About this property

Detailed Description

The property comprises a two/three storey building of brick and
rendered construction under pitched and tiled roofs. The upper
floors are occupied by two flats which have been sold off on a long
leasehold basis. The ground floor is let to GC and NC Enterprises
(Tallow steak restaurant), which occupies the frontage of both 68
to 70 with kitchens and store rooms to the rear

Location

The property is situated towards the west end of St Benedicts in
central Norwich opposite the popular Arts Centre. St Benedicts has
improved significantly over the last few years with a number of
new restaurants and bars, and is now very much a cultural area of
Norwich.

Accommodation

The property provides the following net internal floor areas:-
Ground Floor Restaurant sq m sq ft
Restaurant 45.7 492
Kitchen 27.6 297
Store 12.2 131
Total 85.4 920

Business Rates

Business rates will be the responsibility of the occupier. The premises have the following assessment:-

Description Restaurant & premises
Rateable Value from April 2026 £16,000
Rates payable £6,112

Services

We have not carried out tests on any of the services or appliances and interested parties should arrange their own test to ensure these are in working order.

Viewing

Strictly by appointment with the sole selling agents:-

VAT

The property is not elected for VAT and VAT will not be charged on the purchase price.

Legal Costs

Each party will be responsible for their own legal costs incurred in documenting the sale.

Terms

Flat 1 is held by way of a long lease of 125 years from 27th October
2011 at a ground rent of £50 per annum to be paid on 1st July each
year. The flat is also responsible for 20% of service charge
obligations.

Flat 2 is held by way of a long lease for 125 years we believe from
3rd December 2012 at a ground rent of £50 per annum to be paid
on 1st January each year. Flat 2 is responsible for 30% of the service
charge obligations.

The restaurant, Tallow, is let by way of 10-year lease from October
2024 to expire in October 2034. There is a tenant's option to break
in October 2029, requiring three months notice.
The tenant is GC and NC Enterprises, a new company, although the
lease is guaranteed.

The rent is £30,000 per annum and there is an upwards only rent
review on the 5th anniversary of the term to the open market value.
Permitted Use is for restaurant and bar within Class E (a) of the
Town and Country Planning Use Classes Order 1987. The landlord
insures and recovers from the tenant.

The lease is outside the security of tenure provisions of the
Landlord and Tenant Act. It is full repairing and insuring and the
lease allows for assigning or subletting of the whole only.