WESTLEGATE & BOARS HEAD NORWICH NR1 3LT · 2019. 10. 31. · NORWICH NR1 3LT. RETAIL INVESTMENT &...

WESTLEGATE & BOARS HEAD NORWICH NR1 3LTRETAIL INVESTMENT & RESIDENTIAL

DEVELOPMENT OPPORTUNITY

On the instructions of Telereal Trillium

WESTLEGATE & BOARS HEAD NORWICH NR1 3LT

RETAIL INVESTMENT & RESIDENTIAL DEVELOPMENT OPPORTUNITY

NORWICH TRAIN STATION< 5 MIN WALK

Outline for indicative purposes only.

NORWICH MARKET

NORWICH BUS STATION

INVESTMENT CONSIDERATIONS

Unique opportunity to acquire a significant retail and office investment offering ongoing active asset management and significant development potential.

Well located in Norwich city centre, between John Lewis and Marks and Spencer

Total floor area of 56,155 sq ft (5,217 sq m)

Freehold

Large site area of 0.497 acres (0.201 ha)

15 retail units with a total passing rent of £451,000 per annum

AWULT of 6.2 years to expiry and 3.2 years to break

DEVELOPMENT POTENTIAL

Total scheme provides 69 apartments via office conversion and new build extensions

100% private accommodation

The total consented proposed residential accommodation comprises an approximate NSA of 3,232.3 sq m (34,792 sq ft)

Alternative uses such as a hotel or student scheme may be achievable, subject to the necessary consents.

PROPOSAL

Offers sought in excess of £7,000,000 (Seven Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 9.4% assuming standard purchaser’s costs on the retail accommodation and a low £71.86 psf on the NSA of the consented residential accommodation.



WESTLEGATE FRONTAGE

BOARS HEAD FRONTAGE

CAMBRIDGE

NEWMARKET

THETFORD

NORWICH

KING’S LYNN

Cromer

ELY

PETERBOROUGH

BISHOP’SSTORTFORD

IPSWICH

FELIXSTOWE

GreatYarmouth

STEVENAGE

HUNTINGDON

Lowestoft

LONDON

A1042

A12

A10

A1

A11

A428

A142

A134

A140

A47

A1067

A17

A14

A1(M)

A1(M)

M11

M1

M25



LOCATIONNorwich is an affluent cathedral city and a major regional centre in East Anglia. The city is located approximately 43 miles north of Ipswich, 62 miles east of Cambridge and 110 miles north east of London.

The city benefits from good road communications providing direct access to the A11 which connects Norwich with Cambridge to the south west and

onto junction 9 of the M11. The A140 provides access to the A14 and Ipswich to the south.

Rail communications are provided from Norwich railway station with direct services to Ipswich, Cambridge and London Liverpool Street with quickest journey times of approximately 38 minutes, 1 hour 19 minutes and 1 hour 50 minutes respectively.

Norwich International Airport is located approximately 3.5 miles to the north of the site and London Stansted Airport is located approximately 77 miles to the south west. The airport handled a record 24.3 million passengers in 2016.

London 110 miles

Cambridge 62 miles

Ipswich 43 miles

London Liverpool Street 1 hour 50 minutes

Cambridge 1 hour 19 minutes

Ipswich 38 minutes

London Stansted Airport 77 miles

Norwich International Airport 3.5 miles

ROAD RAIL AIR



SITUATIONThe property is situated fronting Westlegate and St Stephens Street in a predominantly retail location.

Nearby occupiers include Debenhams, Tesco Express, Marks & Spencer, and John Lewis. Castle Mall is located 200 metres to the north east and the Intu Chapelfield Shopping Centre approximately 200 metres west from the property.

The pedestrianisation of the street and improved bus routes have increased footfall to this high street and encourage use of the local public realm.

Recent residential development has provided a mix of unit sizes and blocks nearby are delivering student housing with good connections to the City College, UEA and Norwich Research Park.

DESCRIPTIONThe property comprises a total of approximately 56,155 sq ft of retail and office accommodation arranged over 4 storeys.

TENUREFreehold.

SITE AREAThe property has a total site area of 0.497 acres (0.201 ha).

WESTLEGATEWestlegate comprises eight retail units on the ground floor extending to approximately 9,439 sq ft (877.0 sq m). The three upper floors extend to approximately 26,062 sq ft (2,421.3 sq m) of vacant B1 office accommodation.

