This is a prime opportunity to acquire a leasehold premises located in the heart of Norwich City Centre’s vibrant bar and club district. The property benefits from a license allowing operations until 4:00 AM, 7 days a week, with alcohol sales permitted until 3:30 AM.
The affordable entry price makes this a highly attractive option for individuals looking to launch a new venture (subject to required planning or change of use) or for those wishing to continue its current operation as a karaoke bar.
Spread across four floors, the property also features tenant parking at the rear, making it a must-see for anyone considering a business in this thriving area. Contact us today to schedule a viewing!
THE BUSINESS
The previous tenant operated a karaoke bar on limited hours for the past three years but vacated the property due to relocation. While this suited the previous owner, a new operator could leverage the full potential of the premises’ extended license to increase business opportunities.
The venue is already fitted with six individual karaoke rooms spread over four floors, but the space is versatile enough to be adapted for a wide range of business concepts, subject to necessary consents.
PREMISES
Located on Prince of Wales Road, in the heart of Norwich’s nightlife district, the property offers an ideal location to maximize revenue and profit from the extended operating license.
Upon entry at the ground floor, you’ll find a lower bar area (4.7m x 4.7m) featuring a glazed frontage with window seating, a bar area with additional seating, shelving, a mirrored wall, a fridge, a sink, and an ice machine. The premises are equipped with wood-effect flooring throughout, air conditioning, CCTV, and wall-mounted speakers.
The upper ground floor provides various seating options, including a large booth-style seating area along the walls. This floor also features wall-mounted speakers, a TV, and stylish light fittings. Off the landing, there is access to a toilet and stairs leading to the basement.
The basement (9.1m x 3.7m) is divided by an open archway. One side is set up for karaoke, while the other serves as a pool room. Both areas feature comfortable seating, a TV, speakers, a song selector, and air conditioning. There is also a toilet on this level and emergency exit doors leading to the rear yard.
The first and second floors are almost identical, each housing two individual karaoke rooms outfitted with seating, lighting, TVs, speakers, song selectors, wood-effect flooring, and air conditioning. Both floors also include a toilet off the landing and an additional room that can be used as an office or storage space.
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ADDITIONAL INFORMATION
AGENTS NOTE: This is not a business for sale as a going concern.
REFERENCE NUMBER: M35436E
OPENING HOURS: Not currently open or trading.
TENURE: Leasehold – New long lease to be granted on terms to be agreed.
The purchaser will be responsible for the landlords costs and fees in connection with the grant of a new lease.
RENT PAYABLE: £20,000 per annum, plus VAT.
RATES PAYABLE: £4,990 per annum (post Covid). We are advised that the business benefits from Small Business Rate Relief.
This information has been provided to us by the vendor and any interested party is advised to enquire of the local authority to check the position with regards to business rates that will apply to a new owner.
STAFF: Nil.
EPC: The Energy Performance Certificate shows a rating of ‘B/41’ – full document available on request.
PRICE: £18,000.–
For the benefit of the grant of a new leasehold interest in the property. This is not a business for sale as a going concern.
VIEWING: Strictly by appointment only, please get in touch to make an appointment.
FINANCE: We may be able to help you with business financing or your commercial mortgage needs, subject to eligibility. Please let us know if you need our assistance with this and we will put you in touch with our recommended whole of market broker.
BUSINESS TO SELL: Thinking of selling your business? That’s our business!
If you are interested in finding out how much your business is worth, we offer a free and confidential valuation service. You can choose the time and day that suits you best, and we will give you an honest and professional assessment. Please contact our office at your convenience to book an appointment.
PREMIER MARKETING: We are passionate about showcasing our businesses in a way that sets us apart from others. We provide quality property details and comprehensive information on all online platforms and our own website. If you want your business to stand out from the crowd, call us to book a free valuation.
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DISCLAIMER
1. Money Laundering Regulations: Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.
2. General: While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property.
3. Measurements: These approximate room sizes are only intended as general guidance. You must verify the dimensions carefully before ordering carpets, flooring or any built-in furniture.
4. Services: Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.
