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

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Map

* 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

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.