22 London Street Norwich Norfolk NR2 1LF

22 London Street
Norwich
Norfolk
NR2 1LF

Freehold Retail Investment

  • Let to Whittard Trading Ltd t/a Whittard of Chelsea on a new 10 year lease until 2026 (subject to option)
  • Rent reviewed in line with Retail Price Index subject to a maximum 5% and minimum of 2% per annum compounded (3)
  • Frontage to 2 major shopping thoroughfares
  • Nearby occupiers include Waterstones, Boots the Chemist, GAP and Laura Ashley
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    36
  • Auction
    7th July 2016
  • Rent
    £65,000 per Annum Exclusive
  • Status
    Sold
  • Price
    £910,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG
  • On behalf of a Cambridge College
Important Update
  • Expand
  • Photos
  • Map

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

Freehold Retail Investment

  • Let to Whittard Trading Ltd t/a Whittard of Chelsea on a new 10 year lease until 2026 (subject to option)
  • Rent reviewed in line with Retail Price Index subject to a maximum 5% and minimum of 2% per annum compounded (3)
  • Frontage to 2 major shopping thoroughfares
  • Nearby occupiers include Waterstones, Boots the Chemist, GAP and Laura Ashley
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 36
  • Auction 7th July 2016
  • Rent
  • Status Sold
  • Price £910,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG
  • On behalf of a Cambridge College

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 highly prominent corner position at the junction of London Street and Castle Street in Norwich City Centre with frontages on both major shopping thoroughfares. Nearby occupiers include Waterstones, Boots the Chemist, GAP and Laura Ashley.

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 highly prominent corner position at the junction of London Street and Castle Street in Norwich City Centre with frontages on both major shopping thoroughfares. Nearby occupiers include Waterstones, Boots the Chemist, GAP and Laura Ashley.

Tenure

Freehold.

Description

The property comprises retail accommodation on the ground floor with ancillary accommodation on basement and four upper floors.

VAT

VAT is 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 with ancillary accommodation on basement and four upper floors.

VAT

VAT is 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
Ground
Basement
First
Second
Third
Fourth
Retail
Retail
Ancillary
Ancillary
Ancillary
51.00 sq m
54.07 sq m
52.68 sq m
50.54 sq m
32.70 sq m
40.41 sq m
(549 sq ft)
(582 sq ft)
(567 sq ft)
(544 sq ft)
(352 sq ft)
(435 sq ft)
WHITTARD
TRADING LIMITED
t/a Whittard of
Chelsea (1)
10 years from 20/05/2016 until
2026 on a full repairing and
insuring lease (2)
£65,000 (4) 20th May 2021 in
line with RPI (3)
Totals  
281.40 sq m
(3,029 sq ft)
    £65,000

(1) Whittard Trading Limited was incorporated in 2008. Whittard trade from 55 stores nationwide. (Source: www.whittard.co.uk)
(2) The lease provides for a tenant option to determine the lease on 20/05/2021 subject to 6 months’ written notice.
(3) The lease provides for a rent review on 20th May 2021 in line with the Retail Price Index compounded per annum subject to a minimum of 2% p.a. and a maximum of 5% p.a. for the first 5 years of the term. See Clause 7.1 of the lease for details.
(4) The lease provides for the rental payment to commence on 20th November 2016. The Seller will pay the Buyer the rent that would have been due in the absence of the initial rent free period by way of an adjustment to the completion monies.

Property Documents

  • Catalogue Page
    Updated Date
    30.10.19
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    30.10.19
    File Size
    100 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
Associate Auctioneers
Bidwells LLP 25 Old Burlington Street
London
W1S 3AN
Katherine Ilett 0203 761 3633katherine.ilett@bidwells.co.uk
Seller's Solicitors
Ashtons Legal Chequers House, 7 7- 81 Newmarket Road
Cambridge
Cambridgeshire
CB5 8EU
Rhian Brook 01223 431 121rhian.brook@ashtonslegal.co.uk  Magnus McManus 01223 431 086magnus.mcmanus@ashtonslegal.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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