Sentinel House 37-45 Surrey Street Norwich Norfolk NR1 3UY

  • Sentinel House<br>37-45 Surrey Street<br>Norwich<br>Norfolk<br>NR1 3UY

Sentinel House
37-45 Surrey Street
Norwich
Norfolk
NR1 3UY

Landmark Freehold Ground Rent Office Investment

  • Prominent corner position on Queens Road (A147) in the city centre
  • Entirely let to Aviva Life & Pensions UK Limited until 2134
  • 2014 rent review and five yearly thereafter
  • Rent Reviews geared to 10% of rack rental value
  • Approximate site area of 0.9585 hectares (2.3685 acres)
  • Six Week Completion Period Available
  • Lot
    18
  • Auction
    14th February 2013
  • Rent
    £100,000 per Annum Exclusive
  • Status
    Sold
  • Price
    £2,450,000
  • Auction Venue
    Millennium Hotel
    44 Grosvenor Square
    London W1K 2HP
  • On behalf of Trustees
Important UpdateInterested?
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Landmark Freehold Ground Rent Office Investment

  • Prominent corner position on Queens Road (A147) in the city centre
  • Entirely let to Aviva Life & Pensions UK Limited until 2134
  • 2014 rent review and five yearly thereafter
  • Rent Reviews geared to 10% of rack rental value
  • Approximate site area of 0.9585 hectares (2.3685 acres)
  • Six Week Completion Period Available
  • Lot 18
  • Auction 14th February 2013
  • Rent £100,000 per Annum Exclusive
  • Status Sold
  • Price £2,450,000
  • Sector
    Ground Rent
  • Auction Venue
    Millennium Hotel
    44 Grosvenor Square
    London W1K 2HP
  • On behalf of Trustees

Property Information

Location
Miles
0.5 miles to Norwich city centre
Roads
A11, A47
Rail
Norwich Rail (1 hr 50 mins to London Liverpool St)
Air
Norwich International Airport
Situation

The property is situated in a highly prominent corner location on the northern side of Queens Road (A147), Norwich’s inner ring road, also fronting Surrey Street to the north. This strategic city centre location is within a short walk of Norwich Central Bus Station and the city’s main retailing areas including Chapelfield Shopping Centre and John Lewis. Other nearby occupiers include Sainsbury’s, Travelodge, Barclays and Hewlett Packard.

Tenure

Freehold.

Location
Miles
0.5 miles to Norwich city centre
Roads
A11, A47
Rail
Norwich Rail (1 hr 50 mins to London Liverpool St)
Air
Norwich International Airport
Situation

The property is situated in a highly prominent corner location on the northern side of Queens Road (A147), Norwich’s inner ring road, also fronting Surrey Street to the north. This strategic city centre location is within a short walk of Norwich Central Bus Station and the city’s main retailing areas including Chapelfield Shopping Centre and John Lewis. Other nearby occupiers include Sainsbury’s, Travelodge, Barclays and Hewlett Packard.

Tenure

Freehold.

Description

The property comprises a substantial site of approximately 0.960 hectares (2.369 acres), upon which has been erected a landmark seven storey office building with excellent parking facilities. The tenant developed the property in the 1980s and has been in occupation as their headquarters ever since.

VAT

VAT is not applicable to this lot.

Viewings

There will be block viewings for this property. Interested parties must register
their details with the auctioneers and provide identification on site. Please
contact Gwen Thomas.

EPC

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

Description

The property comprises a substantial site of approximately 0.960 hectares (2.369 acres), upon which has been erected a landmark seven storey office building with excellent parking facilities. The tenant developed the property in the 1980s and has been in occupation as their headquarters ever since.

VAT

VAT is not applicable to this lot.

Viewings

There will be block viewings for this property. Interested parties must register
their details with the auctioneers and provide identification on site. Please
contact Gwen Thomas.

EPC

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

Tenancy & Accommodation

Floor Use Floor Areas (Approx) Tenant Term Ground Rent p.a.x Reviews
Lower Ground
to Fifth
 Office
Storage
8,919.55 sq m
776.11 sq m
(96,010 sq ft)
(8,354 sq ft)
 AVIVA LIFE & PENSIONS UK
LIMITED (a subsidiary company
of AVIVA PLC) (2) (3) (4)		 150 years from 24/06/1984
until 23/06/2134 on a full
repairing and insuring lease
£100,000
 24/06/2014
and five yearly
thereafter (5)
Totals  
9,695.66 sq m
(104,364 sq ft) (1)
    £100,000

(1) Correspondence between parties at the 1989 rent review states these areas.
(2) The property is let to Aviva Life and Pensions UK Limited (formerly Norwich Union Life and Pensions Limited) on assignment from The Norwich Union Life Insurance Company Limited (formerly The Norwich Union Life Insurance Society).
(3) Aviva is the UK’s largest insurer and one of Europe’s leading providers of life and general insurance (Source: www.aviva.com 15/01/2013).
(4) The lease is pre-1996 and therefore The Norwich Union Life Insurance Company Limited remains liable as original tenant due to privity of contract. The Norwich Union Life Insurance Company Limited is a subsidiary of Aviva plc.
(5) The rent is reviewed to the greater of passing rent or 10% of the rack rental value of the premises.

Contacts

Associate Auctioneers
Brown & Co The Atrium, St Georges Street
Norwich
Norfolk
NR3 1AB 01603 616 199
Nick Saffell 01603 598 230nick.saffell@brown-co.com
Seller's Solicitors
Leathes Prior 74 The Close
Norwich
Norfolk
NR1 4DR
William Riley 01603 610 911wriley@leathesprior.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
Property InsuranceBrown & BrownNatasha WardBroking Director+44 7545 208 759bbrown.com

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