Property Auctions 11/Jul/2018 | Units 15-17 St Hilary Trade Park, Hardwick Road, King's Lynn, Norfolk, PE30 4NA

Freehold Index-Linked Industrial Investment

Let to Nikjam Enterprises Limited t/a Anytime Fitness until 2032 (no breaks)
RPI linked 5 yearly rental increases (subject to a minimum of 1% p.a. and a maximum of 4% p.a. compounded)
Forms part of a newly constructed, modern industrial estate
Situated in a well established trade counter and out of town retailing location
Nearby occupiers include Topps Tiles, Majestic Wine, Next, BMW, Mini, Boots, Halfords, B&Q, Costa and McDonald’s
Individually the units fall under the small business rate relief threshold

Lot 17
Auction 11th July 2018
Rent £32,000 per Annum Exclusive
Status Withdrawn Prior
Price
Sector
Industrial/Warehouse
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 34 miles north-east of Peterborough; 40 miles west of Norwich; 42 miles north of Cambridge
Roads: A10, A17, A47, A148
Rail: King’s Lynn Railway Station
Air: Norwich International Airport

Situation

King’s Lynn is a substantial and important Norfolk commercial centre with a large primary catchment population of in excess of 230,000 (PROMIS). St Hilary Trade Park is situated on the north side of Hardwick Road, in a well established trade counter and out of town retailing location. Neighbouring occupiers on St Hilary Trade Park include Topps Tiles, Toolstation, Majestic Wine, Formula One Autocentre, Euro Car Parts, Switch Electrical, Auto Windscreens and CTS Security. Other nearby occupiers include Next, BMW, Mini, Sainsbury’s, Boots, Tesco, Costa, B&Q, Halfords and McDonald’s.

Tenure

Freehold.

Location

Miles: 34 miles north-east of Peterborough; 40 miles west of Norwich; 42 miles north of Cambridge
Roads: A10, A17, A47, A148
Rail: King’s Lynn Railway Station
Air: Norwich International Airport

Situation

King’s Lynn is a substantial and important Norfolk commercial centre with a large primary catchment population of in excess of 230,000 (PROMIS). St Hilary Trade Park is situated on the north side of Hardwick Road, in a well established trade counter and out of town retailing location. Neighbouring occupiers on St Hilary Trade Park include Topps Tiles, Toolstation, Majestic Wine, Formula One Autocentre, Euro Car Parts, Switch Electrical, Auto Windscreens and CTS Security. Other nearby occupiers include Next, BMW, Mini, Sainsbury’s, Boots, Tesco, Costa, B&Q, Halfords and McDonald’s.

Tenure

Freehold.

Description

Units 15-17 form part of the newly completed Phase II development of the St Hilary Trade Park, which comprises a terrace of seven modern units with car parking and a large service yard. The property comprises a double unit fitted out as a fitness centre totalling approximately 437 sq m (4,700 sq ft). The property benefits from a full height glass entrance, roller shutter door, an eaves height of 6m, 20kN/m2 loading capacity and car parking.

VAT

VAT is applicable to this lot.

Planning

The estate benefits from a wide trade counter planning permission with no restrictions on floor space open to the public. The consent is for Class B2 and/or B8 uses with ancillary trade and retail counter, ancillary showroom, ancillary offices and additional sui generis uses. The exceptions to this are Units 15-17 which have an additional planning use of D2 (Leisure).

Completion Period

Six week completion

EPC

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

Description

Units 15-17 form part of the newly completed Phase II development of the St Hilary Trade Park, which comprises a terrace of seven modern units with car parking and a large service yard. The property comprises a double unit fitted out as a fitness centre totalling approximately 437 sq m (4,700 sq ft). The property benefits from a full height glass entrance, roller shutter door, an eaves height of 6m, 20kN/m2 loading capacity and car parking.

VAT

VAT is applicable to this lot.

Planning

The estate benefits from a wide trade counter planning permission with no restrictions on floor space open to the public. The consent is for Class B2 and/or B8 uses with ancillary trade and retail counter, ancillary showroom, ancillary offices and additional sui generis uses. The exceptions to this are Units 15-17 which have an additional planning use of D2 (Leisure).

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.	Reviews
Ground	Fitness Centre	437.00 sq m	(4,700 sq ft)	NIKJAM ENTERPRISES LIMITED with guarantee (1) t/a Anytime Fitness (2)	15 years from 28/07/2017 until 27/07/2032 on a full repairing and insuring lease	£32,000 (£6.80 per sq ft)	28/07/2022 & 5 yearly (3)
Total		437.00 sq m	(4,700 sq ft)			£32,000

(1) Nikjam Enterprises Limited was incorporated in March 2017 and is a franchisee of Anytime Fitness. The lease is personally guaranteed on a joint and several basis by the two directors and released after four years of no arrears.
(2) Founded in 2002, Anytime Fitness is a 24 hour health and fitness brand operating over 4,000 franchised locations across 30 countries worldwide (www.anytimefitness.co.uk).
(3) The rent reviews are five yearly and linked to the Retail Price Index (RPI), with a minimum of 1% per annum and a maximum of 4% per annum compounded.