Tilia Business Park, Horning Road, Hoveton, Norwich, NR12

The Business Park comprises a number of separate units, with distinct construction and uses. The accommodation consists of:

Boat Building Facility - this is the most modern premises on the site and is of steel portal frame with insulated plastic-coated cladding to the roof and elevations. It is used for yacht construction. Adjacent to it is a brick and pantile roof office.

Potato Store - this is a steel portal frame warehouse facility which is used specifically for potato storage. It has insulated plastic coated cladding to the elevations and is divided into 4 separate warehousing units.

Former Cold Stores - there are 3 separate buildings which are of brick construction below a pitched concrete asbestos roof.

Car Park and Additional Development Land - to the south of the main accommodation is land rented as a car park of 0.6 acres and a further 1.26 acres for future development

THE TOTAL SITE AREA IS 9.2 ACRES (3.73 HA).

Location
Hoveton is located within the Norfolk Broads National Park, being approximately 9 miles northeast of Norwich city centre and 3.7 miles from the A1270 (Broadland Northway). Norwich is the regional capital of East Anglia and Norfolk's Administrative Commercial & Cultural Centre. Hoveton and Wroxham are recognised as the centre of the Broads, a key tourist destination within East Anglia. Norwich is home to an estimated 117,000 jobs and 8,000 companies with key sectors being business and administrative services, advance manufacturing and creative and digital industries. Hoveton and Wroxham are recognised for tourism as well as boat building.

Tilia Business is located to the north of Hoveton/Wroxham town centre, in close proximity to Roys department store and the main line station to Norwich. The area has mixed uses with residential development to the north and east, with further commercial uses to the south and farmland to the west beyond the main rail line and the miniature Bure Valley Railway.

Adjacent Property
The areas of property not included in the sale and as shown on the site plan are owned by a third party and they have indicated they may sell, subject to suitable terms being agreed.

Planning and Development
The site is zoned in the present Local Plan for employment uses.

Tenure and Sale
The business (Tilia Business Park Ltd) is to be sold as a going concern by way of a share sale in the limited company with freehold titles to the properties and free of any debt.

Occupational Market
The regional warehousing and industrial market has seen strong rental growth over the past 12 to 24 months. Hoveton has one other industrial estate at Stalham Road, with the Rackheath Industrial Estate being the nearest large multi let estate. There are low vacancy rates at both the Stalham and Rackheath Estate, with rental levels ranging from £6.75 to £9.25 per sq ft, depending on the size and specification of the property. Norwich has seen strong rental growth with best second-hand space achieving in excess of £12.50 per sq ft.

VAT
We understand that the property has been elected for VAT.

EPCs
Available on request and in the data room.

AML/KYC
Prospective purchasers will be asked to produce documentation to satisfactory money laundering regulations.

Proposal
Offers to be sought for the property, held within a holding company of £5,400,000 which provides a net initial yield of 9.25% with an allowance of 2.5% for purchaser's costs and £240,000 for the vacant bungalow and £260,000 for the development land. The holding company will be sold with a stamp duty of 0.5%. Please note that the purchase of company shares will take into account other assets and liabilities held within the company at the time of sale.