BOAR’S HEADBoar’s Head comprises seven retail units on the ground floor and part first floor extending to approximately 10,851 sq ft (1,008.0 sq m). Part of the first floor is used as retail ancillary space for the retail unit below (No.3) on the ground floor. The remaining space on this floor and two floors above extend to approximately 9,803 sq ft (910.7 sq m) of vacant B1 office accommodation.

Floorplans area available in the dataroom.

Shelters

Norwich Bus Station

26.2m

SURREY GROVE32 to 38

Thomas Ivory House

10

Sta

21.6m

LB

TCB

ST STEPHENS PLAIN

Boars Head Yard

Bank

13a

1a3

9

2 to10

Free School

20.1m

25.0m

21.6m

24.4m

LB

Posts

Posts

Posts

SURREYSTREET

ALL SAINTS STREET

WESTLEGATE

ALL

SAIN

TSG

REEN

31a

10

41a

17

9

3

8

PH

35

31

7

2 to

8

33

3

11

16

39

9

Saints Court 1

41

33

41

51

1

20

1

2

1

12

Bank

5

1

5

33

Shelter

1a

15

25to

27

The

Norwich

WestlegateTower

14 to 182 to 8

ElSub

3

All Saints

35

0m 10m 20m 30m

Norwich

Westlegate and Board Head, Norwich

Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:1396



50 metres

For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011

Norwich

Experian Goad Plan Created: 27/09/2018Created By: Allsop

Copyright and confidentiality Experian, 2017. © Crowncopyright and database rights 2017. OS 100019885

VACANT

HEAVEN

LYDESSERTS

© Crown Copyright, ES 100004106. For identification purposes only.

DEMOGRAPHICS AND RETAILING IN NORWICH

Due to Norwich’s attractive and historical central area, the city benefits from a significant tourism industry with reports estimating that tourism is worth approximately £650 million per year to the Norwich area and supports more than 11,000 jobs.

Norwich is home to the University of East Anglia (UEA) with over 15,000 students and Norwich Research Park, both of which are situated within a campus stretching over 320 acres of parkland 2.6 miles west of the site. The business park comprises over 80 businesses, 12,000 employees and 3,000 scientists, researchers and clinicians.

The estimated shopping population for Norwich is 595,000. The city ranks 14 out of 200 PROMIS centres in terms of the volume of comparison retail spend available in the catchment area.

City centre retail floor space in Norwich is estimated at 2.22 million sq ft of which approximately 538,000 sq ft is within Intu Chapelfield Shopping Centre and approximately 380,000 sq ft within Castle Mall Shopping Centre.

Norwich benefits from a significant tourism industry estimated to be worth approximately £650 million per year

TENANCY SCHEDULE

Westlegate Tenant Description Area sq ft Area sq m Lease Start Lease Expiry Lease Break Next Review Rent pa Rent £psf Zone A Comments

