Property for sale

FREEHOLD GRADE II LISTED FORMER RESTAURANT & OFFICE INVESTMENT



FREEHOLD GRADE II LISTED FORMER RESTAURANT & OFFICE INVESTMENT



4a, formerly the site of the first public library in England, the property comprises a combination of open plan space and individual reception rooms. On the ground floor the central space is largely open plan with double-height ceilings, making it suitable for a variety of uses and occupants (subject to planning). Surrounding this room at first floor height is a gallery which leads to two separate reception rooms.

There are two separate basements which would be suitable for storage. Original library bookcases and other period features are present throughout the property.

4b comprises a three storey Grade II listed office building with basement. The property has been fitted to a high specification and provides a series of classrooms and meeting rooms.




Norwich is a medieval city that ranked in the top 10 cities to live in the UK by the Metro in 2019. It is the regional and administrative centre of Norfolk, offering an outstanding quality of life with the Norfolk Broads, countryside, coastline and historic towns all on the doorstep. It has a population of 235,089 (2021 Census) and a retail catchment of approximately 1.1 million.

The property is located within Norwich City Centre, opposite the Norwich Market and The Guildhall and a short walk from the Norwich Lanes. It is prominently positioned within an established restaurant location, with nearby occupiers including CÝte Brasserie, The Wine Cellar and Roger Hickman's Restaurant. It is a short walk from the upmarket Jarrold Department Store, which offers both retail concessions and restaurant/café facilities. The property is a short distance from Norwich's prime retail location, Gentleman's Walk, which is home to numerous high street brands such as The White Company, Fat Face, Primark and Café Nero.




Asset management opportunity.



Potential to create high yielding investment.



4b is let to one tenant producing an income of £45,000 per annum exclusive.



4a is a vacant former restaurant which is suitable for a variety of uses (stp).



The property provides the following net internal area:-
First floor sq m/ sq ft
Reception room 1 44.9 / 483
Reception room 2 36.5 / 393
Gallery 72.0 / 775
Ground floor
Entrance hall 17.3 / 186
Kitchen 38.8 / 418
Former restaurant 185.5 / 1,997
Office 3.2 / 34

Basement
Basement 1 59.9 / 645
Basement 2 51.2 / 552
Total NIA 509.3 / 5,482

4b Offices
Description sq m sq ft
Basement 76.32 821
Ground floor 118.09 1,270
First floor 113.33 1,219
Second floor 108.76 1,170
Third floor (attic/boiler room) - -

Total NIA 416.5 4,480





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

Description 4a 4b
Rateable Value (from 1st April 2023) £50,000 £17,000
Rates payable for 2023/2024 £24,950 £8,453





We have not carried out tests on any of the services or appliances. However, we understand the property is connected to mains electricity, water and sewage.



Strictly by appointment with the sole selling agents:-




It is understood that VAT is applicable.



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



Price
The freehold of 4a and 4b are available to purchase and offers are invited. Price on application.

Tenant
The Inspiration Trust are a multi-academy trust based in Norfolk and north Suffolk. They support a network of 17 academies, train more than 40 teachers a year and offer continuing professional development (CPD) courses to teachers across the region.




4b is let to the Inspiration Trust for 5 years from 9th March 2023 on Tenant's full repairing and insuring basis (limited by a Schedule of Condition), at a rent of £45,000 per annum exclusive. There is a Tenant break on the third anniversary, subject to six month's notice in writing. The lease is inside the Landlord & Tenant 1954 Act.