The headline lot of the sale is a prominent 4,774 sqft three storey commercial building in the heart of King’s Lynn, Norfolk. Currently let by Vision Express at a rent of £45,000 per annum on an FRI basis, the building is located in an area of high footfall within the prime retail area of the town amongst the likes of Barclays, Starbucks, O2 and Costa. Vision Express has recently refurbished the ground and first floors to a high standard and is currently on a ten-year lease, expiring in April 2027. It has a guide price of £550,000.
For those looking for a residential development opportunity, there is a detached house in Soham, needing complete renovation with views over East Fen Common. With three bedrooms and set in a plot of 0.24 acres, the property could also present an opportunity for a replacement dwelling, making it a fantastic project for both buyers and investors. The property has a guide price of £130,000 and has already seen significant interest from local buyers. Also in Soham is an opportunity to buy a development site offering two barns with full planning permission to create a four bedroom detached house with a garage. The site currently includes two traditional barns with an open yard area to the rear which would eventually provide an enclosed garden and off-road parking. With a rural setting to the north of Soham, this lot would appeal to a self-build owner occupier or developer buyers. It has a guide price of £90,000 - £100,000.
For those looking for arable land, there are two lots available in Stretham, near Ely; one of 19.01 acres with a guide price of £140,000 and another of eight acres with a guide price of £60,000. Both parcels are situated in a prime location adjacent to the A10 Cambridge Road. In addition, 15.93 acres are available at Necton, near Swaffham in Norfolk with a guide price of £120,000 - £130,000.
Ian Kitson, Director, Cheffins comments: “As our first sale post lockdown, the July auction will be illustrative of market appetite across a variety of property types. We are hoping that by retaining the ability to leave a bid by proxy or on the telephone as well as online, this sale will be available to buyers of all technical ability. The two residential development opportunities in Soham have seen the most interest so far in the July auction, as an increasing number of purchasers look to move to rural locations. Similarly, the Vision Express building in King’s Lynn, with its solid income is likely to be of interest for investment buyers looking for stable returns at an unpredictable time.”