Regent Street, Great Yarmouth

£295,000


A very prominent double fronted retail premises in Great Yarmouth's popular Town Centre shopping area, the premises benefit from extensive sales areas, stores, staff rooms, and rear yard (suitable for parking). To the upper floors are five one bedroom flats, let to Orwell Housing at £12,000 pax.

LOCATION
Regent Street is located off Great Yarmouth's pedestrianized market place, a short walk from the bus station and Market Gates indoor shopping centre. The area is characterized by a mixture of national and local retailers, coffee shops, travel & estate agencies.



Regent Street forms part of the Towns one way traffic system. Parking is available via public pay & display car parks on Howard Street South, and Greyfriars Way both less than a minutes walk from the property.


DESCRIPTION
A substantial Georgian property of brick construction with a pitched and tiled roof, and later flat roof additions/extensions. Accommodation is arranged over three floors plus a basement storage area.



The ground floor provides a double fronted retail unit (easily divisible) with fully glazed shop fronts featuring period details, and recessed shop entrances. To the rear there are storage and staff areas, and externally a secure yard suitable for car parking or further development (subject to planning).



The first and second floors have been converted by Orwell Housing under the terms of a lease agreement into five one bedroom flats at a total cost of circa £400,000, the passing rent is £12,000 per annum. The tenancy is due for renewal in 2021.


AMENITIES
Mains water, gas, electricity and drainage are understood to be connected (subject to confirmation from the statutory authorities).



Larkes have not carried out tests of the services or appliances and interested parties should arrange their own tests to ensure these are in working order.


TERMS
The shops are sold with vacant possession, and the flats with the benefit of the existing lease agreement to Orwell Housing.



Available as a single lot. The freehold interest is available at an asking price of £295,000.


OUTGOINGS
The premises have the following assessment for uniform business rates purposes:

Description: Shop & Premises

Rateable Value: £12,000

Rate in the £ for 2016/2017: 46.7p



Each flat is understood to be within Council Tax Band A, with a current annual charge of £1,000.23.


LEGAL COSTS
Each party is to be responsible for their own costs incurred in the transaction.


VIEWING
On prior arrangement with the sole agents;

Larkes Estate Agents

The Arch

25A Hall Quay

Great Yarmouth

NR30 1HP

Tel. 01493 330 299

Contact: Edward Larke


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