For Sale

82 Upper St. Giles Street, Norwich, Norfolk, NR2 1LT

Freehold

4,587 sq ft

Property Advisor

Will Jones

Partner, Business Space Agency

View William's profile

Investment / Development Opportunity

Property specification

Ground floor let and producing a rent of £18,500 pa
Potential to convert the upper parts to residential (subject to planning)
Central location, just to the west of the City centre
Easy access to the inner ring road

The property comprises a restaurant on the ground floor and basement, with offices above on the first and second floors.

The ground floor is let to Olgert Xhaferrllari trading as Lords.

The upper floors are vacant and have their own separate entrance from the side courtyard off St Giles Street.

The first floor offers mostly open plan space either side of a central core. The specification includes beams and original features in the front section, along with carpeted floors, plastered walls & ceilings, and strip lighting. The velux windows in the rear section provide excellent natural light.

The second floor is also mostly open plan and of a similar specification.

The property is Grade II listed.

Accommodation

The following net areas are provided:

Ground floor - 1,513 sq ft (140 sq m)
First floor - 2,038 sq ft (189 sq m)
Second floor - 760 sq ft (71 sq m)
Basement - 276 sq ft (26 sq m)
Total - 4,587 sq ft (426 sq m)

Ground floor
The ground floor is let on a 15 year lease from October 2016 (expiring in 2031) at a rent passing of £18,500 per annum. A copy of the lease and licence to assign to the current occupier is available upon request.

Upper floors
The upper floors provide an excellent opportunity to convert the existing offices to residential. Plans have been drawn up showing three flats on the first floor and one flat on the second floor.
Further details upon request.

Lease terms

The property is available freehold at a guide price of £375,000.

Rates

The Rateable Values are as follows:
Ground floor & basement - £17,750
First floor front - £8,000
First floor rear - £11,250
Second floor - £5,900

Energy perfomance certificate

The property has an energy performance rating of E.

Location

The property is situated just to the west of the City centre, on the south side of Upper St Giles Street and close to the inner ring road (A147).

The City centre's numerous leisure and retail amenities are within a short walk, as are the St Giles and Chantry Place car parks.

The inner ring road is easily accessible via Cleveland Road, which in turn provides access to the A11 a short distance to the south.

Upper St Giles Street is a vibrant and popular area of Norwich. In the row of shops opposite there is Bread Source, Kofra Coffee Roasters and Roger Hickmans restaurant.

The open space of Chapelfield Gardens is just to the south. The Forum and The Theatre Royal are also close by.