Charles and Wensum House 89 - 109 Prince of Wales Road Norwich Norfolk NR1 1DJ

Charles and Wensum House
89 - 109 Prince of Wales Road
Norwich
Norfolk
NR1 1DJ

Substantial Retail and Office Investment

  • Net Rent £272,941 p.a.x
  • Substantial Office and Retail Building
  • Approximately 3,141.59 sq m (33,816 sq ft)
  • City Centre location
  • 200 metres from Norwich Rail Station
  • Active management/redevelopment potential (subject to consents)
  • Nearby occupiers include the Riverside Leisure Park, Premier Inn, Costa, KFC and Kwik-Fit
  • Lot
    18
  • Auction
    23rd October 2014
  • Rent
    £292,675 per Annum Exclusive
  • Status
    Sold
  • Price
    £1,585,000
  • Sector
    High Street Retail
  • Auction Venue
    The Millennium Hotel
    44 Grosvenor Square
    London W1K 2HP
  • On behalf of Fixed Charge Receivers Savills
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Substantial Retail and Office Investment

  • Net Rent £272,941 p.a.x
  • Substantial Office and Retail Building
  • Approximately 3,141.59 sq m (33,816 sq ft)
  • City Centre location
  • 200 metres from Norwich Rail Station
  • Active management/redevelopment potential (subject to consents)
  • Nearby occupiers include the Riverside Leisure Park, Premier Inn, Costa, KFC and Kwik-Fit
  • Lot 18
  • Auction 23rd October 2014
  • Rent
  • Status Sold
  • Price £1,585,000
  • Sector
    High Street Retail
  • Auction Venue
    The Millennium Hotel
    44 Grosvenor Square
    London W1K 2HP
  • On behalf of Fixed Charge Receivers Savills

Property Information

Location
Miles
44 miles north of Ipswich
62 miles north-east of Cambridge
Roads
A147, A1242, A47, A11
Rail
Norwich Railway Station
Air
Norwich International Airport
Situation

The property is prominently situated on the south side of the busy Prince of Wales Road at its junction with Rose Lane and Mountergate in Norwich city centre. The property is in close proximity to both Norwich Railway Station and the Riverside Leisure Park with occupiers such as Odeon Cinema, Hollywood Bowl, Pizza Hut, Nando’s and TGI Friday. Other nearby occupiers include Premier Inn, Costa, KFC and Kwik-Fit.

Tenure

Long Leasehold. Held for a term of 250 years from 25th March 1986 at a current informally apportioned rent reserved of £19,734 per annum exclusive. See legal pack for a copy of the head lease.

Location
Miles
44 miles north of Ipswich
62 miles north-east of Cambridge
Roads
A147, A1242, A47, A11
Rail
Norwich Railway Station
Air
Norwich International Airport
Situation

The property is prominently situated on the south side of the busy Prince of Wales Road at its junction with Rose Lane and Mountergate in Norwich city centre. The property is in close proximity to both Norwich Railway Station and the Riverside Leisure Park with occupiers such as Odeon Cinema, Hollywood Bowl, Pizza Hut, Nando’s and TGI Friday. Other nearby occupiers include Premier Inn, Costa, KFC and Kwik-Fit.

Tenure

Long Leasehold. Held for a term of 250 years from 25th March 1986 at a current informally apportioned rent reserved of £19,734 per annum exclusive. See legal pack for a copy of the head lease.

Description

The property comprises two substantial buildings providing office and retail accommodation. Wensum House is a three storey building with a significant frontage to Prince of Wales Road and provides approximately 817.73 sq m (8,802 sq ft) of ground floor retail accommodation and approximately 1,029.36 sq m (11,080 sq ft) of office accommodation on the first and second floors.

Charles House has frontages to both Rose Lane and Mountergate and provides approximately 1,294.50 sq m (13,934 sq ft) of office accommodation on the ground, first and second floors.

Note
This property is being marketed for sale on behalf of Joint Fixed Charged Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Fixed Charged Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Fixed Charged Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

VAT

VAT is not applicable to this lot.

EPC

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

Description

The property comprises two substantial buildings providing office and retail accommodation. Wensum House is a three storey building with a significant frontage to Prince of Wales Road and provides approximately 817.73 sq m (8,802 sq ft) of ground floor retail accommodation and approximately 1,029.36 sq m (11,080 sq ft) of office accommodation on the first and second floors.

