About this property
Key Features
Freehold subject to lease
Self contained residential flat at first and second floor levels
Ground floor restaurant premises
Mixed use investment property generating total income of £16,000 per annum
Description
A chance to acquire an attractive mid-terrace building, occupying a prominent position on an arterial route into the thriving town of King's Lynn. The property is fully let to a single tenant, and presents a generous gross rental yield of 10.67% to an investment buyer.
The attractive property has brick elevations beneath a predominantly pitched roof with a brick cavity extension to the rear with a flat felt covered roof, and features the following accommodation:
Ground Floor: Trading as a restaurant and featuring a main restaurant area with 30 covers, large display windows to front. There is a single Cloakroom as well as a small bar serving area. To the rear is a Commercial Kitchen with recessed Washing/Preparation area.
Residential Flat: Accessed via a separate doorway and staircase to the rear of the building, the residential flat features a ground floor Lobby Area with stairs to first floor; Landing; Kitchen; 3 Bedrooms; Bathroom with white wc, wash hand basin, bath and shower. Stairs lead to the 4th Bedroom on the second floor.
The residential flat has recently been redecorated, while the ground floor restaurant is well presented and well-lit.
EPC Rating: C
Tenure
Freehold subject to lease
Location
The property is ideally located on the busy arterial route leading into King's Lynn, with plenty of passing traffic, and just a short walk to the range of shops and facilities that are available in the busy town centre.
Lot Type
Commercial
Tenancies
The property is fully let to a single tenant, who occupies the whole of the building at a total rent of £16,000 per annum. The same tenant has been in occupation since 2013 and most recently signed a extension in 2020 which runs to August 2027.
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or John Appleby at Leonard Gray, 72-74, Duke Street, Chelmsford, Essex, CM1 1JY
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.