3/3A Brigg Street, Norwich, Norfolk, NR2

Description

Norwich is an affluent and attractive cathedral city that draws on a large catchment, substantially enhanced by a year round tourist influx. Brigg Street, itself, is a prime retail street within the heart of the city centre.

The subject property is highly prominent, situated in a prime retail location between Marks & Spencer and Primark.
The property comprises 2 retail units and a vacant former social club with a gym and squash court in the basement and 3 upper floors.

- an income of 70,000 pax
- existing leisure club with squash court (in need of refurbishment)
- development potential for residential/offices (subject to planning)

Location

Norwich is a renowned cathedral city with a catchment population of over 800,000 persons. The city benefits from excellent communication links to London (A11/M11) and the Midlands (A14). It has twice hourly direct train links to London (1 hour 50 minutes) and an International Airport.

The city boasts two universities, University of East Anglia and Norwich University of the Arts, is a UNESCO City of Literature, forms part of the Cambridge Norwich, Tech Corridor and has its own Research Park.

Norwich is frequently cited as one of the most desirable cities to live in the UK as a result of its safe and historic environment, affordable housing and access to jobs.

It is surrounded by the coast and the Norfolk Broads National Park. Norfolk has a total of 32 million tourist trips that benefit the economy by £2.34 billion and over 50,000 jobs.

Accommodation Description

3 BRIGG STREET - BURGER KING
Ground Floor Sales 728 sq ft 67.6 sq m
Basement Ancillary 168 sq ft 15.6 sq m
Total 896 sq ft 83.2 sq m

3A BRIGG STREET - TUI
Ground Floor Sales 732 sq ft 68.4 sq m
Basement Ancillary 205 sq ft 19.1 sq m
Total 937 sq ft 87.5 sq m

3 BRIGG STREET - SOCIAL CLUB (VACANT)
Ground Floor Entrance - sq ft - sq m

First Floor
(Snooker Room etc) 1,582 sq ft 147.0 sq m
Second Floor
(Table Tennis Room etc) 1,531 sq ft 142.2 sq m
Third Floor (Ancillary) 616 sq ft 57.2 sq m
Basement
(Squash Court & Gym) 1,462 sq ft 135.8 sq m
Total Floor Area 5,190 sq ft 482.2 sq m

Terms

The property is held freehold, subject to the following two tenancies:

3 Brigg Street - Burger King
An internal repairing and insuring lease for a term of 20 years from the 8th December 2021 to BK UK Devco Limited at a current rent of £40,000 per annum exclusive.

3A Brigg Street -TUI
An internal repairing and insuring lease for a term of 5 years from the 1st June 2021 to TUI (UK) Retail Limited at a current rent of £30,000 per annum exclusive.

3 Brigg Street - Social Club (vacant)

Proposal:
We are instructed to seek offers of £1,150,000 (One Million One Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT.

Anti Money Laundering:
In accordance with the latest anti money laundering legislation, the purchaser will be required to provide proof of identity, address and source of funds to the selling agents
prior to solicitors being instructed.

Asset Management Opportunity:
The property provides potential to utilise the vacant social club for its existing use or to convert to residential, restaurant or offices subject to planning.

Rates

The Valuation Office Agency website indicates that as from April 2023, the ratable values are as follows:

3 Brigg Street - £35,250

3A Brigg Street - £35,750

3 Briggs Street (Social Club) - £20,000

3 Brigg Street (Social Club) Third Floor - £4,400