royal arcade

Commercial Investment

There is little chance of a quick return to a housing boom despite the possibility of UK prices rising over the course of the year, surveyors say.

The Royal Arcade, Gentleman’s Walk, Norwich

Prime Retail Arcade Investment

Tenure The property is held freehold

Investment Summary

· Prime pedestrianised position in a dominant regional centre · 45% of income secured to

Waterstones, T-Mobile and Julian Graves

· Popular & historic Victorian arcade with attractive frontage to Gentleman’s Walk

· We are seeking offers in the region of £8,600,000 subject to contract and exclusive of

VAT which would show a purchaser an attractive net initial yield

location

The city of Norwich is the dominant regional retail centre in Norfolk and East Anglia.

The city is located approximately 43 miles (70 kilometres) north of Ipswich, 62 miles (100 kilometres) north-east of Cambridge and 118 miles (190 kilometres) north-east of London.

The city is served principally by the A11, which provides a direct link with Cambridge and ultimately the M11 and Greater London.

The A47 provides access to Great Yarmouth to the east and King’s Lynn to the west and the A140 provides access to Ipswich and Harwich to the south.

There is a regular and direct train service from London Liverpool Street, with a fastest journey time of approximately 1 hour and 50 minutes.

Local Economy

Greater Norwich has a population of 230,000 but with an estimated shopping population of 518,000 which ranks the city 9th amongst the 200 PROMIS centres.

Norwich is expected to see above average population growth over the next 5 years and is projected to rise to 280,000 by 2025. The Greater Norwich Development Partnership is driving a growth programme in the region and plans to generate 35,000 new jobs and 40,000 new homes with all the infrastructure improvements by 2026.

The city, with its university and world class research park, has become a thriving ‘knowledge’ economy. Aviva, Unilever, KLM and Lotus all have their national or regional headquarters in Norwich.

The city benefits from considerable tourism attracted by the seaside resorts and the Norfolk Broads.

Accommodation

The premises have been measured in accordance with the RICS Code of Measuring Practice and comprises 2,459m2 (26,465ft2)

In accordance with the attached Schedule of Tenancies and Accommodation

Tenancies

The property is let to a number of national retailers including Waterstones, T-Mobile and Julian Graves and a selection of long established, specialist local and regional retailers.

A number of leases exclude sections 24-28 of the 1954 Landlord and Tenant Act.

Lease details can be found in the attached Schedule of Tenancies and Accommodation.

Current Rent

The total net current rent for the arcade is £732,127 pax.

MRV

We estimate the total MRV for the arcade to be £781,510 pax.

Service Charge

There is a service charge in operation which is subject to full recovery from the leases. Further information is available on request.

VAT

The property has been elected for VAT.

Please Contact PL2L for more info on:

Schedule of Tenancies and Accommodation - The Royal Arcade, Norwich