8-10 St Andrews Hill

INVESTMENT SUMMARY

  • Norwich is an affluent and historic cathedral city and the retailing and administrative centre for East Anglia.
  • Norwich has a primary catchment population of 894,000 which is significantly above the PROMIS regional centre average and ranks the city 11th of the PROMIS centres.
  • Norwich has over 19,000 students, with University of East Anglia consistently ranked 54 in the QS World University Rankings league table (UEA 10.12.2024).
  • Norwich University of the Arts is ranked in the top two creative arts universities in the UK.
  • Norwich has been voted top 10 city to live and work in Britain (The Telegraph 9.9.2024).
  • Norwich catchment is highly affluent and loyal with an over representation of ‘comfortable communities’ and ‘affluent achievers’.
  • Tourism is worth an estimated £750 million every year and supports more than 13,000 jobs.
  • The property is let to Double AA Ltd t/a Bishops on a 15 year lease from 28 September 2016, tenant break 27 September 2026 at a rent of £13,750 pax (RR outstanding from September 2021).

LOCATION

Norwich is located approximately 43 miles north of Ipswich, 62 miles northeast of Cambridge and 100 miles northeast of London.

Norwich benefits from excellent road communications providing direct access to the A11 which connects it with Cambridge to the southwest and onto Junction 9 of the M11.  The A140 provides access to the A14 and Ipswich to the south.  The A14 also provides access to the M1 and M6.

Rail communications are provided from Norwich Railway Station with direct services to Ipswich, Cambridge and London Liverpool Street. The quickest journey times are approximately, 1 hour 11 minutes and 1 hour 38 minutes respectively.

Norwich International Airport is located approximately 3.5 miles to the north of the city and London Stansted Airport is located approximately 77 miles to the southwest.

The property, which trades as Bishops Restaurant is located on St Andrews Hill in the heart of Norwich Lanes and links London Street/Bedford Street with St Andrew’s Street where several of the Norwich University of the Arts buildings are situated as well as well-known venues – St Andrews and Blackfriars Halls. The property is adjacent to the Bridewell Museum and close to multi-let offices and Cinema City (Picturehouse).

 

ACCOMMODATION

The property provides accommodation on ground, first and second floors.  In addition, there is an external store at the rear of the property accessed via the shared rear yard.  The approximate  floor areas are as follows:-

 

Ground Floor
 Restaurant 490 sq ft 45.5 sq m
 WC96 sq ft8.91 sq m
First Floor
 Kitchen 465 sq ft 43.1 sq m
Second Floor
 Flat583 sq ft 54.1 sq m
External Store131 sq ft12.1 sq m

 

The owner of Bishop’s is currently selling the business.  Please see the link and contact Chris Ruggles of EMF for more information.

https://www.emfgroup.com/businesses/view/R36083E/award-winning-restaurant-wine-bar

 

TENURE

Freehold.

 

LEASE

The property is let to Double AA Ltd t/a Bishops on an internal repairing and insuring lease for a term of 15 years from 28 September 2016 at a rent of £13,750 pax.  The Lease contains a tenant break on 27 September 2026.  Please note there is an outstanding rent review from September 2021.  In addition, there is a separate Lease for an external storage unit situated at the rear of the property in the shared service yard.

 

PLANNING

The property is Grade II listed.  List entry numbers 1372491 and 1290976.

 

RATEABLE VALUE

We understand from the Valuation Office Agency website that the property has a rating assessment of £9,000 with effect from 1 April 2023.  Interested parties are advised to make their own enquiries.

 

EPC

The property has an EPC rating of B.  Further details are available upon request.

 

VAT

The property is not elected for VAT.  VAT will not be charged on the sale.

 

PROPOSAL

Offers are invited in the region of £200,000 (Two Hundred Thousand Pounds) for the freehold of the property.  A purchase at this level will reflect a net initial yield of approximately 6.72% after buyer’s costs.

 

ANTI MONEY LAUNDERING

In accordance with Anti Money Laundering Legislation, the purchaser will be required to provide proof of identity and address to the selling agents prior to solicitors being instructed.

 

 

Plans

 

Francis Darrah for themselves and as Agents for the proposed Vendor(s) or Lessor(s) give notice: 1. That they do not make or give either in these particulars or in negotiations or otherwise any warranty or representation whatever in relation to the property. 2. Any plan attached to these particulars is for identification purposes only and all measurements are given as a guide and no liability can be accepted for errors arising therefrom. 3. The property being open to inspection any intended purchaser must satisfy himself as to the accuracy of these particulars and he will be deemed to have full knowledge thereof. 4. No liability can be accepted for any misstatement, omission or errors in these particulars. 5. These particulars do not constitute an offer or Contract or any part thereof.

 

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