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Exchange Street, Norwich

3,749 sq ft, £650,000

For sale

Freehold Investment
- Vacant possession possible
- Norwich City Centre
- Retail & restaurant investment
- Refurbishment potential

LOCATION
Norwich, with a population of 171,000 is a historic city and the largest of the East Anglian commercial centres serving over 740,000 people in an hour catchment.

The property is situated on Exchange Street, a busy thoroughfare close to the city centre and opposite an entrance to Jarrolds Department Store. "Norwich Lanes" are close offering a range of independent retailers and restaurants with Norwich market being only 2 minutes' walk where many national high street retailers are situated.

DESCRIPTION
The property is arranged over five storeys and basement …

Freehold Investment
- Vacant possession possible
- Norwich City Centre
- Retail & restaurant investment
- Refurbishment potential

LOCATION
Norwich, with a population of 171,000 is a historic city and the largest of the East Anglian commercial centres serving over 740,000 people in an hour catchment.

The property is situated on Exchange Street, a busy thoroughfare close to the city centre and opposite an entrance to Jarrolds Department Store. "Norwich Lanes" are close offering a range of independent retailers and restaurants with Norwich market being only 2 minutes' walk where many national high street retailers are situated.

DESCRIPTION
The property is arranged over five storeys and basement with ground floor and basement being a retail shop and first and second floors a restaurant and kitchen with the third and fourth floors currently vacant.

For further information please click brochure

ACCOMMODATION
The accommodation provides the following approximate areas:-

sq ftsq m
Basement 1,11297
Ground floor - retail 94988
First floor restaurant 93987
Second floor kitchen 25924
Third floor storage/office 22521
Fourth floor storage/office 26525
TOTAL 3,749342

TERMS
The property is available at an asking price of £650,000.

VAT
VAT will not be charged on the transaction.

LEGAL COSTS
Each party will be responsible for their legal costs incurred in the transaction.

OTHER
Tenancies

The ground floor and basement are occupied by Quest Gift Limited, a regional gift shop with outlets in Norwich, Bury St Edmunds and Holt.

They occupy by way of an internal repairing lease for 10 years from 5th August 2015 with tenant breaks after 2.5 years, 5 years and 7 years.

The lease is outside of the Act and the current passing rent is £37,500 per annum with the next rent review being in the 5th year.

It has however been agreed to terminate this lease from February 2019. We are in the process of identifying a new tenant however until then vacant possession may also be available.

The restaurant, Bar Tapas, is held by way of a Licence (which is now a lease due to exclusive possession) to Linda Nightingale for 10 years from 18th May 2016 with rolling landlord and tenant options to break giving 30 days' notice.

The rent is £325.00 per week equating to £16,900 per annum.

The Licence/lease is outside of the Act and on an internal repairing basis with no service charge.



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