Restaurant let to Premium Dining Restaurants and Pubs Limited formerly Loch Fyne Restaurants Limited (owned by Greene King Plc) until 2027 (no breaks)
Long term residential redevelopment potential at the rear (subject to consents)
Includes self-contained flats on the first and second floors
City centre location
Directly opposite the entrance to the St Giles multi storey car park
400 metres north of the Intu Chapelfield Shopping Centre with occupiers including Apple Store, H&M, JD Sports, Pandora, Zara, Ask Italian, Gourmet Burger Kitchen, KFC and Wagamama
Lot 30
Auction 4th April 2019
Rent £62,500 per Annum Exclusive
Status Sold
Price £750,000
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Restaurant let to Premium Dining Restaurants and Pubs Limited formerly Loch Fyne Restaurants Limited (owned by Greene King Plc) until 2027 (no breaks)
Long term residential redevelopment potential at the rear (subject to consents)
Includes self-contained flats on the first and second floors
City centre location
Directly opposite the entrance to the St Giles multi storey car park
400 metres north of the Intu Chapelfield Shopping Centre with occupiers including Apple Store, H&M, JD Sports, Pandora, Zara, Ask Italian, Gourmet Burger Kitchen, KFC and Wagamama
Lot 30
Auction 4th April 2019
Rent £62,500 per Annum Exclusive
Status Sold
Price £750,000
Sector Restaurant
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 prominently situated in the heart of the city on the south side of St Giles Street, directly opposite the entrance to the St Giles multi storey car park and 150 metres from the historic 200 stall Market Place. The property also benefits from being 400 metres north of the Intu Chapelfield Shopping Centre with occupiers including Apple Store, H&M, JD Sports, Pandora, Zara, Ask Italian, Gourmet Burger Kitchen, KFC and Wagamama.
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
The property is prominently situated in the heart of the city on the south side of St Giles Street, directly opposite the entrance to the St Giles multi storey car park and 150 metres from the historic 200 stall Market Place. The property also benefits from being 400 metres north of the Intu Chapelfield Shopping Centre with occupiers including Apple Store, H&M, JD Sports, Pandora, Zara, Ask Italian, Gourmet Burger Kitchen, KFC and Wagamama.
Tenure
Freehold.
Description
The property comprises restaurant accommodation on the ground floor, part of the first and the basement with selfcontained residential flats on part of the first floor and second floors.
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 restaurant accommodation on the ground floor, part of the first and the basement with selfcontained residential flats on part of the first floor and second floors.
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)
Basement Ground Part First Part First and Second
Storage Restaurant Restaurant Residential
39.95 sq m 338.62 sq m 106.37 sq m 4 flats (2)
(430 sq ft) (3,645 sq ft) (1,145 sq ft)
PREMIUM DINING RESTAURANTS AND PUBS LIMITED t/a Loch Fyne (1)
25 years from 16/04/2002 on a full repairing and insuring lease
£62,500
16/04/2022 (15/04/2027)
Total Commercial
484.94 sq m
(5,220 sq ft)
£62,500
(1) The ultimate holding company for Premium Dining Restaurants and Pubs Limited is Greene King Plc. For the year ending 29th April 2018, Greene King Plc reported a turnover of £2,176,700,000, pre-tax profits of £197,500,000 and a total net worth of £842,500,000 (Source: Experian Group 21/02/2019) (2) The residential flats are all sublet on long leases.
