Entirely let to Prezzo plc on a 25 Year Lease until 2030 (no breaks)
Attractive building in prominent corner position directly opposite Norwich Railway Station
Nearby occupiers include the Riverside Leisure Park, Kwik-Fit, KFC, Argos and Morrisons
Lot 17
Auction 27th March 2014
Rent £75,000 per Annum Exclusive
Status Sold
Price £1,250,000
Sector Restaurant
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
44 miles north of Ipswich, 62 miles north-east of Cambridge
Roads
A1042, A11, A47, A146
Rail
Norwich Railway Station
Air
Norwich International Airport
Situation
The property is a substantial, attractive restaurant building situated in an established leisure district within Norwich city centre, at the junction of Riverside Road (A147), Prince of Wales Road and Thorpe Road. The property lies directly opposite Norwich Railway Station and within close proximity of Riverside Leisure Park which houses occupiers such as Odeon Cinema, Hollywood Bowl, Pizza Hut, Nandos and TGI Fridays. Other nearby occupiers include Argos, Morrisons and KFC.
Tenure
Freehold.
Location
Miles
44 miles north of Ipswich, 62 miles north-east of Cambridge
Roads
A1042, A11, A47, A146
Rail
Norwich Railway Station
Air
Norwich International Airport
Situation
The property is a substantial, attractive restaurant building situated in an established leisure district within Norwich city centre, at the junction of Riverside Road (A147), Prince of Wales Road and Thorpe Road. The property lies directly opposite Norwich Railway Station and within close proximity of Riverside Leisure Park which houses occupiers such as Odeon Cinema, Hollywood Bowl, Pizza Hut, Nandos and TGI Fridays. Other nearby occupiers include Argos, Morrisons and KFC.
Tenure
Freehold.
Description
The property comprises a ground and first floor restaurant with residential accommodation on the second floor comprising five rooms, kitchen and WC. The property benefits from an enclosed yard area to the rear.
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 comprises a ground and first floor restaurant with residential accommodation on the second floor comprising five rooms, kitchen and WC. The property benefits from an enclosed yard area to the rear.
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
Reviews
Ground First Second
Restaurant Restaurant Residential
137.50 sq m 127.62 sq m 103.75 sq m
(1,481 sq ft) (1,374 sq ft) (1,117 sq ft)
PREZZO PLC(1)
25 years from 07/01/2005 until 06/01/2030 on a full repairing and insuring lease
£75,000
07/01/2015 and five yearly thereafter
Totals
368.87 sq m
(3,972 sq ft)
£75,000
(1) For the year ending 30/12/2012, Prezzo Plc reported a turnover of £144,524,000, pre-tax profits of £17,324,000 and a total net worth of £90,195,000. (Source: www.riskdisk.com 25/02/2014)
