Sentinel House. For Sale or To Let

Sentinel House 37-45 Surrey Street, Norwich NR1 3UY ▲▲▲ • Situated in a highly prominent position on the inner ring road • Available as a whole, or i...
Author: Paul Knight
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Sentinel House 37-45 Surrey Street, Norwich NR1 3UY ▲▲▲

• Situated in a highly prominent position on the inner ring road • Available as a whole, or in part • Suitable for alternative uses (subject to planning)

• Up to 103,196 sq ft (9,587 sq m) • 134 on-site car parking spaces (1 space: 770 sq ft)

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For Sale or To Let www.sentinelhouse-norwich.co.uk

Cathedral University of the Arts The Castle

Market

Marks & Spencer

Norwich The city of Norwich is the commercial and administrative centre of East Anglia, and Norfolk’s principal city. It has a resident population of 132,200, a travel to work area of 376,500 people and is also in the top 10 retail centres in the UK.

John Lewis

Aviva HQ

Bus Station

Sentinel House

Major employers include Aviva, Virgin Money, Anglian Windows and Kettle Foods. The city also has two universities, namely the University of East Anglia and the Norwich University of the Arts. The Norwich Research Park is a world leader in the field of environmental, food and plant sciences, and has been earmarked for significant expansion over the next few years.

Queens Road

Sainsbury’s

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The Forum

The Cathedral

Location Norwich is situated approximately 110 miles north-east of London, 60 miles north-east of Cambridge and 42 miles north of Ipswich. The A11 connects Norwich to Cambridge and beyond to the M11, with accessibility having been further improved by the widening of the A11. The A140 provides a link to Ipswich, and the A47 to Great Yarmouth in the east and King’s Lynn, Peterborough and beyond to the Midlands in the west.

Norwich Railway Station

Norwich railway station, which is under 1 mile to the north-east of Sentinel House, provides two train services per hour to London Liverpool Street, with the journey time taking 1 hour, 50 minutes. There is also a regular service to Cambridge and beyond to the Midlands. Norwich International Airport offers flights to both domestic and European destinations, with four daily flights to Amsterdam Schiphol Airport. London Stansted Airport is the fourth busiest airport in the UK, and is 85 miles to the south-west.

▲▲▲ Photography supplied courtesy of www.visitnorfolk.co.uk

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Situation Sentinel House is situated in a highly prominent position close to the city centre and on the southern side of Surrey Street. It benefits from an extensive frontage onto Queens Road, which forms part of the city’s inner ring road. The A11 and A140 are within a short drive of the St Stephens Street roundabout, and the building also benefits from being within a two minute walk of Norwich bus station, where there is also a Travelodge hotel. The John Lewis department store is within a short walk via All Saints Green, as is the Chapelfield Shopping centre via Surrey Street and St Stephens Street. There is a Sainsbury’s superstore opposite the building on Queens Road.

Description Sentinel House comprises a substantial, predominantly brick-built property of steel frame construction under a metal pitched roof, which was constructed in 1990. The building provides office accommodation on ground and four upper floors, with plant on the fifth floor and plant/ storage at lower ground level. The main entrance is off Surrey Street, and there is a secondary entrance on All Saints Green. The building has two core areas, namely “Surrey Street” with three passenger lifts, and “The Hexagon” with two passenger lifts and a ground floor goods entrance. There are two wings each off these cores, which allow the building the flexibility to be sub-divided vertically, as well as on a floor-by-floor basis. The vast majority of all the floors provide flexible open plan space and most have a small number of separate offices/ meeting rooms constructed with demountable partitions. The natural light is good and there are WCs in the Surrey Street core and at the end of the Queens Road wing. On the ground floor there is an impressive conference room.

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Specification The following specification is provided:

Typical Upper Floor Layout

• • • • • • • • • •

Comfort cooling Perimeter radiators Raised floors Carpets throughout Suspended ceilings with recessed lighting Double glazed windows Large ground floor conference room, capable of being split into 2/3 smaller meeting rooms Generous sized kitchens with break-out areas on each floor Five 16-person passenger lifts providing access to all floors Two shower facilities

Accommodation The following net internal areas are provided: Sentinel House,

Floor

Surrey Street, Norwich, NR1 3UY Site37-45 Plan

Size (sq ft)

Lower Ground 2,933

Size (sq m) 273

25

to

27

Ground 25,569 2,375 Sa

ints

Co u

50

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44

PH 46

52

Ya rd

SU R

40

GR EE N Hou

se

TS

Norfolk Towers

el

Cat he

rin

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ap Ch

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AL LS AIN

Second 23,596 2,192 Third

21,150 1,965

Fourth 6,352 590

54

W ina lls

Ground Floor Layout

R

38

RE Y

32 to

23,596 2,192

2 3

26.2m

First

Posts

1

rt

51

35

33

Thomas Ivory House

e Lok

Total

103,196 9,587

55

27.7m 37

Ivory House

The site area is 2.4 acres (0.97 hectares). EY RR SU 56

Car Parking

47

ET RE ST 1

Area: 0.960ha (2.37ac)

55

2 9

15 16

n rlto Ca

61

10

ard G s en

Car

Pa rk

El Sub Sta

11 3 to

ED

11

5

The Old Bakery

▲▲▲

12

9

11

1

1

3 to

30m

12

Drawing Number : A.46,644 O.S. Ref: TG 2307 NW Date: 09/02/2015

1 to

Ordnance Survey © Crown Copyright 2015. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250

BIDWELLS t : 01603 763939 bidwells.co.uk

13

20m

9

10m

13

0m

&W ard Bdy

A total of 134 under-croft, decked and surface car parking spaces are provided (3 of which are disabled). At one space per 770 sq ft, this represents a very generous ratio for a city centre building of this nature. There are also 34 marked motorcycle spaces and secure and covered external stores for 236 bicycles.

