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27 Church Street, Cromer, NR27 9ES

  • Auction
  • Lot 57
  • United Kingdom
  • Retail
  • Commercial

Invited Opening Bid £190,000

Property Summary

  • Large freehold retail investment let to Trespass Europe Limited
  • Producing £17,045 per annum

Contact Us

Mat Harris
Mat Harris
Property Agent, here to help.
Richa Arora
Vendor's Solicitor

Contact Us

Mat Harris
Mat Harris
Property Agent, here to help.
Richa Arora
Vendor's Solicitor

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Description

A mid terraced shop and basement, forming part of this three storey property of traditional construction. A large retail unit of about 150.20 sq m (1,616 sq ft), office, stock room, warehouse and basement totalling c. 315.40 sq m (3,394 sq ft). There is separate access for deliveries to the rear via Church Street.The flats have been sold off on a long leasehold basis (Section 5B of Part 1 of the Landlord and Tenant Act 1987 notices have been served – refer to the legal pack).

Location

Cromer is a busy coastal town, about 25 miles north of Norwich and accessed via the A140. The property is located on busy Church Street, in the main shopping area of the town, with nearby occupiers that include HSBC, Superdrug and Shoe Zone.

Tenancy

Trespass established in 1938 is one of the UK's most successful outdoor clothing retailers, and currently have over 230 stores across the UK and mainland Europe and have tangible assets of £91,062,000 (Source: Companies House). Trespass Europe Limited is a subsidiary of Jacobs & Turner Limited, which is the ultimate holding company.The property has been in the same ownership for about 16 years.

Planning

North Norfolk District Council - +44 (0) 1263 513 811, www.north-norfolk.gov.uk.

Tenure

Freehold

Property Table

UnitFloorAccommodationTenancyRent per annum
26 Church Street

Ground

Basement

256.20 sq m (2,758 sq ft)Let to Trespass Europe Ltd for 5 years from 16/10/2017[*1]£17,000
Flat 1FirstResidential99 years from 01/12/1987 [*2]£45
Flat 2SecondResidential189 years from 01/12/198 [*2]Peppercorn
TOTAL   £17,045

Measurements provided by the vendor. [*1] Steopped rent then revised as follows: 16/10/2017 - 15/10/2018 - £16,000 pa: 16/10/2018 - 15/10/2020 - £17,500 pa, then reviewed on 16/10/2020 on an upward only market review basis.  There is a tenant only break option at 16/10/2020, the option is to be exercised on giving six months prior written notice to the Landlord.  [*2]  The flats have been sold off on a long leasehold basis (Section 58 of Part 1 of the Landlord and Tenant Act 1987 notices have been served - refer to the legal pack).

 

VAT

Please refer to Legal Documents

Helpful links

*Terms & Conditions

No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the vendor in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the vendor. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the vendor. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor.

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