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
