48 London Street Norwich Norfolk NR2 1LA

48 London Street
Norwich
Norfolk
NR2 1LA

Freehold Retail and Office Investment

  • Let to Costa Limited and Adecco UK Limited on a new 10 year lease
  • Includes self-contained first floor offices
  • Pedestrianised City Centre location
  • Nearby occupiers include Boots the Chemist, Bang & Olufsen, GAP, Natwest Bank and Skipton Building Society
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    47
  • Auction
    8th December 2016
  • Rent
    £74,000 per Annum Exclusive
  • Status
    Withdrawn Post
  • Price
     
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Update
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* More information on the term "guide" can be found here

Freehold Retail and Office Investment

  • Let to Costa Limited and Adecco UK Limited on a new 10 year lease
  • Includes self-contained first floor offices
  • Pedestrianised City Centre location
  • Nearby occupiers include Boots the Chemist, Bang & Olufsen, GAP, Natwest Bank and Skipton Building Society
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 47
  • Auction 8th December 2016
  • Rent
  • Status Withdrawn Post
  • Price  
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG

Property Information

Location
Miles
45 miles north of Ipswich, 63 miles north-east of Cambridge, 70 miles east of Peterborough
Roads
A47, A11, A140
Rail
Norwich Railway Station
Air
Norwich International Airport
Situation

The property is situated in a prominent position on the east side of pedestrianised London Street close to its junction with Bedford Street, in the heart of Norwich City Centre. Nearby occupiers include Boots the Chemist, Bang & Olufsen, GAP, Natwest Bank and Skipton Building Society.

Tenure

Freehold.

Location
Miles
45 miles north of Ipswich, 63 miles north-east of Cambridge, 70 miles east of Peterborough
Roads
A47, A11, A140
Rail
Norwich Railway Station
Air
Norwich International Airport
Situation

The property is situated in a prominent position on the east side of pedestrianised London Street close to its junction with Bedford Street, in the heart of Norwich City Centre. Nearby occupiers include Boots the Chemist, Bang & Olufsen, GAP, Natwest Bank and Skipton Building Society.

Tenure

Freehold.

Description

The property comprises retail accommodation on the ground floor and self contained office accommodation on the first floor which is accessed from London Street.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises retail accommodation on the ground floor and self contained office accommodation on the first floor which is accessed from London Street.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x. Review/(Reversion)
Ground Retail
154.10 sq m
1,659 sq ft
COSTA LIMITED (1) 15 years
from 30/09/2005
£62,000 (29/09/2020)
First Office
89.80 sq m
966 sq ft
ADECCO UK LIMITED
(2)
10 years from 06/09/2016 (3) (4) £12,000 06/09/2021
(05/09/2026)
Totals  
243.90 sq m
2,625 sq ft
    £74,000  

(1) For the year ending 26th February 2015, Costa Limited reported a turnover of £735,974,000, pre-tax profits of £127,221,000 and a total net worth of £444,814,000. (Source: www.riskdisk.com 07/11/2016).
(2) The Adecco Group is the world's leading provider of workspace solutions, operating in 60 countries. The Group is a Fortune Global 500 Company listed on the Six Swiss Exchange (Source: www.adecco.com). For the year ending 31st December 2015, Adecco UK Limited reported a turnover of £506,750,000, pre-tax profits of £8,137,000 and a total net worth of £48,739,000. (Source: www.riskdisk.com 19/10/2016).
(3) The lease provides for a tenant option to determine the lease on 5th September 2021.
(4) The lease provides for a rent free period until 11th February 2017.

Property Documents

  • Catalogue Page
    Updated Date
    16.11.16
    File Size
    994 KB
    View PDF
  • Site Plan
    Updated Date
    16.11.16
    File Size
    68 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060 519john.mehtab@acuitus.co.uk
Seller's Solicitors
Charles Russell Speechlys LLP 5 Fleet Place
London
EC4M 7RD
Harbans Chohan 0207 427 1053harbans.chohan@crsblaw.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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