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
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.
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)
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)
