Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of CBRE Joint Fixed Charge Receivers
Property Information
Location
Miles
12 miles west of Great Yarmouth, 42 miles north of Ipswich
Roads
A11, A140, A147
Rail
Norwich Railway Station
Air
Norwich International
Situation
The property is situated in a highly prominent location on Agricultural Hall Plain at its junction with Prince of Wales Road, opposite its junction with Upper King Street. The immediate vicinity is popular with restaurants and bars, as well as estate agents, employment agencies and solicitor’s offices. Nearby occupiers include NFU Mutual, Handelsbanken Norwich and Strutt & Parker.
Tenure
Freehold. Part Freehold (Penthouse, Residential Ground Rents and Part Lower Ground Floor) and Part Long Leasehold (Ground, Part Lower Ground and First Floors – let to Savills (L & P) Limited held for a term of 999 years from 9th November 2006 at a peppercorn rent.
Location
Miles
12 miles west of Great Yarmouth, 42 miles north of Ipswich
Roads
A11, A140, A147
Rail
Norwich Railway Station
Air
Norwich International
Situation
The property is situated in a highly prominent location on Agricultural Hall Plain at its junction with Prince of Wales Road, opposite its junction with Upper King Street. The immediate vicinity is popular with restaurants and bars, as well as estate agents, employment agencies and solicitor’s offices. Nearby occupiers include NFU Mutual, Handelsbanken Norwich and Strutt & Parker.
Tenure
Freehold. Part Freehold (Penthouse, Residential Ground Rents and Part Lower Ground Floor) and Part Long Leasehold (Ground, Part Lower Ground and First Floors – let to Savills (L & P) Limited held for a term of 999 years from 9th November 2006 at a peppercorn rent.
Description
The property, a Grade II listed building, comprises a commercial unit leased to Savills on the ground, part lower ground and first floor. In addition, there are 23 residential apartments and a three bedroom penthouse with a garage. Part of the lower ground floor comprises self-contained ancillary accommodation with existing planning permission to convert to two one bedroom flats (see “Planning” opposite).
Six Week Completion
Planning
The property benefits from planning permission (dated 31/05/2013) for the conversion of part of the lower ground floor to form two one bed apartments. For further information: Norwich City Council (Tel: +44(0)1603 212092) Application number 13/00259/F.
Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property, a Grade II listed building, comprises a commercial unit leased to Savills on the ground, part lower ground and first floor. In addition, there are 23 residential apartments and a three bedroom penthouse with a garage. Part of the lower ground floor comprises self-contained ancillary accommodation with existing planning permission to convert to two one bedroom flats (see “Planning” opposite).
Six Week Completion
Planning
The property benefits from planning permission (dated 31/05/2013) for the conversion of part of the lower ground floor to form two one bed apartments. For further information: Norwich City Council (Tel: +44(0)1603 212092) Application number 13/00259/F.
Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x.
Reviews
Ground
Lower Ground (part) First
Estate Agent/A2 Ancillary Ancillary/Storage
Offices/Ancillary
511.50 sq m
38.65 sq m 196.95 sq m
(5,498 sq ft)
(416 sq ft) (2,120 sq ft)
SAVILLS (L&P) LIMITED
15 years from 09/10/2008 until 08/10/2023 (1)
£130,000
09/10/2018
Lower Ground (part)
Ancillary (see “Planning”)
120.77 sq m
(1,300 sq ft)
VACANT
–
–
–
Part Lower Ground/ Part Ground
23 Residential Apartments
–
(–)
VARIOUS
125 years from 01/04/2007 each at a fixed ground rent of £200 per annum
£4,600
Second Floor
Penthouse – Comprises Three Bedrooms, Reception Room and Two En-Suite Bathrooms (2)
VARIOUS
–
–
–
Total Commercial Area
867.87 sq m
(9,342 sq ft)
£134,600
This property is being marketed for sale on behalf of Joint Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Fixed Charge Receivers to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
(1) The lease provides for a tenant option to determine on 9th October 2018. We understand that there have been discussions with Savills to remove their break option in return for a reduced rent. (2)The penthouse is subject to a Prohibition Order – please see legal pack. NB: The seller has served notice on the residential lessees under Section 5B of the Landlord and Tenant Act 1987.
