'Great investment opportunity' on the market in NR3

These NR3 buildings which are leased to two Norwich businesses are up for auction

These NR3 buildings which are leased to two Norwich businesses are up for auction - Credit: Auction House East Anglia

A "great investment opportunity" is up for grabs in the up-and-coming area of NR3.

The two buildings which house the Shake Pit and Ben Allman estate agents in Sprowston Road are on the market.

Stephen Litten, the current vendor, said the shops offer "the potential for excellent rental and capital growth in what is undoubtedly an up-and-coming part of Norwich".   

2 Sprowston Road

The Shake Pit in Sprowston Road

The building which is currently leased by the Shake Pit in Sprowston Road is up for auction - Credit: Auction House East Anglia

Auction House East Anglia has listed the first property, which is currently occupied by the family-run milkshake business, with a guide price of £70,000 to £80,000.

The building has been let with a five-year lease agreement, which was signed by the Shake Pit on May 23, 2022.

It would provide a new owner with an annual income of £7,800.

The shop is located in a newly refurbished parade of shops surrounded by residential dwellings and other local businesses.

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2B Sprowston Road

Ben Allman estate agents in Sprowston Road

The building which is currently leased by Ben Allman estate agents in Sprowston Road is up for auction - Credit: Auction House East Anglia

This building, currently occupied by the independent estate agent, has been listed with a guide price of £100,000 to £120,000.

It has also been leased with a five-year agreement, which was signed on June 1, 2022.

It would provide a new owner with an annual income of £10,200.

Both properties, which offer a shop space and staff cloakroom, will go up for auction on Wednesday, July 27 at 11am. 

The building which is currently leased by Ben Allman estate agents in Sprowston Road is up for auction

The building which is currently leased by Ben Allman estate agents in Sprowston Road is up for auction - Credit: Auction House East Anglia

Mr Litten added: "While the original planning was for demolition and construction for four new houses this would have caused disruption in a busy and vibrant area.

"The existing building is structurally sound so it makes sense to work with what is already there.

"This new scheme offers employment opportunities as well as much-needed residential accommodation in such a popular area.

"It has been wonderful to see the high level of enquiries from local businesses wishing to expand as well as local entrepreneurs looking to open their first venture."

For more information visit Auction House East Anglia's website.