1 WestlegateSweet Outcomes Ltd (t/a Heavenly Desserts)

Ground 1,619 150.4

19/12/2017 18/12/203219/12/2022 19/12/2027

£52,000 £32.12 £48.46ITZA 1,073 99.7

Total 1,619 150.4

3 Westlegate Gillian and Dale Carter

Ground 759 70.5

22/06/2012 21/06/2022 £23,000 £30.30 £43.56Tenant has assigned the lease

ITZA 528 49.1

Total 759 70.5

5 Westlegate Norwich Samaritans

Ground 796 74.0

15/08/2017 14/08/2022 £25,000 £31.41 £46.47ITZA 538 50.0

Total 796 74.0

7 WestlegateHidden Hearing Limited (Guarantor - Hidden Hearing International Plc)

Ground 779 72.3

29/09/2014 28/09/202928/09/2019 29/09/2024

29/09/2019 29/09/2024

£24,000 £30.81 £45.45ITZA 528 49.1

Total 779 72.4

9 Westlegate Vacant

Ground 769 71.4

28/01/2015 27/01/2020Tenant has vacated and not paying any rent

ITZA 528 49.1

Total 769 71.4

11-13 Westlegate Adnams Plc

Ground 1,605 149.2

12/10/2017 11/10/2027 12/10/2022 £43,000 £26.79 £39.81ITZA 1,080 100.3

Total 1,605 149.1

15 WestlegateGames Workshop Limited (t/a Warhammer)

Ground 756 70.2

03/07/2016 02/07/2026 02/07/2021 03/07/2021 £20,000 £26.46 £35.40ITZA 565 52.5

Total 756 70.2

17 WestlegateNoa Noa Norwich Limited

Ground 2,356 218.9

26/10/2016 25/10/2026 25/10/2021 26/10/2021 £32,500 £13.79 £20.00ITZA 1,625 151.0

Total 2,356 218.9

Westlegate Upper Parts

Vacant office accommodation

First 9,835 913.7

Second 9,887 918.5

Third 6,340 589.0

Total 26,062 2,421.2

Sub Total 35,501 3,360.6 £219,500



TENANCY SCHEDULE

Boars Head Tenant Description Area sq ft Area sq m Lease Start Lease Expiry Lease Break Next Review Rent pa Rent £psf Zone A Comments

1 & 1a St Stephens Street

Vodafone Limited (t/a A Phone Shop)

Ground 537 49.9

21/09/1994 21/09/2019 £45,000 £82.42 £93.15

Vodafone have sublet to Phone Gadget Ltd.

ITZA 469 43.6

First 282 26.2

Total 819 76.1

3 St Stephens Street

Andrew Smith Enterprises (t/a Snappy Snaps)

Ground 546 50.8

14/05/2010 13/05/2025 13/05/2020 14/05/2020 £27,000 £30.24 £57.53ITZA 452 42.0

First 347 32.2

Total 893 83.0

3a St Stephens Street

Vacant Office Accommodation

First 2,626 244.0

Total 2,626 244.0

5 St Stephens Street

Jonathan Trumbell Limited

Ground 2,373 220.5

03/10/2017 02/10/2021 £62,500 £16.26 £49.31ITZA 1,194 110.9

Basement 1,417 136.7

Total 3,844 357.1

5a St Stephens Street

Jennings Racing Limited (t/a Jennings Bet)

Ground 557 51.7

22/11/2013 21/11/2023 21/11/2019 28/11/2018 £25,000 £44.88 £52.74ITZA 474 44.0

Total 557 51.7

6 St Stephens Plain

Mr Flatt (t/a Just Cards)

Ground 528 49.1

21/03/2016 20/03/2026 20/03/2021 20/03/2021 £26,000 £25.47 £54.78ITZA 450 41.8

First 493 45.8

Total 1,021 94.9

7 St Stephens Plain

H Siddall and Sons Limited (t/a Siddalls)

Ground 574 53.4

19/10/2010 18/10/2020 £46,000 £42.16 £93.52ITZA 466 43.3

First 517 48.0

Total 1,091 101.4

Boars Head Upper Parts

Vacant office accommodation

Second Floor 5,215 484.5

Third Floor 4,588 426.2

Total 9,803 910.7

Sub Total 20,654 1,9,19.0 £231,500

Total 56,155 5,217 £451,000



COVENANT

TENANT COMPANY NUMBER YEAR END TURNOVER PRE TAX PROFIT TOTAL NET WORTH

Vodafone Limited 1471587 31-Mar-17 £5,843,900,000 -£668,500,000 £3,128,100,000

Andrew Smith Enterprises (t/a Snappy Snaps) 6997008 31-Dec-17 £41,608

Jonathan Trumbell Limited 1092920 31-Mar-17 £508,428

Jennings Racing Limited 5726089 30-Apr-17 £17,337,290 -£648,196 -£12,917,367

H Siddall and Sons Limited 411022 31-Jan-17 -£76,775

Hidden Hearing Limited 01990227 31-Dec-17 £50,499,554 £2,317,315 £10,468,190

Adnams Plc 31114 31-Dec-17 £74,765,000 £1,549,000 £28,642,000

Games Workshop Limited 1467092 28-May-17 £123,648,000 £37,821,000 £23,245,000

Noa Noa Norwich Limited 10339161 31-Aug-17 -£8,998.00



DEVELOPMENT IN NORWICHNorwich is a key UK business nucleus with a mix of traditional residential stock and a pipeline of new development. Significant regeneration projects have enhanced the quality of accommodation and infrastructure in this vibrant city. Occupiers are drawn by the breadth of corporate occupiers and local amenities including the Intu Chapelfield Shopping Centre and River Wensum.

