30 - 32 St Giles Street Norwich Norfolk NR2 1LL

  • 30 - 32 St Giles Street<br>Norwich<br>Norfolk<br>NR2 1LL

30 - 32 St Giles Street
Norwich
Norfolk
NR2 1LL

Freehold Restaurant and Residential Investment

  • Restaurant let to Premium Dining Restaurants and Pubs Limited formerly Loch Fyne Restaurants Limited (owned by Greene King Plc) until 2027 (no breaks)
  • Long term residential redevelopment potential at the rear (subject to consents)
  • Includes self-contained flats on the first and second floors
  • City centre location
  • Directly opposite the entrance to the St Giles multi storey car park
  • 400 metres north of the Intu Chapelfield Shopping Centre with occupiers including Apple Store, H&M, JD Sports, Pandora, Zara, Ask Italian, Gourmet Burger Kitchen, KFC and Wagamama
  • Lot
    30
  • Auction
    4th April 2019
  • Rent
    £62,500 per Annum Exclusive
  • Status
    Sold
  • Price
    £750,000
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
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Freehold Restaurant and Residential Investment

  • Restaurant let to Premium Dining Restaurants and Pubs Limited formerly Loch Fyne Restaurants Limited (owned by Greene King Plc) until 2027 (no breaks)
  • Long term residential redevelopment potential at the rear (subject to consents)
  • Includes self-contained flats on the first and second floors
  • City centre location
  • Directly opposite the entrance to the St Giles multi storey car park
  • 400 metres north of the Intu Chapelfield Shopping Centre with occupiers including Apple Store, H&M, JD Sports, Pandora, Zara, Ask Italian, Gourmet Burger Kitchen, KFC and Wagamama
  • Lot 30
  • Auction 4th April 2019
  • Rent £62,500 per Annum Exclusive
  • Status Sold
  • Price £750,000
  • Sector
    Restaurant
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG

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 prominently situated in the heart of the city on the south side of St Giles Street, directly opposite the entrance to the St Giles multi storey car park and 150 metres from the historic 200 stall Market Place. The property also benefits from being 400 metres north of the Intu Chapelfield Shopping Centre with occupiers including Apple Store, H&M, JD Sports, Pandora, Zara, Ask Italian, Gourmet Burger Kitchen, KFC and Wagamama.

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 prominently situated in the heart of the city on the south side of St Giles Street, directly opposite the entrance to the St Giles multi storey car park and 150 metres from the historic 200 stall Market Place. The property also benefits from being 400 metres north of the Intu Chapelfield Shopping Centre with occupiers including Apple Store, H&M, JD Sports, Pandora, Zara, Ask Italian, Gourmet Burger Kitchen, KFC and Wagamama.

Tenure

Freehold.

Description

The property comprises restaurant accommodation on the ground floor, part of the first and the basement with selfcontained residential flats on part of the first floor and second floors.

VAT

VAT is not 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 restaurant accommodation on the ground floor, part of the first and the basement with selfcontained residential flats on part of the first floor and second floors.

VAT

VAT is not 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/
(Reversion)
Basement
Ground
Part First
Part First and
Second		 Storage
Restaurant
Restaurant
Residential		 39.95 sq m
338.62 sq m
106.37 sq m
4 flats (2)		 (430 sq ft)
(3,645 sq ft)
(1,145 sq ft)		 PREMIUM
DINING
RESTAURANTS
AND PUBS
LIMITED
t/a Loch Fyne (1)		 25 years from
16/04/2002 on a full
repairing and
insuring lease		 £62,500 16/04/2022
(15/04/2027)
Total
Commercial
484.94 sq m
(5,220 sq ft)
     £62,500  

(1) The ultimate holding company for Premium Dining Restaurants and Pubs Limited is Greene King Plc. For the year ending 29th April 2018, Greene King Plc reported a turnover of £2,176,700,000, pre-tax profits of £197,500,000 and a total net worth of £842,500,000 (Source: Experian Group 21/02/2019)
(2) The residential flats are all sublet on long leases.

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060 519john.mehtab@acuitus.co.uk
Seller's Solicitors
Wallace LLP One Portland Place
London
SW1W 8AT
Jackie Boot 02074 678 722jackie.boot@wallace.co.uk

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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