68-70 St Benedicts St 3,165 SF Retail Building Norwich NR2 4AR $500,741 ($158.21/SF)

The property comprises a two/three storey building which is brick
built with pitched and tiled roofs. The upper floors are occupied by
two flats. On the ground floor is the Tallow steak restaurant, which
occupies the frontage of both 68 to 70 with kitchens and store
rooms to the rear.
Flat 1 is held by way of a long lease of 125 years from 27th October
2011 at a ground rent of £50 per annum to be paid on 1st July each
year. The flat is also responsible for 20% of Service Obligations.
Flat 2 is held by way of a long lease for 125 years we believe from
3rd December 2012 at a ground rent of £50 per annum to be paid
on 1st January each year. Flat 2 is responsible for 30% of the service
obligations.
The restaurant, Tallow, is let by way of 10-year lease from October
2024 to expire in October 2034. There is a tenant’s option to break
in October 2029, requiring three months notice.
The tenant is GC and NC Enterprises, a new company, although the
lease is guaranteed.
The rent is £30,000 per annum and there is an upwards only rent
review after five years to the open market value.
Use is for restaurant and bar within Class E (a) of the Town and
Country Planning Use Classes Order 1987. The landlord insures and
recovers from the tenant.
The lease is outside the security of tenure provisions of the
Landlord and Tenant Act. It is full repairing and insuring and the
lease allows for assigning or subletting of the whole only.