5 Queen Street, Norwich, NR2 4SG
INVESTMENT SUMMARY
• Norwich is an affluent and historic cathedral city and the retailing and administrative centre for East Anglia.
• Norwich’s 2025 population is estimated at 206,586 by World Population Review.
• Norwich has over 17,000 students, with University of East Anglia ranked 21st in the Complete University Guide 2025.
• Norwich has been included in Base Places to Live by The Sunday Times guide 2024.
• Norwich catchment is highly affluent and loyal with an over representation of ‘comfortable communities’ and ‘affluent achievers’.
• Tourism is worth an estimated £750 million to the local economy every year and supports more than 13,000 jobs.
• The property is let to Pho Trading Ltd at £85,000 pax on an FRI 15-year lease expiring 12 April 2039; Simpler PR Ltd at £14,088 pax on an FRI lease expiring 30 November 2027 and Lead Genera Ltd at £25,000 pax on an FRI lease expiring 20 February 2030. Car spaces £4,860. Total income £128,947.50.
• Offers invited in the region of £1.3 m, showing an attractive net yield of approximately 9.4%.
LOCATION
Norwich is located approximately 43 miles north of Ipswich, 62 miles northeast of Cambridge and 100 miles northeast of London.
Norwich benefits from excellent road communications providing direct access to the A11 which connects it with Cambridge to the southwest and onto Junction 9 of the M11. The A140 provides access to the A14 and Ipswich to the south. The A14 provides access to the M1 and M6.
Rail communications are provided from Norwich Railway Station with direct services to Ipswich (40 mins), Cambridge (1 hr 10 mins) and London Liverpool Street (fastest 1 hour 34 mins) .
Norwich International Airport is located approximately 3.5 miles to the north of the city and London Stansted Airport is located approximately 77 miles to the southwest.
The property is situated in heart of Norwich’s restaurant and night time area, adjacent to Revolucion de Cuba, opposite Kerrys and in the vicinity of BrewDog, Melville & Sons, Zizzis, Giggling Squid and numerous other branded and independent operators.
The surrounding area is home to many professional and creative office occupiers and is also the location of Norwich University of Arts.
ACCOMMODATION
The property provides accommodation on ground, first, second and third floors with basement storage and a secure rear yard with 10 car spaces.
The offices at second and third floors were refurbished to a high standard prior to the start of the current lease in 2024.
The approximate net internal areas are as follows:
| Ground Floor | ||
| Restaurant | 3,688 sq ft | 342.7 sq m |
| First Floor (Rear) | ||
| Ancillary to Restaurant | 979 sq ft | 90.9 sq m |
| Basement | ||
| Ancillary to Restaurant | 300 sq ft | 27.8 sq m |
| First Floor | ||
| Offices | 1,000 sq ft | 92.9 sq m |
| Second Floor | ||
| Offices | 968 sq ft | 89.9 sq m |
| Third Floor | ||
| Offices | 834 sq ft | 77.4 sq m |
| 7,769 sq ft | 721.7 sq m | |
| Rear Yard | 10 car spaces |
TENANT SCHEDULE
| Tenant | Floor | Rent | Lease Expiry | Comments
|
| Pho Trading Limited | Ground First (Rear) Basement + 1 car space & bin area | £85,000 pax | 12/04/2039 | Full repairing and insuring by way of service charge. Tenant break 12 February 2034. 5 yearly rent reviews. |
| Simpler PR Limited | First + 2 car spaces
| £14,087.50 pax
| 30/11/2027 | Full repairing and insuring by way of service charge. Tenant did not exercise break in November 2024. Lease outside Security of Tenure provision of the Landlord & Tenant Act 1954.
|
| 1 additional car space | £1,200 pax | Informal arrangement. | ||
| Lead Genera Limited | Second and Third + 2 car spaces
| £25,000 pax
| 20/02/2030 | Full repairing and insuring by way of service charge. Tenant break 21 February 2027 on 6 months’ notice. Lease outside Security of Tenure provision of the Landlord & Tenant Act 1954.
|
| 2 additional car spaces | £2,160 pax | Informal arrangement. | ||
| Citygate Developments Ltd | 2 car spaces | £1,500 pax | tbc | 5 year term from completion, tenant only break 2.5 years
|
| £128,947.50 pax |
TENANT COVENANT INFORMATION
Pho is an award winning Vietnamese street food restaurant founded by Stephen and Juliette Wall in 2005. Over the following 20 years the group has grown to 49 restaurants throughout the UK and further growth is in the pipeline. Pho is rapidly building a reputation as one of the most authentic, healthiest and freshest brands in the country, appealing to a wide range of ages and demographic groups.
Pho Trading Limited is majority owned by private equity firm, TriSpan, through its Rising Stars fund and in their most recent published account for y/e February 2024 reported turnover of just over £71 m and a profit after tax of just under £2.7 m.
Experian give Pho Trading Limited a current score of 72 and a rating of “Below Average Risk”.
Pho is an award winning Vietnamese street food restaurant founded by Stephen and Juliette Wall in 2005. Over the following 20 years the group has grown to 49 restaurants throughout the UK and further growth is in the pipeline. Pho is rapidly building a reputation as one of the most authentic, healthiest and freshest brands in the country, appealing to a wide range of ages and demographic groups.
Pho Trading Limited is majority owned by private equity firm, TriSpan, through its Rising Stars fund and in their most recent published account for y/e February 2024 reported turnover of just over £71 m and a profit after tax of just under £2.7 m.
Experian give Pho Trading Limited a current score of 72 and a rating of “Below Average Risk”.
RATEABLE VALUE
We understand from the Valuation Office Agency website that the property
has the following rating assessments:-
| Ground Floor, First (Rear), Basement | £68,000 |
| First Floor | £12,500 |
| Second & Third Floors | £1,525 |
TENURE
Freehold.
EPC
| Ground Floor | B |
| First Floor | D |
| Second Floor | D |
| Third Floor | D |
Further details upon request.
VAT
The property is elected for VAT. VAT will be charged on the sale.
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 approximately 9.4%, after buyer’s costs.
ANTI MONEY LAUNDERING
In accordance with Anti Money Laundering Legislation, the purchaser will be required to provide proof of identity and address to the selling agents prior to solicitors being instructed.
Plans
Goad 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. Experian, Goad House, Salisbury Square, Hatfield, Hertfordshire, AL9 5BJ. Tel: 01707 636901 Fax: 01707 636907.
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.