31-37 London Road & 1-3 Swan Lane Norwich Norfolk NR2 1HU

31-37 London Road & 1-3 Swan Lane
Norwich
Norfolk
NR2 1HU

Freehold Retail Parade Investment

Six unit Retail block with Upper Parts
Central Location within Norwich's Historic Core, Very Close to Norwich Castle
Tenants include Bravissimo, Timpsons and The Whisky Shop
Immediate Asset Management Opportunities
Majority Grade II Listed with the exception of 3 Swan Lane
Total Approximate Floor Area of 1,228.845 sq m (13,228 sq ft)

Lot
30
Auction
22nd September 2022
Rent
£92,555 per Annum Exclusive
plus 5,801 sq. ft. (539.00 sq. m.) of Vacant Space
Status
Sold
Price
£1,400,000
Sector
High Street Retail
Auction Venue
Live Streamed Auction

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Freehold Retail Parade Investment

Six unit Retail block with Upper Parts
Central Location within Norwich's Historic Core, Very Close to Norwich Castle
Tenants include Bravissimo, Timpsons and The Whisky Shop
Immediate Asset Management Opportunities
Majority Grade II Listed with the exception of 3 Swan Lane
Total Approximate Floor Area of 1,228.845 sq m (13,228 sq ft)

Lot 30
Auction 22nd September 2022
Rent £92,555 per Annum Exclusive plus 5,801 sq. ft. (539.00 sq. m.) of Vacant Space
Status Sold
Price £1,400,000
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 45 miles north of Ipswich, 61 miles north-east of Cambridge
Roads: A11, A47, A140, A146
Rail: Norwich
Air: Norwich Airport

Situation

Norwich is the only Cathedral City in Norfolk and acts as its County Town, with a population of 141,300. Norwich is located 45 miles north of Ipswich, 61 miles north-east of Cambridge, 73 miles east of Peterborough and benefits from regular rail services to London Liverpool Street (1 hour 50 minutes). The property is located on the north side of the London Street and the east side of Swan Lane, both forming part of Norwich's prime pedestrianised retail thoroughfares, within the Norwich City Centre Conservation Area. Nearby occupiers include Toni & Guy, Costa, Greggs, The Ivy and Boots.

Tenure

Freehold.

Location

Miles: 45 miles north of Ipswich, 61 miles north-east of Cambridge
Roads: A11, A47, A140, A146
Rail: Norwich
Air: Norwich Airport

Situation

Tenure

Freehold.

Description

The property comprises a total of six retail units, four of which are located on London Street and two on Swan Lane. The upper parts are primarily used for ancillary purposes with two of the units benefitting from basement accommodation.

VAT

VAT is applicable to this lot.

EPC

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

Description

VAT

VAT is applicable to this lot.

EPC

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

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas Approx sq m	Floor Areas Approx sq ft	Tenant	Term	Rent p.a.x.	Review/(Reversion)
31 and part 33 London Street	Ground First Second Third	Retail Retail Office/Ancillary Ancillary	67.43 174.07 169.56 33.33	(726) (1,873) (1,825) (359)	BRAVISSIMO LIMITED (1)	10 years from 07/01/2018	£55,000	07/01/2023 (06/01/2028)
Part 33 London Street	Ground	Retail	90.33	(972)	VACANT POSSESSION
35 London Street	Ground First Second Third	Retail Retail Office/Ancillary Ancillary	147.61 194.68 43.64 65.36	(1,589) (2,096) (470) (704)	VACANT POSSESSION
37 London Street	Ground Basement	Retail Ancillary	22.35 21.29	(241) (229)	SANDYMERE LIMITED t/a Timpsons (2)	10 years from 21/11/2013	£17,000	(20/11/2023)
1 Swan Lane	Ground Basement First Second Third Fourth	Retail Ancillary Ancillary Ancillary Ancillary	30.62 29.37 32.04 27.62 24.92 19.40	(330) (316) (345) (297) (268) (209)	SHUROPODY RETAIL LIMITED t/a Shuropody (3)	Tenancy at Will (4)	£10,000
3 Swan Lane	Ground	Retail	35.23	(379)	GLENKEIR WHISKIES LIMITED t/a The Whisky Shop (5)	10 years from 12/01/2015	£10,555	(12/01/2025)
Total Approximate Floor Area			1,228.85	(13,228)			£92,555

(1) Founded in 1995, Bravissimo is a clothing retailer and have 700 employees, 26 shops throughout the UK, 1 shop in the US, and a website that delivers to Bravissimo girls all over the world. (Source: www.bravissimo.com 18/08/2022)
(2) Timpson is the UK’s leading retail service provider employing over 5,600 colleagues, with 2,000 owned stores and 119 "Snappy Snaps" franchises throughout the UK and Ireland. Timpson has been established in 1865 and is family owned and run by John Timpson as Chairman and James Timpson as Chief Executive. (Source: www.timpson.co.uk 18/08/2022)
(3) Established in 2007, Shuropody Retail Limited are now the UK's largest podiatry business with over 100 podiatry clinics across almost 50 stores and look after more than 300,000 patients every year. For the year ending 31st March 2020, Shuropody Retail Limited reported a Turnover of £11,736,971, an Operating Profit of negative £136,457 and a Net Worth of negative £1,442,117. (Source: Companies House annual accounts 01/09/2022).
(4) Shuropody are currently in occupation on a Tenancy at Will. Negotiations between the tenant and vendor are progressing in relation to a new lease. Please refer to the legal pack for further information.
(5) For the year ending 31/01/2021 Glenkeir Whiskies Limited reported a Turnover of £10,963,29, a Pre-Tax Profit of £1,055,044 and a Net Worth of £3,123,627. (NorthRow 31/08/2022)

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.