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    Key features

    • To be offered on Tuesday 29 October
    • Freehold Industrial Recording Studio Investment
    • Entirely let to Pirate Studios Properties Limited with the lease expiring in 2034 (no breaks)
    • 15 year lease from September 2019
    • RPI linked rent reviews every 5th (1% & 4% cap and collar), next review date September 2029
    • Comprises approximately 386 sq m (4,155 sq ft)
    • Investment let at £44,561 pa (13.11% on Guide Price)

    Description

    The property comprises a substantial ground floor industrial unit arranged as recording studios. The tenant has fitted out the building as Recording, DJ, Band and Podcast Studios.

    Additional information

    Tenure

    Freehold

    Accommodation

    Please note the approximate areas have been provided by the VOA/Vendor and the property has not been internally inspected by Savills. The photos and yellow line drawings are for illustrative purposes only and may not reflect the exact boundary of the site.


    Ground - 386 sq m (4,155 sq ft)


    Total - 386 sq m (4,155 sq ft)

    Tenancy

    Let to Pirate Studios Properties Limited on a 15 year FRI lease from 05.09.2019 expiring 04.09.2034. The lease provides for a rent review every 5th year to RPI (1% & 4% cap and collar) at a rent of £44,561 pa.


    Please note the current rent passing is £30,000 pa due to a wider agreement between the vendor and the tenant which expires next year (2025). The vendor has agreed to top up the completion monies so that the property effectively produces £44,561 pa from completion of the sale until the increase rent gets implemented.

    Rent

    £44,561 pa
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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

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      Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Local information

      The Property is located on the south side of Norwich, in a predominantly industrial area. The property is located on the east side of Bessemer Road, with nearby occupiers including Asda, The Gym Group and Toolstation.

      Legal documents

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      EPC rating

      The EPC rating for this property is D

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

      Addendums