- Large freehold retail investment let to Trespass Europe Limited
- Producing £17,045 per annum
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.
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).
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.
North Norfolk District Council - +44 (0) 1263 513 811, www.north-norfolk.gov.uk.
Please refer to Legal Documents
|Unit||Floor||Accommodation||Tenancy||Rent per annum|
|26 Church Street|
|256.20 sq m (2,758 sq ft)||Let to Trespass Europe Ltd for 5 years from 16/10/2017[*1]||£17,000|
|Flat 1||First||Residential||99 years from 01/12/1987 [*2]||£45|
|Flat 2||Second||Residential||189 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).
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