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.