Entirely let to H Samuel Ltd on a 25 year lease until 2022
Nearby occupiers include Phones 4 U, Marks and Spencer, River Island, Superdrug, HSBC, BodyShop and a newly opened Costa Coffee
Active management and residential redevelopment potential of the upper parts (subject to consents)
Six Week Completion
Lot 10
Auction 13th February 2014
Rent £115,000 per Annum Exclusive
Status Sold Prior
Price
Sector High Street Retail
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
19 miles east of Norwich, 10 miles north of Lowestoft, 134 miles north-east of London
Roads
A12, A47, A143
Rail
Great Yarmouth Rail Station 1 mile
Air
Norwich International Airport 23 miles
Situation
The property is situated on the east side of King Street in the heart of Great Yarmouth’s main shopping area and close to Market Place and the Market Gates Shopping Centre. It benefits from frontage to both King Street and Theatre Plain.
Tenure
Freehold.
Location
Miles
19 miles east of Norwich, 10 miles north of Lowestoft, 134 miles north-east of London
Roads
A12, A47, A143
Rail
Great Yarmouth Rail Station 1 mile
Air
Norwich International Airport 23 miles
Situation
The property is situated on the east side of King Street in the heart of Great Yarmouth’s main shopping area and close to Market Place and the Market Gates Shopping Centre. It benefits from frontage to both King Street and Theatre Plain.
Tenure
Freehold.
Description
The property consists of a three storey retail property, with the largest retail unit fronting King Street and 2 further retail units fronting Theatre Plain. The majority of the upper floors are fitted as a Casino. The entire property is let to H Samuel Limited with Surety from Signet Group plc until 28/09/2022.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property consists of a three storey retail property, with the largest retail unit fronting King Street and 2 further retail units fronting Theatre Plain. The majority of the upper floors are fitted as a Casino. The entire property is let to H Samuel Limited with Surety from Signet Group plc until 28/09/2022.
VAT
VAT is applicable to this lot.
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
11A King Street 11B King Street 11-13 Theatre Plain
Retail Leisure Retail
H SAMUEL LTD with surety from Signet Group plc (1) (2)
25 years from 29/09/1997 until 28/09/2022
£115,000 payable in respect of the whole property
29/09/2017
Totals
1,020.34 sq m
(10,983 sq ft)
£115,000
1) For the year ending Feb 2013, H Samuel Ltd reported a turnover of £243,450,000, pre-tax profits of £9,902,000 and a total net worth of £90,232,000. (Source: www.riskdisk.com 13/01/2014) For the year ending Feb 2013, Signet Group Ltd reported pre-tax profits of £219,183,000 and a total net worth of £1,410,493,000. (Source: www.riskdisk.com 13/01/2014) (2)The entire property is let to H Samuel Ltd until 28/09/2022 with H Samuel Ltd occupying the largest retail part at 11 A King Street. Other parts are sub-let to tenants including Gentings Casino who operate 45 casinos in the UK and are part of the worldwide Genting group of companies. Gentings are not in occupation. Full details of the sub-tenancies are available in the legal documentation.
