55 High Street and 1 & 2 Norfolk Street Kings Lynn Norfolk PE30 1BE

55 High Street and 1 & 2 Norfolk Street
Kings Lynn
Norfolk
PE30 1BE

Freehold Retail Investment

Entirely let to Phones 4U Limited on a 5 year lease until October 2018
Prime pedestrianised corner position opposite Marks & Spencer
Other nearby occupiers include Halifax Bank, Mountain Warehouse, T Mobile, Next, Primark and McDonald’s
Reversionary or re-gear development opportunity over majority unused first and second floors – subject to consents
Six Week Completion

Lot
9
Auction
22nd May 2014
Status
Sold Post
Price
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On the Instructions of Circle Property

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Freehold Retail Investment

Entirely let to Phones 4U Limited on a 5 year lease until October 2018
Prime pedestrianised corner position opposite Marks & Spencer
Other nearby occupiers include Halifax Bank, Mountain Warehouse, T Mobile, Next, Primark and McDonald’s
Reversionary or re-gear development opportunity over majority unused first and second floors – subject to consents
Six Week Completion

Lot 9
Auction 22nd May 2014
Status Sold Post
Price
Sector
High Street Retail
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On the Instructions of Circle Property

Property Information

Location

Miles: 107 miles north of London,43 miles west of Norwich, 36 miles north-east of Peterborough
Roads: A10, A47, A17
Rail: Kings Lynn 0.5 miles
Air: Norwich Airport 45 miles

Situation

The property is situated in a prominent pedestrianised location on the corner of the High Street and Norfolk Street, in arguably the most visible prime retailing position in Kings Lynn.

Tenure

Freehold.

Location

Miles: 107 miles north of London,43 miles west of Norwich, 36 miles north-east of Peterborough
Roads: A10, A47, A17
Rail: Kings Lynn 0.5 miles
Air: Norwich Airport 45 miles

Situation

The property is situated in a prominent pedestrianised location on the corner of the High Street and Norfolk Street, in arguably the most visible prime retailing position in Kings Lynn.

Tenure

Freehold.

Description

The property comprises a traditional 3 storey corner retailing unit originally constructed in the 1920’s. The ground floor comprises retailing area configured as a phone shop with extensive glazed frontage to both aspects and a corner customer entrance; there is storage and ancillary accommodation to the rear. The first and second floors are accessed by a staircase within the rear of the property. Phones 4U have a staff room on the 1st floor, but the majority of the 1st and all of the 2nd floor are not utilised by Phones 4U.

VAT

VAT is applicable to this lot.

Viewings

Planning
There may be residential or other change of use development potential subject to a re-gear or renegotiation on reversion and subject to consents. Initial plans have been drafted to provide 4 x 2 bedroom flats, details are available within the legal pack.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

Viewings

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	Reversion
Ground First Second	Retail and Ancillary Ancillary (majority unused) Ancillary (unused)	149.02 sq m 114.66 sq m 118.58 sq m	(1,604 sq ft) (1,234 sq ft) (1,276 sq ft)	PHONES 4U LIMITED (1) guaranteed by Caudwell Subsidiary Holdings Limited (2)	5 years from 07/10/2013 on a full repairing and insuring lease	£94,200	06/10/2018
Totals		382.26 sq m	(4,114 sq ft)			£94,200

(1) Beginning in 1996, Phones 4U has grown into one of the leading independent mobile phone retailers with over 700 stores across the UK. (Source: www.phones4U.co.uk) For the year ending 31/12/2012, Phones 4U Limited reported a turnover of £963,686,000, pre-tax profits of £88,810,000 and a total net worth of £375,377,000 (Source: www.riskdisk.com 11/03/2014). The lease contains a tenant guarantee from Caudwell Subsidiary Holdings Ltd.
(2)For the year ending 31/12/2012, Caudwell Subsidiary Holdings Limited reported a pre-tax profit of £7,347,000 and a total net worth of £99,514,000 (source www.riskdisk.com 25.04.2014)