Home > Auctions > 29 & 30 October 2024 29 October 2024 - 9:30am > Lot 83

29 & 30 October 2024: Tuesday 29 October 2024 - 9:30am
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    Key features

    • To be offered on Tuesday 29 October
    • Car Park and Workshop let to Aviva Central Services UK Ltd on a lease expiring 2031 (no breaks)
    • Providing 823 space car park and workshops of 20,866 sq ft
    • Total site area of 0.877 ha (2.167 acres)
    • Close to Aviva's head office
    • Development potential subject to consents
    • VAT is not applicable
    • 13 Week Completion available
    • Investment let at £600,000 p.a. (12.12% GIY on Guide Price)

    Description

    • The property is arranged to provide Workshops and Car Parking for 823 cars.
    • The total site area is approximately 0.877 ha (2.167 acres)

    Additional information

    Tenure

    • Freehold subject to an overriding lease for a term of years expiring 31.12.2029 at a peppercorn ground rent.
    • Please see the legal pack for more information

    Tenancy

    Let to Aviva Central Services UK Ltd on an FRI lease for a term of years from 24.09.2004 expiring 31.12.2029 at £600,000 per annum. A reversionary lease is in place from 01.01.2030 expiring 22.02.2031 and includes the tenants right to renew for an additional 15 years from 2031 at an open market rent no lower than that passing in 2031 and subject to tenant breaks on the 5th and 10th anniversaries.


    The lease provides for 5 yearly rent reviews


    Please note that VAT is payable on the rent due to compulsory standard-rating for car parking.


    The rent under the occupational lease is paid directly to the Seller and does not pass through the tenant of the overriding lease.


    Aviva Central Services UK Ltd

    ·      

    D&B Rating: 5A1·      


    December 2023 accounts

    Turnover: £2,486,000,000

    Pre-Tax Profit: £0·            

    Shareholders Funds: £56,000,000

    (Source: Icans 08.10.2024)

    Planning

    • The property may be suitable for future redevelopment, subject to the existing lease and obtaining the necessary consents.
    • All enquiries should be made via Norwich City Council (www.norwich.gov.uk/info/20005/planning)

    Rent

    £600,000 p.a.

    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.

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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.

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        Local information

        • The city of Norwich is located 40 miles north of Ipswich and 57 miles north east of Cambridge
        • The property is situated on the east side of Kings Lane close to its junction with Queens Road (A147), to the south of the City Centre
        • There is a Sainsbury's supermarket to the west, Aviva's Head Office is 450m to the northwest and Carrow Road (Norwich City) is 850m to the east
        Transport
        • The City has good road communications via the A11, A47, A140, A147 and M11. The A147 forms part of the inner ring road and the A11 provides direct links to the M11
        • Norwich Rail Station provides regular services to London Liverpool Street (1hr 45mins)

        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.

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