About this property

Detailed Description

The property comprises a listed Victorian five-storey corner property previously used as a department store, but now with ground floor and basement utilised as a restaurant. The property is well decorated and maintained throughout.

The uppers floors are not in use and further development potential would be possible (subject to planning permission and agreement with the existing tenant). The upper floors are separately accessed.

Location

Located in the heart of the historic City, Norwich, the premises is positioned prominently on Swan Lane.

Swan Lane is an attractive pedestrianised street which forms part of the historic and popular Norwich Lanes. A location popular with independent and creative retailers and café/ restaurants.

Nearby occupiers include Jarrolds department store, Premier Travel, Gallyons Country Clothing and The Ivy.

The premises is a short walk from both St Andrew's Car Park and Castle Meadow, which is served by numerous bus routes. It is also just a 10-minute walk from Norwich Train Station.

Accommodation

The property provides the following net internal floor areas:

Description sq m sq ft
Basement 239.7 2,580
Ground floor 342.2 3,684
First floor 318.0 3,423
Second floor 323.3 3,480
Third floor 28.2 303
Total NIA 1,251.4 13,470

Business Rates

Business rates will be the responsibility of the occupier. The premises have the following assessment:-

Description Offices & premises
Rateable Value (from 1st April 2023) £87,000
Rates payable for 2023/2024 £44,544

Services

We have not carried out tests on any of the services or appliances and interested parties should arrange their own test to ensure these are in working order.

Viewing

Strictly by appointment with the sole selling agent:-

VAT

The property is not VAT registered and therefore it is not applicable to this sale.

Legal Costs

Each party will be responsible for their own legal costs incurred in documenting the sale.

Other

The freehold is available to purchase, and offers are invited in excess of £1,000,000, subject to and with the benefit of the current tenancy. At this price, it reflects an attractive net initial yield of 8.51% after stamp duty and purchaser's costs.

Terms

The property is let in its entirety on an FRI lease for a term of 15 years from 27th April 2016 to Turtle Bay Hospitality Limited, at a rent of £90,000 per annum exclusive.

As of their most recent accounts, the tenant has a turnover of £90,103,059 with Pre-Tax profits of £9,925,555 and Total Net Worth of £18,886,785.