68-70 St Benedicts St 3,165 SF Retail Building Norwich NR2 4AR $504,175 ($159.30/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.