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    Key features

    • Attractive Grade II Listed Freehold Mixed Use Investment
    • Comprising a shop, rear parking area, and two self-contained flats above (one sold off)
    • Prominently situated adjacent to Norwich Cathedral within the city’s historic core
    • Income producing with potential to let the vacant flat
    • VAT is not applicable
    • Investment let at £10,000 p.a. + Vacant 1 Bedroom flat

    Description

    The Grade II Listed property is arranged over basement, ground and two upper floors, forming part of an attractive terrace within Norwich’s historic cathedral quarter.

    10 St Martin at Palace Plain comprises a ground floor and basement commercial unit, 11 St Martin at Palace Plain comprises a one-bedroom self-contained first floor flat, which is currently vacant and offers asset management and letting potential. 12 St Martin at Palace Plain comprises a two-bedroom self-contained second floor flat, with access from first floor level, which has been sold on a long lease.

    To the rear is car parking.

    Additional information

    Tenure

    Freehold

    Accommodation

    Ground Floor - 50.7 sq m (545 sq ft)

    Basement - 22.4 sq m (241 sq ft)

    First Floor Flat - 66 sq m (710 sq ft)

    Second Floor Flat- sold off

    Total excluding second floor flat- 139.1 sq m (1,496 sq ft)

    Tenancy

    10 St Martins at Palace Plain

    Let to J Gilvey on a lease for a term of 10 years from April 2024 at £10,000 per annum.

    The lease provides for a tenant break option and rent review at the 5th anniversary.


    11 St Martins at Palace Plain (1 bedroom flat)

    Vacant


    12 St Martins at Palace Plain (2 bedroom flat)

    Let on a lease for a term of 125 years from September 2024 at a peppercorn ground rent

    Rent

    £10,000 per annum

    Notes

    Please note the areas provided are approximate. The photos and any drawings are for illustrative purposes only and may not reflect the exact boundary of the property. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard. Please refer to the legal pack. 

    Additional charges and fees might be charged by the seller and/or other third parties. You are strongly advised to read the Special Conditions of Sale for the Lot prior to bidding to check for any additional charges and fees.

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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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      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 occupies a prominent position on St Martin at Palace Plain, within Norwich’s historic cathedral quarter, immediately adjacent to Norwich Cathedral and forming part of an established and highly characterful city centre location.

      The immediate area provides a range of retail, leisure and professional occupiers, with Tombland, Elm Hill and Magdalen Street all within a short walking distance, offering a vibrant mix of independent shops, cafés, restaurants and public houses.

      Norwich city centre is within easy walking distance, providing a comprehensive range of amenities. Norwich railway station is located approximately 0.5 miles to the south-east, offering direct services to London Liverpool Street and regional destinations.

      The property is well served by public transport, with numerous bus routes operating nearby and stops located within close proximity on Palace Street and Tombland.

      The surrounding area benefits from proximity to the River Wensum and a number of notable heritage assets, including the Grade I listed Church of St Martin at Palace, reinforcing the strong architectural character of the locality.

      Transport

      Road

      The property benefits from convenient access to the A147 inner ring road, providing circulation around Norwich city centre and linking to the A11 and A47, which offer routes to Cambridge, London and the wider East Anglia region.

      Rail

      Norwich railway station is located approximately 0.5 miles to the south-east, providing regular direct services to London Liverpool Street and a range of regional destinations.

      Bus

      The property is well served by local bus services, with a number of routes operating in close proximity and stops located on Palace Street and Tombland, all within a short walking distance.

      Air

      Norwich Airport lies approximately 3 miles to the north-west, offering domestic and limited international connections.

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      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