This mixed-use property presents a valuable investment opportunity in a prominent location on the northern side of Norwich. Comprising two retail spaces currently utilized as one shop, two residential flats, and a garage/workshop, the property is generating an annual income of approximately £42,540.
The retail area is occupied by Pegasus Models, a long-standing business that has established itself within the community. The space features two retail sections along with a cellar divided into two areas, a kitchen, an office, and additional storage at the rear. This versatility allows for various potential uses. The garage/workshop situated to the rear offers further income potential and currently accommodates a mechanic's operation for vehicle servicing.
Above the commercial premises are two well-maintained two-bedroom flats that are presently tenanted under assured shorthold tenancies (ASTs). These flats provide steady rental income and demonstrate the strong demand for residential units in this area.
One of the key advantages of this property is its considerable parking provision, which enhances both customer access for the retail space and visitor convenience for the residents above. Additionally, there is significant potential for redevelopment or expansion of the site, subject to obtaining relevant planning permissions.
This freehold property features an EPC rating of E for the shop and C for the flats and benefits from an attractive rateable value of £18,750. Given its current configuration and income-generating capabilities, along with possible future development opportunities, this property warrants consideration from investors seeking to enhance their portfolio in Norwich's dynamic market. Viewings are available by appointment only through our office.