The site falls within the St Stephens Street Outline Masterplan (2009), which encompasses the sites occupied by Aviva and stretches south to Queens Road. This initiative seeks to enliven the city centre and encourages the development of residential dwellings as part of the wider regeneration.

Development is either proposed or has commenced on several large scale sites within the vicinity including private housing and student accommodation.

RESIDENTIAL SCHEMESSentinel House, situated approximately 0.2 miles south of the subject site is a five storey 1990s former Aviva Building that is a PD scheme completed in September 2018 to provide 199 units, a residents gym, concierge and underground car parking and bike stores. 150 units are under offer or completed and the majority have sold at asking prices (approximately £334 – 387 per sq ft).

Skipper House, 130 Ber Street (formerly Elliot House) is a PD scheme approximately 0.4 miles southeast of the subject site. Planning was approved in August 2016 for the change of use from offices to 45 residential dwellings. Recent sales include one bedroom flats and £140,000 - £200,000 with an average of £400 per sq ft, and two bedroom apartments at approximately £190,000 and £300,000 (£350 per sq ft average).

STUDENT SCHEMESThe former Aviva office towers at St Stephens 1 & 2, St Stephens Street is a redevelopment of the existing building to deliver a 740 bed student scheme. Planning was approved in July 2017 and it is currently being converted over the existing eight floors with a further two storey extension.

All Saints Green has recently been the focus of major regeneration work by Alumno including the renovation of No. 50, a Grade II listed building, and creating a new landscaped public square with gardens. Following this Alumno have just completed a new scheme at Pablo Fanque House, 30 All Saints Green, which is located to the rear of the subject site opposite John Lewis. It comprises 244 student units with management facilities and amenities along with flexible office/business space with independent access.

ST STEPHENS AREA MASTERPLANThe site falls within the St Stephens Area Masterplan expanse, which aims to regenerate the area whilst working to compliment the transport improvements. The masterplan recognises the vitality that residential development contributes to this placemaking and as a result a number of new developments and PD schemes are being delivered in Norwich.

Westlegate has been outlined as a proposed development in the masterplan and the St Stephens study area falls within the East of England Plan and Regional Economic Strategy. These identify Norwich as one of seven ‘Engines of Growth’ in the region. They target Norwich for the development of financial and business services, creative industries, retailing and a focus for housing, employment and educational progression. The East of England plan outlined the target of a minimum of 10,610 new build dwelling to be delivered in Norwich from April 2006 to March 2021 and 35,000 new jobs in Greater Norwich within this period.



COMMUNITY INFRASTRUCTURE LEVY (CIL)The development will be subject to Norwich City Council CIL which we understand the council have calculated to be £79,018.53 in relation to the consented extension.

UP

DN

DN

UP

DN

UP

DN

DN

UP

New pre-cast concrete staircase complete with metal railings and handrail

New internal party wall acoustic and min 60minute fire separation

New internal apartment walls to comprise of robust metal stud partitions complete with acoustic batts.

Infill existing floor where existing staircase has been removed.

By Department Legend1 Bed 1 Person Studio

1 Bed 2 Person Apartment


Circulation

Fire Escape

Services

StudioBH-13-01

Cup'dBH-13-03

BathBH-13-04

Cup'dBH-13-05

StudioBH-15-01

BathBH-15-02

Cup'dBH-15-03

StudioBH-16-01

BathBH-16-02

Cup'dBH-16-03

LivingBH-17-01

Bed 2BH-17-02

Bed 1BH-17-03

BathBH-17-04

Cup'dBH-17-05

LivingBH-18-01 Room

BH-18-02

Cup'dBH-18-03

LobbyBH-18-04

Cup'dBH-18-05

LivingBH-19-01

BedBH-19-02

BathBH-19-03

LobbyBH-19-04

Cup'dBH-19-05

3rd Floor LobbyBH301

BH Fire Escape RearBH304

PlantroomBH305

ServicesBH306

ServicesBH308

CorridorBH302

StudioBH-14-01

BathBH-14-03

Cup'dBH-14-02

LobbyBH-17-06

Fire LobbyBH303

CorridorBH307

New pre-cast concrete staircase complete with metal railings and handrail

New internal party wall acoustic and min 60minute fire separation

New internal apartment walls to comprise of robust metal stud partitions complete with acoustic batts.

Form new opening in external wall and install new external grade timber fire door complete with escape hardware.





