Units 20-25 Kingsway, City Trading Estate, Norwich, NR2 4UEPosted on November 13, 2017
- Multi let trade terrace located 1 mile (1.6 km) north of Norwich city centre.
- Situated in the established City Trading Estate, home to numerous national occupiers including Toolstation, Grafton Buildbase, Topps Tiles and Screwfix.
- Prominent edge of city centre location providing direct access onto the city’s inner ring road (A147).
- The property consists of a single well configured trade terrace comprising 6 units, providing a total gross internal area of 14,271 sqft (1,325.82 sqm).
- The units average approximately 2,370 sqft (220.18 sqm) and benefit from a regular layout with dedicated tenant yard and car parking area.
- The site extends to 0.66 acres (0.27 hectares) with a built site coverage of 49%.
- The estate is fully let to 6 tenants with a weighted average unexpired lease term of 4.31 years to expiries and 2.93 years to breaks.
- Excellent tenant retention across the estate with the majority of tenants occupying on renewed leases.
- Total rent passing of £92,772.85 per annum, reflecting a low average rent of £6.50 per sqft, providing an excellent platform for future rental growth.
Offers are invited in excess of £1,300,000 subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 6.73%, after allowing for purchaser’s costs of 5.99%. This reflects a low capital value figure of £91 per soft. Based on a Market Rent of £7.00 per sqft, this would reflect a reversionary yield of 7.25%.
Sales ParticularsClick here to download more details on Units 20-25 Kingsway, City Trading Estate, Norwich, NR2 4UE (pdf)