FREEHOLD GRADE II LISTED RESTAURANT INVESTMENT SALE
The property comprises a listed Victorian five-storey corner property previously used as a department store, but now with ground floor and basement utilised as a restaurant. The property is well decorated and maintained throughout.
The uppers floors are not in use and further development potential would be possible (subject to planning permission and agreement with the existing tenant). The upper floors are separately accessed.
Located in the heart of the historic City, Norwich, the premises is positioned prominently on Swan Lane.
Swan Lane is an attractive pedestrianised street which forms part of the historic and popular Norwich Lanes. A location popular with independent and creative retailers and caf�/ restaurants.
Nearby occupiers include Jarrolds department store, Premier Travel, Gallyons Country Clothing and The Ivy.
The premises is a short walk from both St Andrew's Car Park and Castle Meadow, which is served by numerous bus routes. It is also just a 10-minute walk from Norwich Train Station.
The property provides the following net internal floor areas:
Description sq m sq ft
Basement 239.72,580
Ground floor 342.23,684
First floor 318.03,423
Second floor 323.33,480
Third floor 28.2303
Total NIA1,251.413,470
Business rates will be the responsibility of the occupier. The premises have the following assessment:-
DescriptionOffices and premises
Rateable Value (from 1st April 2023)£87,000
Rates payable for 2023/2024 £44,544
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.
Strictly by appointment with the sole selling agent:-
The property is not VAT registered and therefore it is not applicable to this sale.
Each party will be responsible for their own legal costs incurred in documenting the sale.
The freehold is available to purchase, and offers are invited in excess of £1,000,000, subject to and with the benefit of the current tenancy. At this price, it reflects an attractive net initial yield of 8.51% after stamp duty and purchaser's costs.
The property is let in its entirety on an FRI lease for a term of 15 years from 27th April 2016 to Turtle Bay Hospitality Limited, at a rent of £90,000 per annum exclusive.
As of their most recent accounts, the tenant has a turnover of £90,103,059 with Pre-Tax profits of £9,925,555 and Total Net Worth of £18,886,785.
Attractive five-storey Grade II Listed property
Let to Turtle Bay Hospitality Limited at a rent of £90,000 per annum
Desirable location in the heart of Norwich City Centre
Established covenant with 'Low Risk' Experian score
Potential further development of the unused upper floors STPP ( Agency Pilot Software ref: 426954 )
