Lot

57

27 Church Street, Cromer, NR27 9ES

Property Enquiries

Mat Harris

mat.harris@bidx1.com
+44 (0) 20 3929 8291

Viewing Registration / Enquiries

BidX1 Support Team

info@uk.bidx1.com
+44 (0) 20 7703 4401

Vendor Lawyer

Richa Arora

richa.arora@bracherrawlins.co.uk
020 7 404 9400

Description

Map

Viewings


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

Freehold

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.

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).

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.

VAT
Please refer to Legal Documents
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).

 

*Terms and Conditions

Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.

  1. The reserve price is the minimum price at which the property can be sold at auction.
  2. Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted subject to contract. Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
  3. Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
  4. The guide price for the Lot does not include the administration fee of £1,000 (inclusive of VAT) charged by BidX1. In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
  5. To participate in the sale BidX1 must hold a minimum amount of £4,500 from all bidders. This participation amount is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £4,500 comprises £3,500 relating to your bidder security (partial deposit payment) and an administration fee of £1,000 inc. VAT payable directly to BidX1. A higher participation amount may be payable depending on the reserve price of the Lot.
  6. Please note that Lots may be sold or withdrawn prior to auction.
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