106-108 Prince of Wales Road, Norwich, NR1 1NS, UK

106-110 Prince of Wales Road, Norwich

Attributes

Asking price

¥319,904,000

Cap rate

6.65%

Total Annual Rent

¥22,601,693.41

Building area net

1,394 sm

Year built

2000

Units

WAULT to breaks

8.5 years

WAULT to expiries

13.5 years

Asset description

Freehold Kwik-fit located in a prime roadside location close to the railway station, a short distance east of the town centre, and close to Premier Inn, Travelodge, with Carrow Road football stadium and a retail & leisure park featuring Morrisons, Next, Nike Factory Store, Odean, Bella Italia and Starbucks within walking distance.

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Investment highlights

Let to Kwik-Fit (GB) Ltd on two FRI leases with 13.5 years to expiry and 8.5 years to break.
Providing a total of circa 15,014 sq ft of accommodation, including an area occupied as a retail unit and first floor offices capable of separate occupancy.
Total rent of £116,575 pa equating to only £7.76 per sq ft overall.
Substantial site of 0.363 acres offering considerable future development potential, in a location favoured by hotel, residential and restaurant uses.
We consider the ERV to be £127,629 pa equating to £8.50 per sq ft overall.
One of two Kwik-Fit outlets in Norwich, being the largest and most centrally located.
No VAT making the asset ideal for a private purchaser.