Car Park, Scarles Yard, Kings Lane, Norwich NR1 3PS | Property for sale | Savills
Guide price £4,950,000

Car ParkScarles Yard, Kings Lane, Norwich NR1 3PS

  • New
  • Sole agency
  • Freehold
Investment
Yield 12%Yield

Key features

  • Car Park and Workshop let to Aviva Central Services UK Ltd on a lease
  • 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
  • 6 Week Completion available
  • Investment let at £600,000 p.a. (12.12% GIY on Guide Price)

Freehold Car Park & Workshop Investment let to Aviva Central Services UK Ltd on a lease expiring 2031 (no breaks) at £600,000 p.a.

About this property

  • 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)

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)

Additional information

  • Freehold subject to an overriding lease for a term of years expiring 31.12.2029 at a peppercorn ground rent.
  • 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 bereaks on the 5th and 10th anniversaries.