Unit 6 and 7 North Lynn Business Village King's Lynn Norfolk PE30 2JG

  • Unit 6 and 7 North Lynn Business Village<br>King's Lynn<br>Norfolk<br>PE30 2JG

Unit 6 and 7 North Lynn Business Village
King's Lynn
Norfolk
PE30 2JG

Established Business Village Office Investment

  • Let to AVN Arena Norfolk Ltd and Eastern Inshore Fisheries and Conservation Authority
  • Annual Rental Increases (4)
  • Capital Value of £114.20 Per Square Foot
  • Approximately 2,802 sq ft (260.31 sq m)
  • Situated on Established Business Village Estate
  • Nearby occupiers include BBC Radio Norfolk, Skoda, Volkswagen, Audi, Jewson and a Number of Local Businesses
  • Lot
    33
  • Auction
    7th November 2024
  • Rent
    £36,092 per Annum Exclusive
    Rising to £37,823.77pax in 2027
  • Status
    Available
  • Guide*
    £320,000
  • Sector
    Office
  • Auction Venue
    Live Streamed Auction
  • Expand
  • Photos
  • Map

Established Business Village Office Investment

  • Let to AVN Arena Norfolk Ltd and Eastern Inshore Fisheries and Conservation Authority
  • Annual Rental Increases (4)
  • Capital Value of £114.20 Per Square Foot
  • Approximately 2,802 sq ft (260.31 sq m)
  • Situated on Established Business Village Estate
  • Nearby occupiers include BBC Radio Norfolk, Skoda, Volkswagen, Audi, Jewson and a Number of Local Businesses
  • Lot 33
  • Auction 7th November 2024
  • Rent £36,092 per Annum Exclusive Rising to £37,823.77pax in 2027
  • Status Available
  • Guide* £320,000
  • Sector
    Office
  • Auction Venue
    Live Streamed Auction

Property Information

Location
Miles
29 miles east of Peterborough, 38 miles west of Norwich, 39 miles north of Cambridge
Roads
A10, A149, A47, A17
Rail
Kings Lynn Railway Station
Air
London Stansted Airport, Norwich Airport
Situation

The property is situated on the established North Lynn Business Village Estate, approximately 2 miles north-east of Kings Lynn Town Centre. Nearby occupiers include Skoda, Volkswagen, Audi, Jewson and a number of local businesses.

Tenure

Virtual Freehold. Held for a term of 999 years from 25th march 1996 at a current annual rent reserved of 1% of the occupational rent.

Location
Miles
29 miles east of Peterborough, 38 miles west of Norwich, 39 miles north of Cambridge
Roads
A10, A149, A47, A17
Rail
Kings Lynn Railway Station
Air
London Stansted Airport, Norwich Airport
Situation

The property is situated on the established North Lynn Business Village Estate, approximately 2 miles north-east of Kings Lynn Town Centre. Nearby occupiers include Skoda, Volkswagen, Audi, Jewson and a number of local businesses.

Tenure

Virtual Freehold. Held for a term of 999 years from 25th march 1996 at a current annual rent reserved of 1% of the occupational rent.

Description

The property comprises two attractive mid-terrace self-contained, air conditioned office buildings, with one of the units arranged on the ground floor only and the other unit arranged on the ground and entire first floor.

The property benefits from parking for 10 cars.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion.

EPC

Unit 6 and 7b: B and Unit 7a: C

Description

The property comprises two attractive mid-terrace self-contained, air conditioned office buildings, with one of the units arranged on the ground floor only and the other unit arranged on the ground and entire first floor.

The property benefits from parking for 10 cars.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion.

EPC

Unit 6 and 7b: B and Unit 7a: C

Tenancy & Accommodation

Address Floor Use Floor Areas
Approx sq m (1)
Floor Areas
Approx sq ft (1)
Tenant Term Rent p.a.x. Reviews (Reversion)
Unit 7A
and 2 Car Parking Spaces
Ground Office
66.40
(715)
AVN ARENA NORFOLK LIMITED (CRN: 09068401) 3 years from 26th September 2023 (2)
£7,800
(25/09/2026)
Unit 6-7B
and 8 Car Parking Spaces
Ground
First
Office
Office
57.52
136.39
(619)
(1,468)
EASTERN INSHORE FISHERIES AND CONSERVATION AUTHORITY (IFCA) (3) 10 years from 09/12/2018 (4)
£28,292.07
Fixed annual increases in rent rising to £30,023.77 in 2027 (4) (09/12/2028)
Total Approximate Floor Area    
260.31
(2,802)
   
£36,092.07
 

(1) The floor areas stated above have been taken from the Valuation Office Agency (https://www.gov.uk/find-business-rates)
(2)As to Unit 7a, the lease provides for a mutual option to determine the lease on 25th March 2025 subject to 6 months written notice. The Seller is holding a Rent Deposit, equivalent to 6 months Rent.
(3)Eastern IFCA (Inshore Fisheries and Conservation Authority are a government authority and one of 10 Inshore Fisheries and Conservation Authorities (IFCA's) which protect the marine inshore environment around the coast of England. (www.eastern-IFCA.goc.uk).
(4) As to unit 6-7b, the lease provides for a tenant option to determine the lease on 10th December 2024 and every subsequent anniversary of that date, subject to not less than 12 months written notice. The tenant has been in occupation of the property since at least December 1993. The lease provides for fixed increases in rent in 10th December of each of the following years; £28,292.07 from 10th December 2024, £28,857.91 from 2025. £29,435.07 from 2026, and £30,023.77 from 2027.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    31.10.24
    File Size
    46 MB
    Login to View
  • Brochure
    Updated Date
    21.10.24
    File Size
    3 MB
    View PDF
  • Common Auction conditions
    Updated Date
    20.05.24
    File Size
    620 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060 519john.mehtab@acuitus.co.uk
Edward MartinEdward Martin +44 (0)20 7034 4854 +44 (0)7478 673 535edward.martin@acuitus.co.uk
Seller's Solicitors
Harold Benjamin Solicitors Hygeia Building, 66-68 College Road
Harrow
Middlesex
HA1 1BE
Varsha Sood 020 8872 3028varsha.sood@haroldbenjamin.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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