Upper King Street, Norwich, Norfolk, NR3

Description

The property is an established bar and club premises within an attractive period, Grade II Listed (relating to the façade only) building, which was converted from offices over 10 years ago to provide multi-level bar accommodation, and now trades as a popular cocktail bar.

The trade areas are arranged over 3 floors with the main bar area on the ground floor, further bar and function space on the first floor and a smaller bar area leading to a roof terrace on the second floor.

Location

Norwich has a population of approximately 140,000 and an extensive regional catchment area. In addition, more than 40 million people visit Norwich each year. The city was also recently voted the UK's "happiest city" and "best place to live" in two separate surveys.

The property is centrally located on Upper King Street, which connects Tombland with Prince of Wales Road in Norwich's busy city centre leisure area, in close proximity to many of the city's most popular bars and restaurants. Occupiers in the area include Zizzi's, Brewdog, Revolucion de Cuba, Giggling Squid, Revolution and Bar & Beyond.

Accommodation Description

The property has a total net internal floor area of approximately 2,357 sq ft (219.0 sq m). This area excludes the basement, which has not been measured.

Terms

The property is being offered for sale, on a freehold basis as an investment, subject to the current lease to CGCC Limited.

The lease is for a 15-year term from 1st March 2023 with tenant only break options on the 5th and 10th anniversaries and 5-yearly rent reviews to CPI, capped at 3%. The current passing rent is £33,000 pax. Further information is available on application.