Charles House has frontages to both Rose Lane and Mountergate and provides approximately 1,294.50 sq m (13,934 sq ft) of office accommodation on the ground, first and second floors.

Note
This property is being marketed for sale on behalf of Joint Fixed Charged Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Fixed Charged Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Fixed Charged Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

VAT

VAT is not applicable to this lot.

EPC

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

Tenancy & Accommodation

Unit Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x Review/(Reversion)
Wensum House      
       
99 Ground Retail
132.76 sq m
(1,429 sq ft)
HOWARD FREDERICK COLES
(t/a Velocity)
5 years from 01/11/2012 £16,000 01/11/2015
(31/10/2017)
101 Ground Retail
339.65 sq m
(3,656 sq ft)
J AND P NORWICH LTD (t/a Essentials of Norwich) 25 years from 29/09/2007 until 2032 £47,000 29/09/2017
and 5 yearly
101A Ground Retail
80.55 sq m
(867 sq ft)
SUBWAY REALTY LTD (1) 15 years from 10/10/2008 until 2023 (2) £13,500 10/10/2018
105/109 Ground Retail
264.77 sq m
(2,850 sq ft)
NATIONAL WESTMINSTER BANK PLC (3) (4) 10 years from 16/08/2005 £31,000 (15/08/2015)
  Part First Office
423.45 sq m
(4,558 sq ft)
GLOBAL TELESALES LIMITED 5 years from 23/12/2011 (8) £36,000 (22/12/2016)
  Part First &
Part Second
Office
370.77 sq m
(3,991 sq ft)
EATING DISORDERS ASSOCIATION 10 years from 19/04/2006 £45,000 (18/04/2016)
  Part Second  
235.14 sq m
(2,531 sq ft)
VACANT (9)      
Charles House    
       
  Ground
First
Second
Office
Office
Office
387.30 sq m
454.00 sq m
453.20 sq m
(4,169 sq ft)
(4,887 sq ft)
(4,878 sq ft)
NORFOLK COUNTY COUNCIL 5 years from 29/09/2009 (5) £100,000 (28/09/2014)
Signage    
SWIFT HOTELS LTD Held on Licence (6) £250  
5 x Car Parking Spaces    
ALAN BOSWELL INSURANCE BROKERS LTD Held on Licence (7) £3,925  
Totals    
3,141.59 sq m
(33,816 sq ft)
    £292,675

(1) For the year ending 31/12/2013, Subway Realty Ltd reported a turnover of £27,940,819, pre-tax profits of £1,457,251 and a total net worth of £1,632,387
(Source: www.riskdisk.com 22/09/2014). The tenant has sublet to a concessionare.
(2) The lease provides for a tenant option to determine on 10th October 2015.
(3) National Westminster Bank plc is the largest retail and commercial bank in the United Kingdom and has been part of The Royal Bank of Scotland Group (RBS) since 2000. (RBS) is ranked among the top 10 largest banks in the world by assets and NatWest has a network of 1,600 branches and 3,400 cash machines across Great Britain. It has more than 7.5 million personal customers and 850,000 small business accounts. (Source: www.natwest.com 22/09/2014)
(4) The tenant is not currently in occupation.
(5) Norfolk County Council has expressed interest in renewing the lease.
(6) Held on a rolling licence at £250 per annum exclusive determinable by either party on 3 months’ written notice.
(7) Held on a rolling licence at £3,925 per annum exclusive determinable by either party on 2 months’ written notice.
(8) The lease provides for the service charge to be capped at £18,232 and increased in line with RPI.
(9) Head of terms are being negotiated for Eating Disorders Association to incorporate this into their existing lease of the part first and second floor.

Property Documents

  • Site Plan
    Updated Date
    01.10.14
    File Size
    80 KB
    View PDF
  • Catalogue Page
    Updated Date
    01.10.14
    File Size
    1 MB
    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
Walker Morris LLP Kings Court, 12 King Street
Leeds
LS1 2HL
Austin Judson 0113 283 2500austin.judson@walkermorris.co.uk

Useful Links

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

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