Residential development potential for upper parts (subject to consents)
Active management potential
Nearby occupiers include LLoyds Bank, Barclays, Morrisons, WH Smith, Boots, Iceland and Greggs
Lot 62
Auction 24th May 2018
Rent £53,500 per Annum Exclusive
Status Sold
Price £485,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of Receivers Savills
Property Information
Location
Miles
10 miles south of King’s Lynn, 30 miles north of Cambridge, 50 miles west of Norwich
Roads
A1, A10, A134, A47 A1122
Rail
Downham Market Railway Station
Air
Norwich International Airport, Stansted International Airport
Situation
Downham Market is an attractive market town located 10 miles south of King’s Lynn. The property is prominently situated in the town centre, on the north side of Bridge Street. Nearby occupiers include LLoyds Bank, Barclays, Morrisons, WH Smith, Boots, Iceland and Greggs
Tenure
Freehold.
Location
Miles
10 miles south of King’s Lynn, 30 miles north of Cambridge, 50 miles west of Norwich
Roads
A1, A10, A134, A47 A1122
Rail
Downham Market Railway Station
Air
Norwich International Airport, Stansted International Airport
Situation
Downham Market is an attractive market town located 10 miles south of King’s Lynn. The property is prominently situated in the town centre, on the north side of Bridge Street. Nearby occupiers include LLoyds Bank, Barclays, Morrisons, WH Smith, Boots, Iceland and Greggs
Tenure
Freehold.
Description
The property comprises two retail units with retail accommodation on the ground floor, part first floor storage accommodation to unit 1 (Peacocks) and part first and second floor accommodation that is not currently in use.
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises two retail units with retail accommodation on the ground floor, part first floor storage accommodation to unit 1 (Peacocks) and part first and second floor accommodation that is not currently in use.
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reversion
Unit 1
Ground Part First
Retail Storage
372.72 sq m 112.13 sq m
(4,012 sq ft) (1,207 sq ft)
PEACOCKS STORES LTD (1)
18 years from 29/09/1999
£41,500
28/9/2017 Holding over (3)
Unit 2
Ground
Retail
72.37 sq m
(779 sq ft)
THE SUE RYDER FOUNDATION
10 years from 24/12/2014
£12,000
23/12/2024 (2)
Part First & Second
Not currently used
not measured
VACANT POSSESSION
Total
557.22 sq m
(5,998 sq ft)
£53,500
(1) For the year ending 25th February 2017, Peacock Stores Limited reported a turnover of £382,318,000, a pre-tax profit of £65,019,000 and a total net worth of £192,792,000 (Source: Experian Group 25/04/2018). (2) The lease provides a tenant option to determine in December 2019. (3) A Section 25 notice has been served by the Joint LPA Receivers.
