Summary - 30-32, COLEGATE NR3 1BG
1 bed 1 bath Restaurant
Freehold city-centre building with strong passing rent and buyer responsibility at auction.
- Freehold end-of-terrace building, basement, ground and first floors
- Total GIA approx. 243 sqm / 2,615 sq ft; extremely large interior space
- Currently let as a restaurant at £40,000 per annum
- 20-year lease from 17 Oct 2011; rent reviews every four years
- For sale by public auction; sold by order of LPA receivers
- Area classified as deprived with very high crime levels
- Historic period features: high ceilings, arched windows, large rooms
- Property not inspected by auctioneer; buyer to verify condition
A substantial freehold commercial building in central Norwich arranged over basement, ground and first floors, currently let as a restaurant producing a passing rent of £40,000 per annum. The property offers historic character — high ceilings, large rooms and period arched windows — and a total GIA of approximately 243 sqm (2,615 sq ft), suited to an operator or investor seeking a city-centre asset.
The sale is by public auction and is being offered by order of LPA receivers; the building is sold with a 20-year lease from 17 October 2011 (paying £40,000 p.a., with rent reviews every four years). The guide price is £180,000+, presenting a significant income focus for buyers prepared to purchase at auction and accept the existing tenancy.
Buyers should note material considerations: the area is identified as deprived with very high crime levels, and the property has not been physically inspected by the selling auctioneer (information supplied by the vendor). Prospective purchasers must read the legal pack carefully and satisfy themselves on condition, liabilities and compliance before bidding.
Architectural strengths and location are clear — Georgian/Victorian features, city-centre position close to major retailers and transport links, and excellent mobile and broadband connectivity — but practical risks around local deprivation, crime, and the small plot size should be weighed against the strong passing rent when assessing long-term value.
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