Property Description:
Comprises ground floor shop and 2 self-contained flats above (both sold-off), providing the following accommodation and dimensions:
Ground Floor Shop: 65 sq m (700 sq ft)
Open plan retail, storage, kitchen, wc
First/Second Floor Flat 10A: Sold off
First/Second Floor Flat 10B: Sold off

Tenancy:
The retail shop is at present let to The Big C Appeal Limited for a term of 10 years from May 2023 at a current rent of £12,400 p.a. And the lease contains full repairing and insuring covenants. Rent review May 2029. Tenant in occupation since 2010.
Flat 10A has been sold-off on long leasehold for a term of 166 Years from 24th June 1984 at a ground rent of £25. Reversion 2150.
Flat 10B has been sold-off on long leasehold for a term of 125 Years from 21st March 2017 at a ground rent of £150. Reversion 2142.

Location:
The market town of Dereham, is located on the A47 some 16 miles west of Norwich and 26 miles east of King’s Lynn. The town lays to the north of the A47 the main road linking Birmingham to Lowestoft. The property is situated in the heart of the town centre with occupiers nearby including Argos, Greggs, HSBC, Vodafone and many more.