Guide Price £850,000-£900,000 - A fantastic freehold opportunity to acquire these 2 commercial buildings, directly on the River Wensum and with circa 30 parking spaces. The building is currently let to 9 separate entities, with current rents totalling £120k per year.
Please note, this is by sale of receivers, therefore no warranties or guarantees are given. Any purchaser will need to do their own due diligence. All parties wishing to offer should do so in writing to . Full proof of funds and I.D. will be required. Aimed 28 day completion from point of sales memorandum.
There is room, subject to planning permission, to extend the commercial space further, or as it is next door to a residential block of apartments, potential for a residential scheme on this site.
The property is located on Westwick Street, in a popular NR2 location close to the thriving St. Benedicts Street, St. Andrews and Norwich cathedral on the doorstep. Large commercial units with parking are hard to come by in Norwich, therefore this freehold investment is sure to attract plenty of interest.
Tenant 1: £1,000
Tenant 2: £1,350
Tenant 3: £750
Tenant 4: £1,100
Tenant 5: £1,200
Tenant 6: £750
Tenant 7: £850
Tenant 8: £3,000
Tenant 9: £180
DISCLAIMER
This freehold commercial property (2 buildings) is being marketed by us as sole selling agents on behalf of receivers.
We are therefore presenting the information as best as we are told, however you would of course need to satisfy this with your own lawyers.
The receivers do not give any warranties, so to compensate for this they have offered it to market at an attractive price. We have not seen sight of leases, therefore the information we are giving is what the receivers have disclosed to us. They are aiming for a 28 day completion upon sale.
We will try to gain access, however due to the tenant in some rooms also being an owner of the company whose assets are in receivership, there is a chance they may want to exit their lease and therefore the new buyers may need to find new tenants, or of course they may decide to stay, in which case £120k turnkey investment is incredible.
There is future opportunity for someone to make the commercial spaces larger, by going up, or by converting the space into apartments, as they have next door.
We are awaiting floorplans for all buildings.
Location
Westwick Street in Norwich is a strategically positioned location that offers strong appeal for investors. Situated close to the city center, it benefits from excellent connectivity, amenities, and a vibrant local economy. The area has potential for mixed-use developments, including residential, commercial, and retail opportunities, making it attractive for property investors and developers. Its proximity to Norwich's key transport links and educational institutions further enhances its desirability. For investors, Westwick Street presents opportunities in regeneration projects, rental income, and long-term capital growth, especially given Norwich's sustained economic resilience and expanding tenant demand.
Disclaimer
Minors and Brady, along with their representatives, are not authorised to provide assurances about the property, whether on their own behalf or on behalf of their client. We do not take responsibility for any statements made in these particulars, which do not constitute part of any offer or contract. It is recommended to verify leasehold charges provided by the seller through legal representation. All mentioned areas, measurements, and distances are approximate, and the information provided, including text, photographs, and plans, serves as guidance and may not cover all aspects comprehensively. It should not be assumed that the property has all necessary planning, building regulations, or other consents. Services, equipment, and facilities have not been tested by Minors and Brady, and prospective purchasers are advised to verify the information to their satisfaction through inspection or other means.
