About this property
Key Features
Freehold
Rent of £40,000 per annum
Fully-let to established and thriving tenant
Prominent retail property in heart of town centre
Description
A wonderful opportunity to purchase a substantial 2 storey retail property in the heart of the Norfolk town of Kings Lynn, fully let to an established tenant.
The large building is excellently located at the eastern end of New Conduit Street, adjoining The Vancouver Quarter, the main retail centre of the town. Nearby occupiers include Nationwide, Boots, Trespass, The Perfume Shop, Wilko, HSBC, H&M and Costa.
The premises are arranged over ground and first floor levels, and features the following accommodation areas:
Ground Floor: Large retail area featuring a 13.3m frontage with full height window display, lino flooring, suspended panel ceiling; Stairwell area with wash hand basin, water heater and stairs to first floor; Rear Lobby giving access to further covered loading area from rear service yard.
First Floor: Large Ancillary/Storage Area to front with average ceiling height 3.1m, windows to front elevation; Kitchen with electric heater and a range of MDF base and wall units: Lobby Area with boarded windows at a high level and small storage area off; Cloakroom with white WC and wash hand basin; Manger's Office with lino flooring, suspended ceiling, electric radiator; Further Storage Room with high level boarded windows to rear.
Ground floor area - 3,301ft² (306.7m²)
First floor ancillary/storage - 3,119ft² (290m²)
The property benefits from rear access onto the rear service yard, where parking spaces are available to be rented from Vancouver Court.
Tenure
Freehold subject to lease
VAT
VAT is payable on the purchase price.
Lot Type
Commercial
Tenancies
The property is currently occupied by an established and successful tenant trading as 'Designs' clothing retailer.
The tenant has been in occupation for 10 years and recently signed a new 5 year lease, dating from 4th January 2021 to 30th June 2025 with a rent of £40,000 per annum, paid quarterly. See legal pack for details.
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Laura Leventhall at Hayes & Storr Solicitors, The Old County Court, Kings Lynn, PE30 5EJ
Viewing
Cheffins Property Auction Dept 01223 213777
Important notes
*Guide prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set up to or within the Guide Range or no more than 10% above a single figure Guide. The reserve price will remain confidential between the seller and the auctioneer.
Fees: The guide price excludes any additional fees that the purchaser may incur, to include, but not limited to, Buyers Contract fee, Stamp Duty Land Tax, VAT, legal and search fees etc. Please refer to relevant Auction Legal Packs for details.