Prominent trading position on pedestrianised High Street close to Boots the Chemist, Debenhams and Primark
Close to new 20,000 sq ft H&M store due to open in August 2018
Lot 54
Auction 7th December 2017
Rent £35,000 per Annum Exclusive
Status Sold
Price £321,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
32 miles north-east of Peterborough, 39 miles west of Norwich
Roads
A10, A12, A47, A143
Rail
King’s Lynn Railway Station
Air
Norwich International Airport
Situation
The property is prominently situated on the eastern side of the pedestrianised High Street, south of its junction with New Conduit Street, in the heart of the town centre. Nearby occupiers include Debenhams, Boots the Chemist, Primark, Starbucks, and Topshop/Topman. A new 20,000 sq ft H&M store is due to open in 2018 on the site of the former Beales Department Store in Broad Street.
Tenure
Freehold.
Location
Miles
32 miles north-east of Peterborough, 39 miles west of Norwich
Roads
A10, A12, A47, A143
Rail
King’s Lynn Railway Station
Air
Norwich International Airport
Situation
The property is prominently situated on the eastern side of the pedestrianised High Street, south of its junction with New Conduit Street, in the heart of the town centre. Nearby occupiers include Debenhams, Boots the Chemist, Primark, Starbucks, and Topshop/Topman. A new 20,000 sq ft H&M store is due to open in 2018 on the site of the former Beales Department Store in Broad Street.
Tenure
Freehold.
Description
The property comprises a ground floor shop with ancillary accommodation on the first and second floors.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor shop with ancillary accommodation on the first and second floors.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground First Second
Retail/Ancillary Ancillary Ancillary
139.99 sq m 66.20 sq m 41.80 sq m
(1,507 sq ft) (713 sq ft) (450 sq ft)
CAPITAL PRIME INVEST LIMITED t/a Divine Beds
5 years from 25/08/2017 on a full repairing and insuring lease (1)
£35,000 (2)
25/08/2020 (3)
Totals
247.99 sq m
(2,670 sq ft)
£35,000
(1) The lease is full repairing and insuring subject to a Schedule of Condition. (2) The tenant is currently benefiting from a rent-free period expiring 3rd March 2018. The tenant will then benefit from a half rent period to and including 24th August 2018. The Vendor has agreed to adjust the completion monies so that the property will effectively produce £35,000 p.a.x. from completion of the sale. A 2 month rent deposit is held by the Vendor. (3) The rent is reviewed in August 2020 to the higher of the passing rent or RPI.
