Property Auctions 11/Jul/2018 | Units 19 St Hilary Trade Park, Hardwick Road, Kings Lynn, Norfolk, PE30 4NA

Freehold Industrial Investment with minimum fixed rental increase in 2022

Let to Fishing Republic Trading Limited (with guarantee from Fishing Republic Plc)
Mezzanine constructed by landlord and rentalised
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
The unit falls under the small business rate relief threshold

Lot 18
Auction 11th July 2018
Rent £22,500 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Status Withdrawn Prior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

Unit 19 forms 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 an end of terrace unit arranged over ground and mezzanine totalling 386 sq m (4,150 sq ft). The mezzanine was constructed by the landlord and is therefore rentalised. The property benefits from a 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. Unit 19 has additional planning for storage, distribution and/or sale of fishing tackle and associated equipment.

Completion Period

Six Week Completion

EPC

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

Description

Unit 19 forms 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 an end of terrace unit arranged over ground and mezzanine totalling 386 sq m (4,150 sq ft). The mezzanine was constructed by the landlord and is therefore rentalised. The property benefits from a 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. Unit 19 has additional planning for storage, distribution and/or sale of fishing tackle and associated equipment.

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 Mezzanine	Trade Counter	200.00 sq m 186.00 sq m	(2,150 sq ft) (2,000 sq ft)	FISHING REPUBLIC TRADING LIMITED with guarantee from Fishing Republic Plc (1)	10 years from 17/07/2017 until 16/07/2027 on a full repairing and insuring lease (2)	£22,500 (£5.40 psf)	17/07/2022 (3)
Total		386.00 sq m	(4,150 sq ft)			£22,500

1) Fishing Republic is one of the UK’s largest retailers of fishing tackle and accessories with 16 retail outlets throughout the UK (www.fishingrepublic.co.uk). Sir Terry Leahy is a major shareholer and for the year ending 31st December 2016, Fishing Republic Plc reported a turnover of £5,799,065, pre-tax profits of £402,901 and a total net worth of £6,392,057 (Source: Experian Group 12/06/2018).
(2) The lease provides for a tenant option to determine on 20th March 2022, subject to 12 months’ prior notice and a 12 month rent penalty.
(3) The rent is reviewed to the higher of £23,750 p.a.x. or Open Market Rental Value (OMRV).