Pedestrianised town centre location close to Sainsbury’s supermarket, Iceland and Superdrug and new H&M development
Lot 50
Auction 11th July 2018
Rent £75,000 per Annum Exclusive
Status Withdrawn Prior
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
36 miles north-east of Peterborough, 43 miles west of Norwich
Roads
A10, A17, A47
Rail
King’s Lynn Railway Station (direct to London King’s Cross)
Air
London Stansted Airport
Situation
The property is prominently situated on the eastern side of the pedestrianised Broad Street, north of its junction with New Conduit Street and south of its junction with Norfolk Street, in the heart of King’s Lynn town centre. Nearby occupiers include a Sainsbury’s supermarket, Greggs, Superdrug, Holland & Barrett, Iceland and Wilko, with the H&M development also close by.
Tenure
Freehold.
Location
Miles
36 miles north-east of Peterborough, 43 miles west of Norwich
Roads
A10, A17, A47
Rail
King’s Lynn Railway Station (direct to London King’s Cross)
Air
London Stansted Airport
Situation
The property is prominently situated on the eastern side of the pedestrianised Broad Street, north of its junction with New Conduit Street and south of its junction with Norfolk Street, in the heart of King’s Lynn town centre. Nearby occupiers include a Sainsbury’s supermarket, Greggs, Superdrug, Holland & Barrett, Iceland and Wilko, with the H&M development also close by.
Tenure
Freehold.
Description
The property comprises a well proportioned double-fronted ground floor shop with ancillary accommodation on the first floor.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a well proportioned double-fronted ground floor shop with ancillary accommodation on the first floor.
VAT
VAT is applicable to this lot.
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
Review
Ground First
Retail/Ancillary Ancillary
231.05 sq m 174.94 sq m
(2,487 sq ft) (1,883 sq ft)
CAVERSHAM TRADING LIMITED (1) t/a BrightHouse
17 years from 29/05/2008 until 28/05/2025 (2) on a full repairing and insuring lease
£75,000
29/05/2023
Total
405.99 sq m
(4,370 sq ft)
£75,000
(1) BrightHouse operate from over 270 stores nationwide, serving more than 280,000 customers, and are the leading rent-to-own retail chain. For the year ending 31st March 2017, Caversham Trading Limited reported a turnover of £63,362,000, pre-tax profits of £-817,000 and a total net worth of £59,755,000 (Sources: www.brighthouse.co.uk and Experian Group 07/06/2018). (2) The property was originally let for a term of 10 years from 29th May 2008, expiring on 28th May 2018. The lease was extended for a further 7 years to expire on 28th May 2025.
