Summary - The Old Iron House, 26 Exchange Street NR2 1AX
2 bed 1 bath Retail Property (high street)
Prominent retail with upper flat and medium-term reversion potential.
Freehold mixed-use building with retail and two-bedroom flat above
Prominent Exchange Street location, approx. 150m from Norwich Market
Commercial unit underlet at £32,500 per annum
Total area approx. 200.66 sq m (2,160 sq ft)
26 years remaining on lease — lender refusal likely
For sale by auction; buyer pays additional sums per legal pack
High local crime and area deprivation may affect costs and lettings
No garden; limited external amenity, period fabric may need works
A substantial mixed-use period building in the heart of Norwich city centre, offered freehold and for sale by auction on 11th December 2025. The ground floor is a large retail unit with high ceilings and wide display windows facing busy pedestrian routes; a self-contained two-bedroom flat sits on the upper floor, giving diversified income. The commercial unit is currently underlet at £32,500 per annum, and the property totals approximately 200.66 sq m (2,160 sq ft).
This is a reversionary investment with 26 years remaining on the existing lease. That limited lease term is a material consideration: many mortgage lenders may refuse to lend against this asset and the income stream will revert in the medium term. Buyers should review tenant covenants, lease terms and the legal pack closely before bidding; the Special Conditions of Sale require the buyer to pay sums in addition to the purchase price.
The location is a prime city-centre trading pitch close to Norwich Market, London Street and major retailers, benefiting from heavy pedestrian footfall and proximity to St Andrew’s Car Park (1,084 spaces). Note the wider area profile: high student and professional population, but recorded high crime levels and some local deprivation — factors that may influence tenant mix, insurance and management costs.
Practical condition notes: period construction with solid brick walls and double glazing (install date unknown). Heating is mains gas with boiler and underfloor heating; EPC for the commercial unit is Band D. There is no garden or external amenity. VAT is not applicable to this lot.
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