23-24 Haymarket, Norwich

INVESTMENT SUMMARY

  • Norwich is a major UK city with a large and affluent catchment.
  • Prominent city centre location in the heart of the retail area.
  • Prime location close to WHSmith, FatFace, Primark and The White Company.
  • Entire property let to Hutchison 3G UK Ltd at £95,000 pax

 

LOCATION

 Norwich is a major UK city situated 110 miles north east of London, 65 miles north east of Cambridge and 42 miles north of Ipswich.

Norwich has an excellent rail service to London Liverpool Street with a travel time of under 2 hours and has direct rail services to Manchester and Liverpool and the East Coast Line via Peterborough which is 1 hour 30 mins by rail.

The dualled A11 links to the M11 motorway and provides access to Cambridge, the West Midlands via the M6 and the A14 to Felixstowe.

Norwich International Airport is 3 miles north of the city centre with scheduled daily flights to Amsterdam (KLM), Edinburgh and Aberdeen, Scotland (Loganair).  Stansted Airport is located approximately 69 miles to the south, offering national and international flights.

Norwich is one of the UK’s fastest growing urban areas – a dynamic contemporary city that has retained its impressive medieval heritage.

Norwich is a major regional service centre with a diverse business base and thriving knowledge economy.  Norwich has a strong record of attracting private and public investment.  Its prestigious university and teaching hospital, world-class research park, international airport, skilled workforce and one of the highest graduate retention rates in the country add to the many opportunities for all types of business to develop and thrive.

The property occupies a prime location in the centre of Norwich adjacent to Cecil Amey Opticians and Accessorize and opposite WHSmith and Optical Express.  Other multiple retailers in the immediate vicinity include FatFace, Primark, The White Company, Starbucks, EE and Café Nero.

 

ACCOMMODATION

 The property provides accommodation on 4 floors.  The approximate areas are as follows:

 

Ground Floor
 Sales723 sq ft67.21 sq m
 Ancillary28 sq ft2.60 sq m
Basement
 Stock323 sq ft30.00 sq m
 Staff200 sq ft18.58 sq m
 Sub-let to opticians296 sq ft24.99 sq m
 
First Floor
 Staff200 sq ft18.58 sq m
 Former Salon432 sq ft40.13 sq m
Second Floor
 Former Salon532 sq ft49.42 sq m

 

The former salon at first and second floors has the benefit of separate access from the rear.  The sub-let basement is accessed from the basement of the adjacent opticians at 22 Haymarket.

 

TENURE

Freehold

 

LEASE

The entire property is let to Hutchison 3G UK Ltd on a full repairing and insuring lease for a term of 5 years from 24 June 2018 at a rent of £95,000 pax.

 

RATEABLE VALUE

We understand from the Valuation Office Agency website that the property has a rating assessment of £70,500 with effect from 1 April 2017.  Interested parties are advised to make their own enquiries.

 

EPC

To be confirmed.

 

VAT

The property is elected for VAT.  It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

 

TENANT COVENANT

For the year ending 31st December 2018, Hutchison 3G UK Ltd reported a turnover of £2,379,000,000, pre-tax profits of £72,342,000 and total shareholders’ funds £6,664,700,000.

 

PROPOSAL

Offers are invited in the region of £1,300,000 (One Million, Three Hundred Thousand Pounds) + VAT for the freehold of the property.  A purchase at this level will reflect a net initial yield of 6.9% after purchaser’s costs of 5.5%.

 

Plans

 

Francis Darrah for themselves and as Agents for the proposed Vendor(s) or Lessor(s) give notice: 1. That they do not make or give either in these particulars or in negotiations or otherwise any warranty or representation whatever in relation to the property. 2. Any plan attached to these particulars is for identification purposes only and all measurements are given as a guide and no liability can be accepted for errors arising therefrom. 3. The property being open to inspection any intended purchaser must satisfy himself as to the accuracy of these particulars and he will be deemed to have full knowledge thereof. 4. No liability can be accepted for any misstatement, omission or errors in these particulars. 5. These particulars do not constitute an offer or Contract or any part thereof.

 

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