7 St. Andrews Hill, Norwich, Norfolk, NR2 1AD

Long-let city centre investment opportunity

Reversionary lease expires April 2058 with tenant break option Dec 2041

Currently producing £17,671 per annum exclusive

FREEHOLD CITY CENTRE INVESTMENT

FREEHOLD CITY CENTRE INVESTMENT

Detailed Description

The property comprises part of a larger Grade I listed property, formerly known as Suckling House and Stuart Hall, now occupied by Cinema City. The period building has brick and flint external walls under a pitched tiled roof, and is currently used at ground floor level as restaurant kitchens for Cinema City, along with associated stores and WC facilities, and for conference/meeting room facilities, with ancillary staff room and WC at first floor level. A vaulted basement provides additional basic storage.

The building has internal stairs, together with a platform lift and is accessed through the vaulted passage and courtyard of the adjoining Cinema City property.


Location

The property is situated on St Andrews Hill, a pedestrian throughfare linking St Andrews Street with London Street, in the heart of Norwich's historic Lanes, in close proximity to a range of shops, cafés and restaurant facilities.

St Andrews Multi-Storey Car Park is nearby (within c. 150m), offering extensive public parking provision, and Norwich Railway Station is accessible on foot, delivering direct links to London, Cambridge and other regional hubs.

The property immediately adjoins Lawrence House, a multi-let office building.


Lease Terms & Tenant Covenant
The property is let to C S (Norwich) Limited on an unbroken full repairing and insuring lease for a term of 25 years from 1st July 2007. The current rent passing is £17,671 per annum exclusive.

A 26 year reversionary lease dated 13th February is in place, with effect from 1st July 2032, incorporating a rent review on 1st July 2032 and five yearly thereafter. The initial rent is to be agreed and will be payable quarterly in advance. Picture House Cinemas Ltd stand as Surety, and the lease contains provision for the tenant to break with effect from 24th December 2041.