Scandic House Mountergate Norwich Norfolkl NR1 1PY

Scandic House
Mountergate
Norwich
Norfolkl
NR1 1PY

Long Leasehold Warehouse and Office Investment

City centre location
Let to The Shaw Trust Limited on a lease expiring 2022
Comprises 4,395 sq ft on a site of 0.24 acres
Includes forecourt and parking for 17 cars
Nearby occupiers include Tesco, Kwik Fit, Travelodge and Subway

Lot
14
Auction
5th December 2018
Rent
£55,000 per Annum Exclusive
Status
Sold
Price
£500,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
Octopus Bridging Loan
To be confirmed

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Long Leasehold Warehouse and Office Investment

City centre location
Let to The Shaw Trust Limited on a lease expiring 2022
Comprises 4,395 sq ft on a site of 0.24 acres
Includes forecourt and parking for 17 cars
Nearby occupiers include Tesco, Kwik Fit, Travelodge and Subway

Lot 14
Auction 5th December 2018
Rent £55,000 per Annum Exclusive
Status Sold
Price £500,000
Sector
Industrial, Warehouse
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 25 miles west of Great Yarmouth, 44 miles north-east of Bury St Edmunds, 45 miles north of Ipswich
Roads: A140, A146, A11
Rail: Norwich Train Station
Air: Norwich International Airport

Situation

Norwich is a cathedral city and the county city of Norfolk, situated approximately 25 miles west of Great Yarmouth, 44 miles north-east of Bury St Edmunds and 45 miles north of Ipswich. The property is situated on the eastern side of the city centre, 250 metres from Norwich train station. The property is located on Mountergate, which is accessed from the junction off Rose Lane and Prince of Wales Road. Nearby occupiers include Tesco, Kwik Fit, Travelodge and Subway.

Tenure

Long Leasehold. Long Leasehold for a term of 250 years from 25th March 1986 (approximately 218 years unexpired) at the higher of £1,000 per annum or 8% of the rack payable under the lease. The current rent is £4,400 per annum.

Location

Miles: 25 miles west of Great Yarmouth, 44 miles north-east of Bury St Edmunds, 45 miles north of Ipswich
Roads: A140, A146, A11
Rail: Norwich Train Station
Air: Norwich International Airport

Situation

Tenure

Description

The property comprises a two storey office building with a warehouse. The property benefits from 17 car parking spaces and sits on a site of approximately 0.097 hectares (0.24 acres). The office accommodation benefits from suspended ceilings, Cat 2 lighting, air conditioning, roller shutter door and perimeter trunking.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Band D. See legal pack at acuitus.co.uk

Description

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Band D. See legal pack at acuitus.co.uk

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reversion
Ground Ground First	Office Warehouse Office	306.95 sq m 75.34 sq m 26.01 sq m	(3,304 sq ft) (811 sq ft) (280 sq ft)	THE SHAW TRUST LIMITED (1)	5 years from 21/11/2017 on a full repairing and insuring lease	£55,000	20/11/2022
Total		408.30 sq m	(4,395 sq ft)			£55,000

(1) For the year ending 31st March 2017, The Shaw Trust Limited reported pre-tax profits of £38,152,000 and a total net worth of £112,090,000 (Source: Experian 01/11/2018). Shaw Trust is one of the largest 25 charities in the UK and employs over 3,500 staff (Source: www.shaw-trust.org.uk).