Royal Arcade
Gentlemans Walk / Castle Street
Norwich
Norfolk
NR2 1NQ

Attractive Landmark City Centre Freehold Shopping Arcade

  • Prominent Covered Shopping Arcade in Pedestrianised City Centre
  • 20 Retail units of over 30,000 sq ft
  • 3 Entrances (Gentleman`s Walk, Castle Street & White Lion Street)
  • Close to Castle Mall Shopping Centre/Car Park and Norwich Market
  • In the same ownership for 12 years
  • Asset management opportunities
  • Lot
    14
  • Auction
    24/Sep/2021
  • Rent
    £267,300 per Annum Exclusive
  • Status
    Available
  • Price*
    £1,250,000
  • Sector
    Shopping Centre
  • Auction Venue
    Live Streamed Auction
  • On Behalf of a Major Fund
Important Update
  • Royal Arcade, Gentlemans Walk / Castle Street, Norwich, Norfolk, NR2 1NQ
  • Expand
  • Photos
  • Map

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

Property Information

Location
Miles
25 miles west of Great Yarmouth
45 miles north of Ipswich
63 miles north-east of Cambridge
Roads
A140, A146, A11
Rail
Norwich Train Station
Air
Norwich International Airport
Situation

Norwich is a cathedral city and the county town of Norfolk, with a population of 141,300. Norwich is located 45 miles north of Ipswich, 63 miles north-east of Cambridge and 73 miles east of Peterborough. Norwich benefits from regular rail services to London Liverpool Street (1 hour 50 minutes). The property is located in the heart of the city centre with entrances from Gentleman`s Walk, Castle Street & White Lion Street. Norwich market is to the West & the Castle Quarter Shopping Centre is to the East. The main city centre bus stops are located close by on Castle Meadow. Occupiers close by include Natwest, Jarrolds, White Company, Primark, Fatface, WH Smith, Lloyds, Waterstones and McDonalds.

Tenure

Freehold.

Description

This Grade II Listed property comprises a shopping arcade of 20 units together with a former restaurant at first and second floors. There is an electrical substation on site.
For further details visit- www.royalarcadenorwich.co.uk

VAT

VAT is applicable to this lot.

Planning

The property may benefit from future redevelopment for a variety of uses, subject to all necessary consents and current tenancies. Interested Parties are referred to Norwich City Council (www.norwich.gov.uk).

