Summary - 64-66, WESTWICK STREET NR2 4SZ
1 bed 1 bath Office
Large freehold site with parking, income and redevelopment potential close to city centre..
- Freehold commercial plot of 0.43 acres with river frontage
- 15 units across two buildings totalling ~9,568 sq ft
- 30 off‑street parking spaces included
- Current stated income ~£121,500 pa; leases not sighted
- Requires renovation; suitable for refurbishment or redevelopment
- EPC ratings C and D; buyer to verify obligations
- Auction sale with admin fee and buyer's premium payable
- Located in a deprived area with very high local crime rates
A substantial freehold commercial investment positioned directly above the River Wensum, offered at guide price £650,000 by livestream auction. The site comprises two adjoining buildings across 0.43 acres with 15 units, approximately 9,568 sq ft in total, and 30 off‑street parking spaces — a rare city‑centre footprint with clear redevelopment potential.
Partially let producing approximately £121,500 pa (rents stated; leases not sighted). The larger two‑storey block contains multiple small offices, communal areas, kitchen, WCs, shower and lift; the single‑storey unit is fully let to a long‑standing tenant. Income and layout suit an investor seeking immediate revenue or a developer targeting conversion, subject to planning.
Important negatives are disclosed: the estate is in a deprived, high‑crime area which will influence tenant mix and rental values; the buildings need renovation; EPCs are C and D; and sale is by auction with additional fees — an administration fee of £1,200 and buyer’s premium of £1,260 (both inc. VAT) payable on exchange. Prospective buyers must carry out full due diligence: leases have not been verified by the receivers or auctioneers.
Overall this is a high‑potential, high‑work asset. Investors looking for an income stream with upside from refurbishment or change of use — and developers able to manage planning and refurbishment risk in a challenging urban location — should view the opportunity with careful financial modelling.
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