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Cathedral Street, Norwich, Norfolk, NR1

Guide price £1,200,000

4 Beds

REF: NOR180143

CONTACT Norwich OFFICE

CALL US 01603 612 333 EMAIL US AT Norwich
FIND US: 2 Redwell Street, Norwich, Norfolk, NR2 4SN

INVESTMENT OPPORTUNITY – almost 5% return– a row of 4x terraced houses, 3 of which are 4 beds and one a 3 bed. They are located on Cathedral Street in the city centre and each house has off-road parking to the rear. Three of the houses are currently let on ASTs with the 4th due for new tenants shortly. The annual rental is approximately £57,840 which gives a yield of 4.82% based on our advertised guide price. All 4 houses are under the same ownership and being sold as a single lot under one land registry title – NK385232.

THE PROPERTY

INVESTMENT OPPORTUNITY - almost 5% return- a row of 4x terraced houses, 3 of which are 4 beds and one a 3 bed. They are located on Cathedral Street in the city centre and each house has off-road parking to the rear. Three of the houses are currently let on ASTs with the 4th due for new tenants shortly. The annual rental is approximately £57,840 which gives a yield of 4.82% based on our advertised guide price. All 4 houses are under the same ownership and being sold as a single lot under one land registry title - NK385232. __________ NUMBER 5 - 4 bedrooms - AST dated 3rd October 2018 - Current rental = £1,220 pcm - EPC rating E (42) dated - GSC dated 23rd May 2018 __________ NUMBER 7 - 3 bedrooms - Currently vacant at time of writing (25th October 2018) - Previous rental = £1,100 pcm - EPC rating D (57) dated 13th January 2012 - GSC dated 23rd May 2018 __________ NUMBER 9 - 4 bedrooms - AST dated 28th March 2014 - Current rental = £1,250 pcm - EPC rating E (50) dated 13th January 2012 - GSC dated 23rd May 2018 __________ NUMBER 11 - 4 bedrooms - AST dated 2nd July 2014 - Current rental = £1,250 pcm - EPC rating E (42) dated 13th January 2012 - GSC dated 23rd May 2018 __________ WALKING DISTANCES (approx.) - Norwich railway station 0.3 miles - Norwich Market Place 0.5 miles - Norwich Bus Station 0.6 miles __________ DETAILS Currently, 3 out of the 4 houses are let, but based on the previous and expected rental of the empty house, the 4 houses are generating an annual income of £57,840. Based on our guide price of £1.2m this generates a return of 4.82%. Our client has instructed us to sell the 4x houses with the existing tenants in situ, offering the new owner an immediate investment, avoiding any costly vacant periods. Jackson-Stops are not the letting agent for the property - our client lets and manages the properties directly, we have only been instructed to sell the houses. All 4 houses are on the same title with the Land Registry - NK385232 - a copy is available upon request. All 4 houses are very similar but do have subtle differences. At the time of writing, only 7 was empty so the photos and floor plan in these details are for number 7. The houses have each been converted into the loft to create an additional room on the top floor. Each house also has a cellar, most of which are accessed from the rear courtyard. The ceiling height in the cellars is compromised, but they make excellent storage areas. They each have a small courtyard/off-road parking space to the rear. The road in front of the house itself is restricted to permit parking. __________ SITUATION The property is within easy walking distance of the city centre, Norwich Cathedral, Norwich Castle, the mainline station, and the River Wensum. The River Wensum meanders through the city and offers boat and canoe rental and there are various pubs situated along the river itself. The riverside path winds its way around the centre of Norwich. Heading south on the path, takes you out towards the twenty-six miles of paths that make up Marriott's Way, a route loved by runners and cyclists. Norwich has a vibrant business community and as the regional centre has an extensive range of cultural and leisure facilities, including the Norwich City Football Club, the Riverside Leisure Development, complete with cinema and numerous restaurants and pubs. In May each year, the city hosts the Norfolk and Norwich Festival, bringing cultural and exciting acts and performances to the city. The city has an excellent range of state and private schools and is well known for its excellent shopping with a combination of independent retailers along with a number of premium department stores. The mainline railway station is within walking distance with regular inter-city trains to London (Liverpool Street Station). Norwich also has an expanding international Airport, which is just 4 miles north of the city. Both the North Norfolk coast, renowned for its sandy beaches, bird reserves, seals and sailing facilities, and the Norfolk Broads are within easy driving distance. __________ LOCAL AUTHORITY Norwich City Council, Band: D to E, Annual cost: £1,808.37 to £2,210.18 (2018/19). __________ SERVICES Mains electricity, gas, water and drainage __________ LAND REGISTRY Title NK385232 __________ DIRECTIONS From the train station head towards Foundry Bridge / Prince of Wales Road. Continue to follow Prince of Wales Road for 0.2 miles and then turn right onto Cathedral Street. Walk for a short distance and the properties will be located on the right-hand side. __________ IMPORTANT NOTICE 1. These particulars have been prepared in good faith as a general guide, they are not exhaustive and include information provided to us by other parties including the seller, not all of which will have been verified by us. 2. We have not carried out a detailed or structural survey; we have not tested any services, appliances or fittings. Measurements, floor plans, orientation and distances are given as approximate only and should not be relied on. 3. The photographs are not necessarily comprehensive or current, aspects may have changed since the photographs were taken. No assumption should be made that any contents are included in the sale. 4. We have not checked that the property has all necessary planning, building regulation approval, statutory or regulatory permissions or consents. Any reference to any alterations or use of any part of the property does not mean that necessary planning, building regulations, or other consent has been obtained. 5. Prospective purchasers should satisfy themselves by inspection, searches, enquiries, surveys, and professional advice about all relevant aspects of the property. 6. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact; we have no authority to make or give any representation or warranties in relation to the property. If these are required, you should include their terms in any contract between you and the seller. 7. Viewings are strictly by prior appointment with sole agents Jackson-Stops. If there is any point which is of particular importance to you, we invite you to discuss this with us, especially before you travel to view the property.