Completion Period

6 Week Completion

EPC

Various. See legal pack at www.acuitus.co.uk

Tenancy & Accommodation

UnitFloorUseFloor Areas (Approx)TenantTermRent & Licence FeesReviews/
(Reversion)
Unit 1Ground
First
Second
Third
Retail
41.31 sq m
71.54 sq m
71.98 sq m
26.93 sq m
(445 sq ft)
(770 sq ft)
(775 sq ft)
(290 sq ft)
Scribbler
Holdings Limited
(1)
10 years from
16/01/2017 expiring
15/01/2027 (3)
£45,00016/01/2022
Unit 2 Ground
First
Retail
24.00 sq m
15.21 sq m
(258 sq ft)
(164 sq ft)
Digby`s Fine
Chocolates
Limited (not in
occupation)
5 years 1/01/2016
expiring 31/12/2021
£16,000(31/21/2021)
Unit 3 Ground
First
Retail
29.91 sq m
27.74 sq m
(322 sq ft)
(299 sq ft)
Saffire
Chocolates
Limited (2)
10 years from
24/08/2020 expiring
23/03/2031 (4)
£14,50024/08/2025
Units
4 & 5
Ground
First
Retail
61.76 sq m
56.84 sq m
(664 sq ft)
(612 sq ft)
Vacant   
Unit 6Ground
First
Retail
40.34 sq m
37.63 sq m
(434 sq ft)
(405 sq ft)
Vacant   
Units
7 & 8
(part)
Ground
First
Retail
50.15 sq m
46.23 sq m
(540 sq ft)
(498 sq ft)
Stompers Limited
(2)
5 years from
19/08/2017 expiring
19/08/2022 (6)
£26,300(19/08/2022)
Unit 8
(part)
& 9
Ground
First
Retail
48.28 sq m
45.05 sq m
(520 sq ft)
(485 sq ft)
Sonkai Limited
t/a Jewellers (2)
10 years from
29/10/2019 expiring
28/10/2029 (5) (7)
£12,500 rising
to £25,000 on
29/10/2021 (7)
29/10/2024
Unit 10Ground
First
Retail
27.87 sq m
25.59 sq m
(300 sq ft)
(275 sq ft)
Lady B Loves
Limited (2)
5 years from
07/10/2016 expiring
06/05/2022
£14,000(06/05/2022)
Unit 11Ground &
First
seating area
(seating via a
supplemental
licence)
Retail
29.82 sq m
26.79 sq m
(321 sq ft)
(288 sq ft)
Kinnaird Foods
Limited
t/a Macarons &
More (2)
10 years from
14/01/2018 expiring
13/01/2023
£16,500(13/01/2023)
Units
12,13 &
14
Ground
First
Second
Retail
137.68 sq m
131.02 sq m
64.60 sq m
(1,482 sq ft)
(1,410 sq ft)
(695 sq ft)
Vacant   
Unit 15GroundRetail
75.97 sq m
73.58 sq m
31.81 sq m
(818 sq ft)
(792 sq ft)
(342 sq ft)
Vacant   
Unit 16GroundRetail
78.00 sq m
(840 sq ft)
Langleys
Chapelfield
Limited (2)
Licence to occupy
expiring 28/02/2022
£28,000(28/02/2022)
Unit 16aGround
First
Retail
28.00 sq m
92.00 sq m
(301 sq ft)
(993 sq ft)
Vacant   
Unit 18 &
19
GroundRetail
104.10 sq m
(1,121 sq ft)
Individuals t/a
Marmalades (2)
10 years from
11/03/2012 expiring
10/03/2022
£39,500(10/03/2022)
Unit 18 Seating
Area
Individuals t/a
Marmalades
Licence expiring
10/03/2022
£1,000(10/03/2022)
Unit 20GroundRetail
118.81 sq m
(1,279 sq ft)
Artique Galleries
Limited (2)
5 years from
03/05/2016 expiring
02/05/2021 (8)
£41,500(02/05/2021)
(8)
Units 21 /
24
Ground
First
Second
Restaurant
Restaurant
Restaurant
326.00 sq m
619.62 sq m
334.42 sq m
(3,509 sq ft)
(6,670 sq ft)
(3,600 sq ft)
Vacant   
Total Floor Area
3,020.84 sq m
(32,517 sq ft)  267,300 (6) (7) 

(1) www.scribbler.com operate from 35 stores across the UK.
(2) for further details on the tenants visit- www.royalarcadenorwich.co.uk
(3) Tenants option to determine 15/01/2022
(4) Tenants options to determine 24/08/2023 and 24/08/2025 - Rent Deposit £4,350
(5) Tenants option to determine 29/10/2024
(6) Term extended by way of a reversionary lease dated 26/08/2021 with a one month rent free period from 1/01/2022. The Vendor will top up the rent, to compensate for this 1 month rent free period.
(7) Negotiations ongoing to extend the current lease to expire 28/01/2030. The Vendor will top up the rent so the purchaser effectively receives £25,000 per annum from completion of the sale.
(8) Negotiations ongoing to extend the current lease to expire 02/12/2021.

If you are the successful bidder, Acuitus requires a separate payment of £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    17.09.21
    File Size
    120 MB
    Login to View
  • Catalogue Page
    Updated Date
    03.09.21
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    03.09.21
    File Size
    801 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
Peter MayoPeter Mayo +44 (0)20 7034 4864 +44 (0)7833 459318Peter.mayo@acuitus.co.uk
George GoucherGeorge Goucher +44 (0)20 7034 4860 +44 (0)7513 610 710george.goucher@acuitus.co.uk
Seller's Solicitors
Eversheds Sutherland LLP Bridgewater PlaceWater Lane
Leeds
LS11 5DR
Robert Conlan 0113 200 4361robertconlan@eversheds.com

Useful Links

By clicking the Submit button I confirm that I would like to register my interest in this Property. Please email me updates when they are published.

If you have a query, please fill in the box below, otherwise click the Submit button.

You have 200 character(s) left.

Are you sure you want to remove this property from My Catalogue?

Are you sure you are no longer interested in this property?

Are you sure you want to delete your Account?

Making the buying and selling of property a seamless experience
Everything you need to know whether you are a buyer or sellerHelp Centre
How can Acuitus Finance help you with bridging finance
How can Acuitus Finance help you with bridging financeObtain bridging finance now