Grosvenor House 112-114 Prince of Wales Road Norwich Norfolk NR1 1NS

  • Grosvenor House<br>112-114 Prince of Wales Road<br>Norwich<br>Norfolk<br>NR1 1NS

Grosvenor House
112-114 Prince of Wales Road
Norwich
Norfolk
NR1 1NS

Substantial Freehold Development Opportunity

  • 50,628 sq ft City Centre building currently comprising retail and office accommodation
  • Recent planning permission granted for 84 residential apartments together with basement parking
  • Located within the professional district some 200 metres from Norwich Railway Station
  • Ground floor retail unit let to Finger Lickin’ Chicken Ltd until October 2022 (1)
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    18
  • Auction
    13th October 2016
  • Rent
    £77,042 per Annum Exclusive
  • Status
    Sold
  • Price
    £3,200,000
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG
  • On Behalf of a Major Fund Manager
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Substantial Freehold Development Opportunity

  • 50,628 sq ft City Centre building currently comprising retail and office accommodation
  • Recent planning permission granted for 84 residential apartments together with basement parking
  • Located within the professional district some 200 metres from Norwich Railway Station
  • Ground floor retail unit let to Finger Lickin’ Chicken Ltd until October 2022 (1)
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 18
  • Auction 13th October 2016
  • Rent £77,042 per Annum Exclusive
  • Status Sold
  • Price £3,200,000
  • Sector
    Development
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG
  • On Behalf of a Major Fund Manager

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

Norwich is a popular Cathedral and University City in East Anglia. Grosvenor House is located within the City Centre on the north side of the busy Prince of Wales Road at its junction with Rose Lane. The property benefits from being some 200m from Norwich Railway Station on the main arterial route into the City Centre. Opposite the property there is a One Stop convenience store,
Subway and Premier Inn. Riverside Leisure Park which houses retailers including Odeon Cinema, Hollywood Bowl, Pizza Hut, Nando’s and TGI Friday is also just a short distance away.

Tenure

Freehold.

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

Norwich is a popular Cathedral and University City in East Anglia. Grosvenor House is located within the City Centre on the north side of the busy Prince of Wales Road at its junction with Rose Lane. The property benefits from being some 200m from Norwich Railway Station on the main arterial route into the City Centre. Opposite the property there is a One Stop convenience store,
Subway and Premier Inn. Riverside Leisure Park which houses retailers including Odeon Cinema, Hollywood Bowl, Pizza Hut, Nando’s and TGI Friday is also just a short distance away.

Tenure

Freehold.

Description

The property comprises a substantial seven storey building comprising approximately 4,703 sq m (50,628 sq ft) of commercial space. The ground floor currently comprises two retail units arranged as one restaurant (A3). The upper floors currently comprise office accommodation arranged into 22 suites over two wings linked by a central circulation, lift and WC core. At lower ground floor there is a car park which currently provides parking for approximately 34 cars with further parking for 6 cars along the western side of the property.

VAT

VAT is applicable to this lot.

Planning

Planning consent was granted on the 31st March 2016 to extend and alter the building to create 84 private apartments including 29 one bedroom flats, 55 two bedroom flats and 29 basement parking spaces. The total net proposed floor area is 5,042 sq m (54,243 sq ft). For further information and to see proposed plans visit nowrich.gov.uk REF: 15/01337/F. Prior approval was also granted on the 17th December 2014 for a scheme of 69 private apartments within the existing building frame. For further information visit norwich.gov.uk REF: 14/01617/PDD and 15/00319/PDD.

Completion Period

Six Week Completion

EPC

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

Description

The property comprises a substantial seven storey building comprising approximately 4,703 sq m (50,628 sq ft) of commercial space. The ground floor currently comprises two retail units arranged as one restaurant (A3). The upper floors currently comprise office accommodation arranged into 22 suites over two wings linked by a central circulation, lift and WC core. At lower ground floor there is a car park which currently provides parking for approximately 34 cars with further parking for 6 cars along the western side of the property.

VAT

VAT is applicable to this lot.

Planning

Planning consent was granted on the 31st March 2016 to extend and alter the building to create 84 private apartments including 29 one bedroom flats, 55 two bedroom flats and 29 basement parking spaces. The total net proposed floor area is 5,042 sq m (54,243 sq ft). For further information and to see proposed plans visit nowrich.gov.uk REF: 15/01337/F. Prior approval was also granted on the 17th December 2014 for a scheme of 69 private apartments within the existing building frame. For further information visit norwich.gov.uk REF: 14/01617/PDD and 15/00319/PDD.

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/(Reversion)    
Ground Retail 377.83 sq m (4,067 s q ft) FINGER LICKIN' CHICKEN
LIMITED GUARANTEED BY
KENTUCKY FRIED CHICKEN
LIMITED t/a KFC (1)		 25 years from 08/10/1997 £26,000 08/10/2017
(07/10/2022)		    
Ground Office 547.74 s q m (5,896 sq ft) INGEUS UK LIMITED (2) 5 years from 1 0/10/2011 (3 ) £51,042 (Holding Over)    
First Office 754.07 s q m (8,117 sq ft) VACANT POSSESSION          
Second Office 835.83 sq m (8,997 sq ft) VACANT POSSESSION          
Third Office 78 7.70 sq m (8,479 sq ft) VACANT POSSESSION          
Fourth Office 83 8 sq m (9,024 sq ft) VACANT POSSESSION          
Fifth Office 280.93 sq m (3,024 sq ft) VACANT POSSESSION          
Sixth Office 280.93 sq m (3,024 sq ft) VACANT POSSESSION          
Total   4,703.37 sq m (50,628 sq ft)     £77,042      

(1) The tenant is not currently in occupation.
(2) For the year ending 31st December 2014, Ingeus UK Limited reported a turnover of £145,537,000, pre-tax profits of £12,811,000 and a total net worth of £18,040,000. (Source: www.riskdisk.com 14/09/2016).
(3) The lease is outside of the security of tenure provisions of the 1954 Landlord & Tenant Act.

Contacts

Seller's Solicitors
Irwin Mitchell LLP 40 Holborn Viaduct
London
EC1N 2PZ
Rupert Dowdell 0207 400 8721rupert.dowdell@irwinmitchell.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
Property InsuranceBrown & BrownNatasha WardBroking Director+44 7545 208 759bbrown.com

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