INVESTMENT 4 HAMILTON ROAD CROMER, NR27 9HL

Francis Darrah Chartered Surveyors 2 Redwell Street, Norwich, NR2 4SN

01603 666630 www.francisdarrah.co.uk

Francis Darrah Chartered Surveyors 2 Redwell Street, Norwich, NR2 4SN

01603 666630 www.francisdarrah.co.uk

INVESTMENT SUMMARY

• VAT FREE INVESTMENT OPPORTUNITY. • Shop let to Cancer Research UK on a new 10 year lease. • Cromer is an attractive coastal town on the North Norfolk Coast. • Well located in the heart of the retail area. • Income £22,000 pax.

LOCATION Cromer is a coastal town on the North Norfolk Coast. It is approximately 25 miles north of Norwich and 4 miles east of Sheringham. The town is a popular and attractive seaside resort with a growing population and strong employment, particularly from North Norfolk District Council whose offices are located in the town. The town is notable as a traditional tourist resort with the motto “Gem of the Norfolk Coast”. It has 2 blue flag wide open beaches, a traditional pier complete with a theatre providing seaside special variety shows. It has a lighthouse and a proud tradition of RNLI service, in addition to being home of the famous (and delicious) Cromer Crab!

In Cromer you will find a vibrant Norfolk town with a wide variety of cafés, restaurants, shops and accommodation.

SITUATION The property is situated on Hamilton Road, which forms part of Cromer’s retail pitch close to the junction with Church Street, West Street and Garden Street. Retailers within the town include Argos, Jarrold, Mountain Warehouse, Superdrug, Iceland, Boots and M&Co. Costa have very recently opened a new store. National food stores include Co-op, Lidl, Morrisons and Tesco.

No1 Cromer is the latest restaurant from renowned chef, Galton Blackiston. Locally sourced produce is at the heart of the menu and the ethos of No1 Cromer.

Francis Darrah Chartered Surveyors 2 Redwell Street, Norwich, NR2 4SN

01603 666630 www.francisdarrah.co.uk

ACCOMMODATION The property provides well configured retail accommodation on ground floor with the following approximate areas:- Frontage 19’ 5.79 m Internal Width Front 17’6” 5.33 m Max Depth 74’5” 22.7 m

Ground Floor Sales 927 sq ft 86.1 sq m Ancillary 127 sq ft 11.8 sq m

RATEABLE VALUE We understand from the Valuation Office Agency website that the property has a rating assessment of £14,250 with effect from 1 April 2017. Interested parties are advised to make their own enquiries.

TENURE Virtual Freehold. 125 year lease.

TENANCY The property is occupied by Cancer Research UK under a full repairing and insuring lease commencing on 20th November 2017 for 10 years, subject to a tenant only break on 5th anniversary on giving of 6 months’ notice, at a passing rent of £22,000 pax. EPC The property has an energy rating of C. Further details are available upon request.

COVENANT Cancer Research UK is a cancer research and awareness charity in the United Kingdom, formed on 4 February 2002 by the merger of The Cancer Research Campaign and the Imperial Cancer Research Fund.

Cancer Research UK voluntary income went up by £30.6m to £431m in the year to the end of March. Cancer Research UK trades from approximately 580 shops.

Year Ending 31/3/17 31/3/16 Total Income £697,200,000 £635,200,000 Total Net Assets £408,400,000 £383,900,000 VAT The property has NOT been elected for VAT. PROPOSAL Offers for the virtual freehold are being sought in excess of £285,000 (Two Hundred and Eighty Five Thousand Pounds). A purchase at this level will reflect a net initial yield of approximately 7.5% after purchaser’s costs. CONTACT DETAILS For more information please contact:-

Francis Darrah Chartered Surveyors Contact: Carol Cooper Tel: 01603 666630 E-mail: carol@fdarrah.co.uk

SUBJECT TO CONTRACT April 2018

Francis Darrah Chartered Surveyors 2 Redwell Street, Norwich, NR2 4SN

01603 666630 www.francisdarrah.co.uk

Goad Digital Plans are for identification only and not to be scaled as a working drawing and are based upon the Ordnance Survey Map with the permission of The Controller of Her Majesty’s Stationery Office © Crown Copyright 39954X. No part of this plan may be entered into an electronic retrieval system without prior consent of the publisher. Experian, Goad House, Salisbury Square, Hatfield, Hertfordshire, AL9 5BJ. Tel: 01707 636901 Fax: 01707 636907. Francis Darrah for themselves and as Agents for the proposed Vendor(s) or Lessor(s) give notice: 1. That they do not make or give either in these particulars or in negotiations or otherwise any warranty or representation whatever in relation to the property. 2. Any plan attached to these particulars is for identification purposes only and all measurements are given as a guide and no liability can be accepted for errors arising therefrom. 3. The property being open to inspection any intended purchaser must satisfy himself as to the accuracy of these particulars and he will be deemed to have full knowledge thereof. 4. No liability can be accepted for any misstatement, omission or errors in these particulars. 5. These particulars do not constitute an offer or Contract or any part thereof.