About this property

Detailed Description

The property comprises part of a larger Grade I listed property, formerly known as Suckling House and Stuart Hall, now occupied by Cinema City. The period building has brick and flint external walls under a pitched tiled roof, and is currently used at ground floor level as restaurant kitchens for Cinema City, along with associated stores and WC facilities, and for conference/meeting room facilities, with ancillary staff room and WC at first floor level. A vaulted basement provides additional basic storage.

The building has internal stairs, together with a platform lift and is accessed through the vaulted passage and courtyard of the adjoining Cinema City property.

Location

The property is situated on St Andrews Hill, a pedestrian throughfare linking St Andrews Street with London Street, in the heart of Norwich's historic Lanes, in close proximity to a range of shops, cafés and restaurant facilities.

St Andrews Multi-Storey Car Park is nearby (within c. 150m), offering extensive public parking provision, and Norwich Railway Station is accessible on foot, delivering direct links to London, Cambridge and other regional hubs.

The property immediately adjoins Lawrence House, a multi-let office building.

Accommodation

Measured on a net internal basis, the floor areas are as follows:-

Description sq m sq ft
Ground floor
Kitchen 37.17 400
Prep/wash area 4.60 40
Total GF 41.77 450

First floor
Office/conference 45.39 489
Staff room 4.50 48
Total FF 49.89 537

Basement
Basic storage 11.17 120

TOTAL 102.83 1,107

Business Rates

Business rates will be the responsibility of the occupier. The property currently forms part of a larger rating hereditament and therefore does not have a separate rateable value.

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 has been elected for VAT, and it is proposed the transaction be treated as a Transfer of a Going Concern (TOGC).

Legal Costs

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

Other

Lease Terms & Tenant Covenant
The property is let to C S (Norwich) Limited on an unbroken full repairing and insuring lease for a term of 25 years from 1st July 2007. The current rent passing is £17,671 per annum exclusive.

A 26 year reversionary lease dated 13th February is in place, with effect from 1st July 2032, incorporating a rent review on 1st July 2032 and five yearly thereafter. The initial rent is to be agreed and will be payable quarterly in advance. Picture House Cinemas Ltd stand as Surety, and the lease contains provision for the tenant to break with effect from 24th December 2041.

Terms

Price
The freehold is available to purchase subject to and with the benefit of the current tenancy at a price of £200,000, reflecting an attractive Net Initial Yield of approximately 8% after Stamp Duty and usual purchaser's costs.