Circulation

Fire Escape

Services

CorridorBH203

BH Fire Escape RearBH204

Infill existing floor where existing staircase has been removed.

LivingBH-6-01

Bed 2BH-6-02

Bed 1BH-6-03

BathBH-6-04

Cup'dBH-6-05

LivingBH-7-01

BedBH-7-02

Cup'dBH-7-03

LobbyBH-7-04

BathBH-7-05

LivingBH-8-01

BedBH-8-02

BathBH-8-03

LobbyBH-8-04

Cup'dBH-8-05

LivingBH-9-01

Bed 1BH-9-02

EnsuiteBH-9-03

Cup'dBH-9-04

Cup'dBH-9-05

LobbyBH-9-06

Cup'dBH-9-07

BathBH-9-08

Bed 2BH-9-09

LivingBH-10-01

BedBH-10-02

BathBH-10-03

LobbyBH-10-04

Cup'dBH-10-05

LivingBH-11-01 Bed

BH-11-02

BathBH-11-03

LobbyBH-11-04

Cup'dBH-11-05

LivingBH-12-01

BedBH-12-02

Cup'dBH-12-04

ServicesBH205

ServicesBH206

CorridorBH202

StudioBH-20-01

BathBH-20-3

Cup'dBH-20-02

BathBH-12-03

LobbyBH-12-05

LobbyBH-6-06

2nd Floor StairwellBH-201

Fire LobbyBH-202

BH Level 03 Proposed PA Scale 1 : 100

BH Level 02 Proposed PA Scale 1 : 100

DN

UP

DN

UP

UP

BedWG-16-01

LivingWG-16-02

LobbyWG-16-03

Cup'dWG-16-04

BathWG-16-05

LivingWG-17-01

Bed 1WG-17-02

Bed 2WG-17-03

LobbyWG-17-04

BathWG-17-05

Cup'dWG-17-06

LivingWG-18-01Bed

WG-18-02

BathWG-18-03

LobbyWG-18-04

Cup'dWG-18-05

BedWG-19-01 Living

WG-19-02

LobbyWG-19-04

BathWG-19-05

StudioWG-20-01

Cup'dWG-20-02

BathWG-20-03

StudioWG-21-01

Cup'dWG-21-02

BathWG-21-03

StudioWG-22-01

Cup'dWG-22-02

BathWG-22-03

StudioWG-23-01

Cup'dWG-23-05

BedWG-24-01

LivingWG-24-02

BathWG-24-03

Cup'dWG-24-04

StudioWG-25-01

Cup'dWG-25-02

BathWG-25-03Studio

WG-26-01

Cup'dWG-26-02

RoomWG-28-01

BedWG-28-02

BathWG-28-03

LobbyWG-28-04

Cup'dWG-28-05

LivingWG-29-01

BedWG-29-02

BathWG-29-03

LobbyWG-29-04

Cup'dWG-29-05

LivingWG-30-01Bed

WG-30-02

BathWG-30-03

LobbyWG-30-04

Cup'dWG-30-05

2nd Floor LobbyWG-201

East CorridorWG-202A

East Fire EscapeWG-203

West Fire EscapeWG-204

West CorridorWG-206A




Circulation 2nd Floor

Fire Escape

Fire Escape 2nd Floor

Services 2nd Floor

ServicesWG-207

West CorridorWG-206B

East CorridorWG-202B

LivingWG-27-02

BathWG-27-04

Cup'dBH-12-05

BathWG-23-02

LobbyWG-23-03

LobbyWG-24-05

FR LobbyWG-205B

2nd Floor PlantroomWG-205A

BathroomWG-26-03

Central CorridorWG-301

West CorridorWG-304A

West Fire EscapeWG-305




Circulation 3rd Floor

Fire Escape

Fire Escape 3rd Floor

Services

LivingWG-31-01

Bed 1WG-31-02

Bed 2WG-31-03

BathWG-31-04 Room

WG-31-05

Cup'dWG-31-06

LivingWG-32-01

Bed 2WG-32-02

Bed 1WG-32-03

BathWG-32-04

LobbyWG-32-05

Cup'dWG-32-06

LivingWG-33-01

BedWG-33-02

BathWG-33-03

LobbyWG-33-04

Cup'dWG-33-05

StudioWG-36-01

BathWG-36-02

Cup'dWG-36-03

StudioWG-37-01

Cup'dWG-37-02

BathWG-37-04Studio

WG-38-01

RoomWG-38-03

RoomWG-38-05

StudioWG-39-01

RoomWG-39-02

RoomWG-39-03

StudioWG-40-01

RoomWG-40-02

RoomWG-40-03

West CorridorWG-304B

BedWG-35-05

BathWG-35-02

LivingWG-35-03

Cup'dWG-35-04

BedWG-34-03

LivingWG-34-02

LobbyWG-34-01

Cup'dWG-34-04

BathWG-34-05

LobbyWG-35-01

East CorridorWG-302A

3rd Floor StairwellWG301A

RiserWG-308

Ingleton Wood LLP shall have no liability to the Employer arising out of any unathorized modification or amendment to, or any transmission, copy or use of the material, or any proprietary work contained therein, by the Employer, Other Project Team Member, or any other third party.

All dimensions are to be checked and verified on-site by the Main Contractor prior to commencement; any discrepancies are to be reported to the Contract Administrator.

