50,628 sq ft City Centre building currently comprising retail and office accommodation
Recent planning permission granted for 84 residential apartments together with basement parking
Located within the professional district some 200 metres from Norwich Railway Station
Ground floor retail unit let to Finger Lickin’ Chicken Ltd until October 2022 (1)
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 18
Auction 13th October 2016
Rent £77,042 per Annum Exclusive
Status Sold
Price £3,200,000
Sector Development
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
On Behalf of a Major Fund Manager
Property Information
Location
Miles
44 miles north of Ipswich, 62 miles north-east of Cambridge
Roads
A147, A1242, A47, A11
Rail
Norwich Railway Station
Air
Norwich International Airport
Situation
Norwich is a popular Cathedral and University City in East Anglia. Grosvenor House is located within the City Centre on the north side of the busy Prince of Wales Road at its junction with Rose Lane. The property benefits from being some 200m from Norwich Railway Station on the main arterial route into the City Centre. Opposite the property there is a One Stop convenience store,
Subway and Premier Inn. Riverside Leisure Park which houses retailers including Odeon Cinema, Hollywood Bowl, Pizza Hut, Nando’s and TGI Friday is also just a short distance away.
Tenure
Freehold.
Location
Miles
44 miles north of Ipswich, 62 miles north-east of Cambridge
Roads
A147, A1242, A47, A11
Rail
Norwich Railway Station
Air
Norwich International Airport
Situation
Norwich is a popular Cathedral and University City in East Anglia. Grosvenor House is located within the City Centre on the north side of the busy Prince of Wales Road at its junction with Rose Lane. The property benefits from being some 200m from Norwich Railway Station on the main arterial route into the City Centre. Opposite the property there is a One Stop convenience store,
Subway and Premier Inn. Riverside Leisure Park which houses retailers including Odeon Cinema, Hollywood Bowl, Pizza Hut, Nando’s and TGI Friday is also just a short distance away.
Tenure
Freehold.
Description
The property comprises a substantial seven storey building comprising approximately 4,703 sq m (50,628 sq ft) of commercial space. The ground floor currently comprises two retail units arranged as one restaurant (A3). The upper floors currently comprise office accommodation arranged into 22 suites over two wings linked by a central circulation, lift and WC core. At lower ground floor there is a car park which currently provides parking for approximately 34 cars with further parking for 6 cars along the western side of the property.
VAT
VAT is applicable to this lot.
Planning
Planning consent was granted on the 31st March 2016 to extend and alter the building to create 84 private apartments including 29 one bedroom flats, 55 two bedroom flats and 29 basement parking spaces. The total net proposed floor area is 5,042 sq m (54,243 sq ft). For further information and to see proposed plans visit nowrich.gov.uk REF: 15/01337/F.
Prior approval was also granted on the 17th December 2014 for a scheme of 69 private apartments within the existing building frame. For further information visit norwich.gov.uk REF: 14/01617/PDD and 15/00319/PDD.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a substantial seven storey building comprising approximately 4,703 sq m (50,628 sq ft) of commercial space. The ground floor currently comprises two retail units arranged as one restaurant (A3). The upper floors currently comprise office accommodation arranged into 22 suites over two wings linked by a central circulation, lift and WC core. At lower ground floor there is a car park which currently provides parking for approximately 34 cars with further parking for 6 cars along the western side of the property.
VAT
VAT is applicable to this lot.
Planning
Planning consent was granted on the 31st March 2016 to extend and alter the building to create 84 private apartments including 29 one bedroom flats, 55 two bedroom flats and 29 basement parking spaces. The total net proposed floor area is 5,042 sq m (54,243 sq ft). For further information and to see proposed plans visit nowrich.gov.uk REF: 15/01337/F.
Prior approval was also granted on the 17th December 2014 for a scheme of 69 private apartments within the existing building frame. For further information visit norwich.gov.uk REF: 14/01617/PDD and 15/00319/PDD.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
(1) The tenant is not currently in occupation. (2) For the year ending 31st December 2014, Ingeus UK Limited reported a turnover of £145,537,000, pre-tax profits of £12,811,000 and a total net worth of £18,040,000. (Source: www.riskdisk.com 14/09/2016). (3) The lease is outside of the security of tenure provisions of the 1954 Landlord & Tenant Act.
Contacts
Seller's Solicitors
Irwin Mitchell LLP 40 Holborn Viaduct London EC1N 2PZ
