Auction House London

Lot 20

Restaurant - Commercial Property 

30-32 St. Giles Street

Norwich, Norfolk, NR2 1LL

Unsold, the last bid was £745,000. Please refer to Auctioneer for Reserve

A Substantial Commercial and Residential Ground Rent Investment Producing £62,500 per annum. Offered with Potential for Residential Redevelopment to the Rear of the Property (Subject to Obtaining all Relevant Consents).

Description

The property comprises a mid terrace building arranged to provide a double fronted restaurant over ground and part first floor with basement storage and four self contained flats over part first and second floors (all sold off on long leases with peppercorn ground rents).

Tenure

Freehold

Location

The property occupies a prominent position in the heart of Norwich city centre. Nearby multiples include Intu Chapelfield Shopping Centre, Norwich Market and numerous local established traders. Transport links are provided by both Norwich rail station and Norwich International Airport.

Note

The ultimate holding company of Premium Dining Restaurants and Pubs Limited is Greene King PLC.

Current Rent Reserved £62,500 per annum

VAT

VAT is not applicable

Accommodation & Tenancy Schedule

Floor Accommodation Lessee Lease Term Current Annual Rent Notes
Basement

Ground

Part First
Storage Area Measuring Approximately 39.95 sq m (430 sq ft)
Restaurant Area Measuring Approximately 338.62 sq m (3,645 sq ft)
Restaurant Area Measuring Approximately 106.37 sq m (1,145 sq ft)
Premium Dining Restaurants and Pubs Limited t/a Loch Fyne 25 year FRI lease commencing 16th April 2002 on an FRI Lease. 5 yearly reviews. No breaks £62,500 Rent Reviews 16/04/2022 and 15/04/2027
Part First & Second Four Self-Contained Flats (Not Inspected) Individuals Each flat is sold off on a 999 lease peppercorn

Additional Fees and Disclaimer

Administration charge: £1,500 including VAT unless otherwise stated in the addendum.

Buyers Premium and Disbursements: Please see the legal pack and the addendum for any disbursements and buyers premium that may be payable by the purchaser on completion.

Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve ( a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Particulars including images and video tours on the website and within the catalogue are believed to be correct but their accuracy is not guaranteed. The auctioneers will always endeavour to inform prospective purchasers of variations to the catalogue, when such changes are brought to their attention. The auctioneers nor their clients can be held responsible for any losses, damages, or abortive costs incurred in respect of lots that are withdrawn or sold prior to auction. Viewings are carried out by third party agents and we will endeavour to give appropriate notice should the published viewing time change. Auction House London will not be liable for any costs or losses incurred due to viewing cancellations or no shows. Information relating to Rating matters has been obtained by verbal enquiry only. Prospective purchasers are advised to make their own enquiries of the appropriate authorities. Prospective purchasers are deemed to verify for themselves whether tenanted properties are occupied and rents are being paid. All measurements, areas and distances are approximate only. Potential buyers are advised to check them. No representation or warranty is made in respect to the structure of any properties nor in relation to their state of repair. Prospective buyers should arrange for a survey of the particular lot by a professionally qualified person.

Enquire NowFinance AvailableStamp Duty CalculatorRegister to Bid
Open House Viewings: Available during Restaurant Opening Hours. Please contact jamie@auctionhouselondon.co.uk for further details.
For further information, please register for the legal pack. To speak to a member of our team about this lot, please call us on 020 7625 9007 or email us at info@auctionhouselondon.co.uk

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Enquire about 30-32 St. Giles Street, Norwich, Norfolk, NR2 1LL

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