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
    04/Apr/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
  • 30 - 32 St Giles Street<br>Norwich<br>Norfolk<br>NR2 1LL
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* More information on the term "price" can be found here

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.

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

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReview/
(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
£62,50016/04/2022
(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.

Property Documents

  • Catalogue Page
    Updated Date
    11.04.19
    File Size
    692 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.01.19
    File Size
    143 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 060519john.mehtab@acuitus.co.uk
Billy StruthBilly Struth +44(0)20 7034 4854billy.struth@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

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