48 London Street Norwich Norfolk NR2 1LA

48 London Street
Norwich
Norfolk
NR2 1LA

Freehold Retail and Office Investment

Let to Costa Limited and Adecco UK Limited on a new 10 year lease
Includes self-contained first floor offices
Pedestrianised City Centre location
Nearby occupiers include Boots the Chemist, Bang & Olufsen, GAP, Natwest Bank and Skipton Building Society
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
47
Auction
8th December 2016
Rent
£74,000 per Annum Exclusive
Status
Withdrawn Post
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Retail and Office Investment

Let to Costa Limited and Adecco UK Limited on a new 10 year lease
Includes self-contained first floor offices
Pedestrianised City Centre location
Nearby occupiers include Boots the Chemist, Bang & Olufsen, GAP, Natwest Bank and Skipton Building Society
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 47
Auction 8th December 2016
Rent £74,000 per Annum Exclusive
Status Withdrawn Post
Price
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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 prominent position on the east side of pedestrianised London Street close to its junction with Bedford Street, in the heart of Norwich City Centre. Nearby occupiers include Boots the Chemist, Bang & Olufsen, GAP, Natwest Bank and Skipton Building Society.

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 and self contained office accommodation on the first floor which is accessed from London Street.

VAT

VAT is not 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 and self contained office accommodation on the first floor which is accessed from London Street.

VAT

VAT is not 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/(Reversion)
Ground	Retail	154.10 sq m	1,659 sq ft	COSTA LIMITED (1)	15 years from 30/09/2005	£62,000	(29/09/2020)
First	Office	89.80 sq m	966 sq ft	ADECCO UK LIMITED (2)	10 years from 06/09/2016 (3) (4)	£12,000	06/09/2021 (05/09/2026)
Totals		243.90 sq m	2,625 sq ft			£74,000

(1) For the year ending 26th February 2015, Costa Limited reported a turnover of £735,974,000, pre-tax profits of £127,221,000 and a total net worth of £444,814,000. (Source: www.riskdisk.com 07/11/2016).
(2) The Adecco Group is the world's leading provider of workspace solutions, operating in 60 countries. The Group is a Fortune Global 500 Company listed on the Six Swiss Exchange (Source: www.adecco.com). For the year ending 31st December 2015, Adecco UK Limited reported a turnover of £506,750,000, pre-tax profits of £8,137,000 and a total net worth of £48,739,000. (Source: www.riskdisk.com 19/10/2016).
(3) The lease provides for a tenant option to determine the lease on 5th September 2021.
(4) The lease provides for a rent free period until 11th February 2017.