Norwich – 52 London Street (Investment For Sale)

INVESTMENT SUMMARY

  • Norwich is an affluent and historic cathedral city and the retailing and administrative centre for East Anglia.
  • Norwich has a primary catchment population of 894,000 which is significantly above the PROMIS regional centre average and ranks the city 11th of the PROMIS centres.
  • Norwich has over 19,000 students, with University of East Anglia consistently ranked 54 in the QS World University Rankings league table (UEA 10.12.2024).
  • Norwich University of the Arts is ranked in the top two creative arts universities in the UK.
  • Norwich has been voted top 10 city to live and work in Britain (The Telegraph 9.9.2024).
  • Norwich catchment is highly affluent and loyal with an over representation of ‘comfortable communities’ and ‘affluent achievers’.
  • Tourism is worth an estimated £750 million every year and supports more than 13,000 jobs.
  • The ground floor is let to H & J Fresh Food Ltd t/as Subway at £20,000 pax on a 15-year lease from 19 January 2024.
  • Subway have traded from this unit since June 2009.
  • The first, second and third floors are vacant – available to let.

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 also provides access to the M1 and M6.

Rail communications are provided from Norwich Railway Station with direct services to Ipswich, Cambridge and London Liverpool Street. The quickest journey times are approximately, 1 hour 11 minutes and 1 hour 38 minutes respectively.

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 prominently located in London Street close to its junction with Bedford Street and Opie Street. The location benefits from significant pedestrian flow from Norwich Cathedral and the traditional professional business quarter to the city centre. Other nearby occupiers include Greggs, Cosy Club Toni & Guy, and Boots.

 

ACCOMMODATION

The property provides accommodation on ground, basement, first, second and third floors.  The approximate dimensions and areas are as follows: –

 

Ground Floor (Subway):
 Sales 379 sq ft 35.21 sq m
 Ancillary101 sq ft   9.38 sq m
Basement:
 Stock/staff391 sq ft36.3 sq m
 Vault  31 sq ft  2.8 sq m

Vacant Upper Floors:

 First393 sq ft36.5 sq m
 Second 386 sq ft35.8 sq m
 Third222 sq ft20.6 sq m

 

TENURE

Freehold.

 

TENANCY INFORMATION

The ground floor and basement are let to H&J Fresh Food UK Ltd trading as Subway on a 15 year lease from 19 January 2024 inside the Security of Tenure provisions under Part II of the Landlord & Tenant Act 1954.  The Lease contains a single tenant break clause at the expiry of the 10th year, subject to no less than 6 months prior written notice.  There are 5 yearly upward only rent reviews on a standard open market basis.  The rent is £20,000 pax paid monthly in advance. The tenant is responsible for repairing the demise and the landlord is responsible for repairing the structure of the building.

Upper floors are vacant, fitted as a hair salon and are currently being marketed to let at a quoting rent of £8,000 pax.

 

RATEABLE VALUE

We understand from the Valuation Office Agency website that the ground floor has a rating assessment of £16,750 and the 1st, 2nd and 3rd floors have a rating assessment of £4,550 with effect from 1 April 2023. Interested parties are advised to make their own enquiries.

 

EPC

The ground floor and basement has an EPC rating of C and the first, second

and third floors of the property has an EPC rating of D. Further details are

available upon request.

 

VAT

The property is elected for VAT and VAT will be charged on the sale.

 

PROPOSAL

Offers are invited in the region of £330,000 excluding VAT (Three Hundred and Thirty Thousand Pounds) for the freehold of the property.

 

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

 

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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