Time advise on HSBC acquisition in Norwich city centre

Acting on behalf of a district council, Time Retail Partners have advised on the purchase of 16-20 London Street in Norwich for £6,745,000.

The property benefits from prominent frontage on the pedestrianised London Street and is let to HSBC Bank Plc for a further 9.4 years and benefits from annual rent reviews to RPI collared and capped at 3% and 5%, additionally there is a 5 yearly upward only rent review to the open market rental value.

The passing rent is £408,476 per annum.