This highly attractive property offers an exceptional investment opportunity in the heart of Norwich. Recently converted and extended from a former public house in 2020, the property has been designed and fitted to a modern standard, providing 12 high-quality en-suite letting rooms. With strong existing income from professional tenants, and the potential for increased revenue through short-term letting opportunities, this is a versatile and well-positioned investment.
The business currently generates an impressive gross yearly income of around £98,640, with each room let on a monthly basis to professional individuals. With 12 en-suite letting rooms, including 7 with kitchen facilities, this property offers the flexibility to cater to long-term tenants or adapt for short-term rentals such as B&B or Airbnb. The property is in excellent condition throughout, featuring modern fittings, multi-jet shower cubicles, and Wi-Fi coverage. The location, less than 15 minutes from Norwich Station, adds further appeal for both tenants and potential future guests.
The property also has potential for further growth, particularly for a buyer interested in maximizing occupancy through nightly or weekly rentals, boosting the already healthy gross yield of 10.0%.
PREMISES
The premises were thoughtfully converted from a former public house in 2020, offering contemporary and well-appointed accommodation throughout. All 12 rooms are ensuite, with 7 featuring kitchen facilities, and 5 equipped with sinks. One room has been specifically designed for disabled access, featuring a wet room. The property is gas centrally heated, with the benefit of a backup boiler, ensuring consistent comfort for tenants.
Communal areas include a kitchen and dining space, providing additional convenience for tenants. The premises are presented in excellent order, with modern fixtures, multi-jet shower cubicles, and stylish fittings throughout. Disabled parking spaces are available at the front of the property, and there is ample nearby parking in adjacent council-owned car parks, which are free to use.
ADDITIONAL INFORMATION
AGENTS NOTE: This is to be sold as a going concern.
CONFIDENTIAL INFORMATION: In order to release further information on the business – such as the accounts, we require you to complete a short online non-disclosure form. Please contact our office and we will provide full instructions and assist where required.
REFERENCE NUMBER: INV36082E.
TENURE: Freehold.
COUNCIL TAX: Council Tax £4,570 per annum.
STAFF: None.
EPC: The Energy Performance Certificate shows a rating of ‘47/B’. The full document is available on request.
PRICE: £985,000.–
For the benefit of the freehold premises, fixtures, fittings and equipment.
Please note that there is an Option to Tax on this property. It is being sold as a transfer of a going concern and providing the conditions are met for the sale as a transfer of a going concern (TOGC) there will be no VAT payable on the sale of the property. If these conditions are not able to be met then the buyer will be required to pay the VAT due on the agreed sale price.
VIEWING: Strictly by appointment only, please get in touch to make an appointment.
FINANCE: We may be able to help you with business financing or your commercial mortgage needs, subject to eligibility. Please let us know if you need our assistance with this and we will put you in touch with our recommended whole of market broker.
BUSINESS TO SELL: Thinking of selling your business? That’s our business!
If you are interested in finding out how much your business is worth, we offer a free and confidential valuation service. You can choose the time and day that suits you best, and we will give you an honest and professional assessment. Please contact our office at your convenience to book an appointment.
PREMIER MARKETING: We are passionate about showcasing our businesses in a way that sets us apart from others. We provide quality property details and comprehensive information on all online platforms and our own website. If you want your business to stand out from the crowd, call us to book a free valuation.
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DISCLAIMER
1. Money Laundering Regulations: Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.
2. General: While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property.
3. Measurements: These approximate room sizes are only intended as general guidance. You must verify the dimensions carefully before ordering carpets, flooring or any built-in furniture.
4. Services: Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.