This drawing is to be read in conjunction with all other relevant drawings and specifications.

PLL dooW notelgnI © elacS toN oD

WG-FA-Level 02 Proposed Scale 1 : 100

WG-FA-Level 03 Proposed Scale 1 : 100

TYPICAL FLOORPLANSPROPOSED SCHEMEThe site is situated within the boundaries of Norwich City Council. Website: http://www.norwich.gov.uk/

The buildings are not listed, nor do they fall within a conservation area.

The site benefits from consent for 69 units and associated access delivered as part of four separate consents:

1. Westlegate Permitted Development - 18/00651/PDDPrior approval was granted in April 2018 for the conversion of the vacant office accommodation in Westlegate to C3 Residential comprising 40 apartments (19 x studio, 17 x one bed, 4 x two beds).

‘Change of use from office (class B1(a)) to dwellinghouses (class C3) to provide 40 apartments.’

2. Westlegate Extension - 18/00642/FA further two storey extension to Westlegate was granted full planning consent in August 2018 to provide for 9 apartments. The consent also includes the change of use of the retail units to facilitate access to the apartments (1 x studio, 6 x one bed, 2 x two beds).

‘Upward extension to provide 9 residential dwellings (Class C3) within two new storeys, the change of use of one retail unit (Class A1) to provide access to residential units, provision of bin and cycle storage and exterior alterations to the building facade, windows, doors and roof.’

3. Boars Head Permitted Development - 18/00652/PDDPlanning consent was granted in April 2018 for the conversion of vacant office accommodation in Boars Head to C3 Residential comprising 20 apartments (6 x studio, 11 x one bed, 3 x two beds).

‘Change of use from offices (Use Class B1(a)) to dwellinghouses (Use Class C3) to provide 20 apartments.’

4. Boars Head Entrance Change of Use - 18/00641/FPlanning consent was granted in July 2018 for the change of use and reconfiguration of the ground floor entrance and part of the adjacent retail unit to facilitate access to the apartments.

‘Change of use and reconfiguration of existing street level office entrance (Class B1(a)) and part of adjacent retail shop (Class A1) to provide residential access (Class C3) to upper floor residential units, provision of bin and cycle storage, exterior alterations to the existing building, provision of new windows, roof alterations and alterations to the rear service yard area.’



Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 10.18

Andrew Boyd020 7344 2609

[email protected]

Dale Johnstone020 7543 [email protected]

VIEWING ARRANGEMENTSFor further information or to make arrangements for viewing please contact:

Residential Investment & Development: Commercial National Investment:

Victoria Barron020 7344 2636

[email protected]

Lottie Hayward020 7543 [email protected]

allsop.co.uk


EPCAvailable upon request.

VATThe property has not been elected for VAT.

FURTHER INFORMATIONFor access to the Allsop Data Room please use the following link:

https://datarooms.allsop.co.uk/register/WestlegateBoarsHead

PROPOSALOffers sought in excess of £7,000,000 (Seven Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 9.4%

assuming standard purchaser’s costs on the retail accommodation and a low £71.86 psf on the NSA of the consented residential accommodation.

WESTLEGATE & BOARS HEAD NORWICH NR1 3LT · 2019. 10. 31. · NORWICH NR1 3LT. RETAIL INVESTMENT &...

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