22 London Street Norwich Norfolk NR2 1LF

22 London Street
Norwich
Norfolk
NR2 1LF

Freehold Retail Investment

Let to Whittard Trading Ltd t/a Whittard of Chelsea on a new 10 year lease until 2026 (subject to option)
Rent reviewed in line with Retail Price Index subject to a maximum 5% and minimum of 2% per annum compounded (3)
Frontage to 2 major shopping thoroughfares
Nearby occupiers include Waterstones, Boots the Chemist, GAP and Laura Ashley
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
36
Auction
7th July 2016
Rent
£65,000 per Annum Exclusive
Status
Sold
Price
£910,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG
On behalf of a Cambridge College

Important Update Interested?

Expand
Photos
Map

Freehold Retail Investment

Let to Whittard Trading Ltd t/a Whittard of Chelsea on a new 10 year lease until 2026 (subject to option)
Rent reviewed in line with Retail Price Index subject to a maximum 5% and minimum of 2% per annum compounded (3)
Frontage to 2 major shopping thoroughfares
Nearby occupiers include Waterstones, Boots the Chemist, GAP and Laura Ashley
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 36
Auction 7th July 2016
Rent £65,000 per Annum Exclusive
Status Sold
Price £910,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG
On behalf of a Cambridge College

Property Information

Location

Miles: 45 miles north of Ipswich, 63 miles north-east of Cambridge, 70 miles east of Peterborough
Roads: A47, A11, A140
Rail: Norwich Railway Station
Air: Norwich International Airport

Situation

The property is situated in a highly prominent corner position at the junction of London Street and Castle Street in Norwich City Centre with frontages on both major shopping thoroughfares. Nearby occupiers include Waterstones, Boots the Chemist, GAP and Laura Ashley.

Tenure

Freehold.

Location

Miles: 45 miles north of Ipswich, 63 miles north-east of Cambridge, 70 miles east of Peterborough
Roads: A47, A11, A140
Rail: Norwich Railway Station
Air: Norwich International Airport

Situation

Tenure

Freehold.

Description

The property comprises retail accommodation on the ground floor with ancillary accommodation on basement and four upper floors.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises retail accommodation on the ground floor with ancillary accommodation on basement and four upper floors.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

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	Review
Ground Basement First Second Third Fourth	Retail Retail Ancillary Ancillary Ancillary	51.00 sq m 54.07 sq m 52.68 sq m 50.54 sq m 32.70 sq m 40.41 sq m	(549 sq ft) (582 sq ft) (567 sq ft) (544 sq ft) (352 sq ft) (435 sq ft)	WHITTARD TRADING LIMITED t/a Whittard of Chelsea (1)	10 years from 20/05/2016 until 2026 on a full repairing and insuring lease (2)	£65,000 (4)	20th May 2021 in line with RPI (3)
Totals		281.40 sq m	(3,029 sq ft)			£65,000

(1) Whittard Trading Limited was incorporated in 2008. Whittard trade from 55 stores nationwide. (Source: www.whittard.co.uk)
(2) The lease provides for a tenant option to determine the lease on 20/05/2021 subject to 6 months’ written notice.
(3) The lease provides for a rent review on 20th May 2021 in line with the Retail Price Index compounded per annum subject to a minimum of 2% p.a. and a maximum of 5% p.a. for the first 5 years of the term. See Clause 7.1 of the lease for details.
(4) The lease provides for the rental payment to commence on 20th November 2016. The Seller will pay the Buyer the rent that would have been due in the absence of the initial rent free period by way of an adjustment to the completion monies.