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The Norwich Office Market Whilst the supply of offices, both in the city centre and out-of-town, has remained relatively static over the last three years or so, occupational take-up has steadily improved, with the number of enquiries increasing, as well as the size of the requirements. Much of the current demand is expansion-led, and there are very few opportunities to acquire large floor plates over 10,000 sq ft in size in the city centre. The upturn in market conditions, coupled with an improving economy will lead to pressure on rents for the better quality offices. Grade A space is now only approximately 17% of total supply and reducing, which has led to an improved appetite for refurbishment opportunities.

The Norwich Residential Market There is currently a strong level of demand for city centre flats and apartments, especially for well-located areas which are accessible to the main transport links. With the relatively limited supply of good quality existing units, this has led to price rises of over 5% over the last 12 months.

Basement car parking

The vibrant city centre culture with its excellent shopping and leisure facilities is proving popular with young professionals. There is also encouraging demand for investment properties from both professional landlords and smaller private portfolio owners. A number of centrally located commercial buildings now benefit from a change of use opportunity to residential obtained under permitted development rights.

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Gentleman’s Walk

The Castle

Planning The property falls within the jurisdiction of Norwich City Council where the development plan currently comprises: • The Joint Norwich Area Core Strategy (JCS) • The Site Allocations and Site Specific Policies Plan • The Development Management Policies (DMP) The key policy from the commercial perspective is DM19: Offices – Protection of High Quality Office Space and, from a residential perspective, policy DM13 which relates to flats, bed-sits and larger houses in multiple occupation (HMO’s). As such, the property is deemed to be suitable for a mix of uses to include offices, residential, student accommodation and leisure, subject to planning. A copy of a planning report prepared by Porta Planning is available upon request.

Tenure The property is held on a long 150 year lease to expire in June 2134 leaving circa 119 years unexpired. The current rent passing is £100,000 per annum, which is subject to upward only five yearly reviews geared to 10% of the rack rental value of the property, with the next rent review being on 24 June 2019.

Business Rates Sentinel House comprises two separate Rateable Value assessments in the 2010 list. The RV of the main building is £1,190,000 and the RV of the surfaced open car parking is £43,500. Interested parties are advised to make their own enquiries of the Local Rating Authority.

EPC The property has an EPC rating of 87, which falls within band D. A copy of the EPC is available upon request.

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Terms Vacant possession is available from October 2015. Expressions of interest are now being invited to either purchase the long leasehold interest in the whole or take a lease of part or all of the property.

Price/Rent On application.

Viewing/Further Information For further information or to arrange a viewing, please contact the joint agents:

Anglia Square

Inner Rin gR oad

A147 ha ig

He

CROMER

A147

m St

KING’S LYNN

et re

A17

SPALDING

PETERBOROUGH

A11

A10

NORWICH

A1(M)

A14

Norwich Cathedral

mR

oad

LOWESTOFT

BURY ST.EDMUNDS

Theatre Royal

A12

CAMBRIDGE A11

1 A1

et tre

42

William Jones 01603 229 321 [email protected]

Simon Fitch 0207 338 4233 [email protected]

Chris Squirrell 01603 229 323 [email protected]

Ricky Poonia 0207 338 4894 [email protected]

Riverside

t

ee tr

t

Sentinel House

A12

ee Str

ROMFORD

CHELMSFORD

Railway Station

d nR

COLCHESTER r Be

M25

John Lewis

S ey rr Su

STEVENAGE

Chapelfield Shopping Centre

A12

The Castle

ue

M11

IPSWICH

The Market

Ro

A1(M)

Pr Wa ince les of Ro ad

gS Kin

BEDFORD

M1

A14

Der eha

A140

THETFORD

A14

GREAT YARMOUTH

A14 7

A47 A47

A47

Norwich City Football Club

www.sentinelhouse-norwich.co.uk

You should be aware that the Code of Practice on Commercial Leases in England and Wales strongly recommends you seek professional advice from a qualified surveyor, solicitor or licensed conveyancer before agreeing or signing a business tenancy agreement. The Code is available through professional institutions or through the website www.commercialleasecodeew.co.uk. Disclaimer: these particulars do not constitute an offer or contract or any part thereof. The agents do not make or give either in these particulars or during negotiations or otherwise any warranty or representations whatsoever in relation to this property. All measurements are given as a guide and no liability can be accepted for any errors arising there from. All statements are made without responsibility on the part of the agents or there vendors or lessors, and no responsibility is taken for any omission, error or mis-statement. All intending purchasers or tenants must satisfy themselves as to any matter concerning the premises, by inspection, independent advice, or otherwise. All rentals and prices are quoted exclusive of VAT unless confirmed otherwise. April 2015.

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