The Tower Complex, 32 Marine Parade, Great Yarmouth, NR30 2EN
SUMMARY
- Rare opportunity to acquire a landmark, prime site on Great Yarmouth’s Golden Mile.
- Freehold for sale.
- Existing income of c. £103,500 pax.
- Vacant commercial space with potential for either letting or development.
- Existing planning permission for 18 apartments with conversion work part completed.
- Potential for further residential conversion (subject to planning).
- On site car parking for flats.
LOCATION
Great Yarmouth is a major coastal resort 20 miles east of Norwich and 55 miles north-east of Ipswich.
The resident population of the Borough is 99,370 residents and is predicted to increase to 104,900 by 2041 (Source Great Yarmouth Borough Council).
In addition to the vibrant tourist industry, Great Yarmouth is the base for much of the southern North Sea oil and gas support services.
The property occupies a central position on Great Yarmouth’s Golden Mile, surrounded by tourist and leisure attractions and well placed to benefit from the town’s 6 million tourist visits each year.
ACCOMMODATION
The property comprises a purpose-built leisure complex including food and drink units and tourist attractions at ground floor, bars, restaurants and night clubs at first and second floors and the famous former ballroom.
Above the leisure venue complex is a former hotel on four floors with an additional floor of car parking. Three floors of the hotel has been partially converted to 18 flats. The fourth floor is currently disused.
| Floor | Unit | Approximate NIA | |
|---|---|---|---|
| Sq Ft | Sq M | ||
| Ground | Sports Bar | 1,072 | 99.6 |
| Ground | Landmark PH and Soft Play | 8,231 | 764.7 |
| Ground | Jurassic Journey | 5,992 | 556.7 |
| Ground | Subway | 813 | 75.5 |
| Ground | KFC | 834 | 77.5 |
| First | Empire Wine Bar | 2,861 | 265.8 |
| First | Former Terrace Restaurant – vacant | 2,881 | 267.6 |
| First/Second | Former Tower Arena and VIP Bar – vacant | 12,378 | 1,149.9 |
| Second/Mezzanine | Former Gentlemen’s Club – vacant | 3,952 | 365.3 |
| Total | 39,108 | 3,633.2 | |
TENURE
Freehold.
LEASE DETAILS
| Trading Name | Tenant | Lease Terms | Rent | |
|---|---|---|---|---|
| Pt. G/Floor | Sports Bar & Landmark PH | Sky Apartments.com | 3 yrs expiring 30/9/22 | £35,000 pax |
| Pt. G/Floor | Jurassic Journey | Expert Leisure Ltd | 5 yrs expiring 24/7/22 | £15,000 pax |
| Pt. G/Floor | Subway | Subway Realty Ltd | 15 yrs expiring 14/5/30 | £12,000 pax |
| Pt G/Floor | Kentucky Fried Chicken (KFC) | DPKBV Ltd | 25 yrs expiring 14/4/29 | £17,500 pax |
| Pt F/Floor | Empire Wine Bar | Mario Pieri | 5 yrs expiring 1/12/21 | £8,000 pax |
| 2 x Telecoms leases (details on request) | c. £16,000 pax (total) | |||
| Total | £103,500 pax | |||
PLANNING
We recommend that interested parties make their own enquiries of Great Yarmouth Borough Council Planning Department.
We understand that planning permission was granted in 2017 for conversion to 18 flats over 3 floors of the former hotel.
RESIDENTIAL
Three floors of the former hotel have been partially converted to flats, with each floor potentially providing three 1 bed flats and three 2 bed flats. Works on one floor are nearing completion whilst the other two floors are effectively at “first fix” stage. A currently disused fourth floor has potential for further residential conversion (subject to planning).
EPC
To be confirmed.
VAT
The property is elected for VAT. It is anticipated that the apportioned value of the sale price attributable to the commercial element will be treated as a Transfer of a Going Concern
PRICE
Price on Application.
Plans
Promap Digital Plans are for identification only and not to be scaled as a working drawing and are based upon the Ordnance Survey Map with the permission of The Controller of Her Majesty's Stationery Office © Crown Copyright 39954X. No part of this plan may be entered into an electronic retrieval system without prior consent of the publisher.
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.