About this property

Key Features

Prominent town centre location
Rental income of £45,000 per year
Fully let to Vision Express
Freehold 3 storey commercial investment opportunity

Description

A wonderful opportunity to purchase a prominent 3 storey commercial building in the heart of the popular market town of King's Lynn, Norfolk. The accommodation is arranged over 3 storeys and is fully let to Vision Express. The building is ideally located close to a number of prime retailers, such as the recently opened Loungers, Primark, O2, Boots, Dorothy Perkins, Greggs, Barclays, Starbucks, Subway and Costa, with high rates of passing foot traffic. The ground floor features a main retail and reception area, as well as examination rooms, office and cloakrooms. The first floor features storage areas, kitchen/break room, along with workshop and lab areas. The second floor has 4 storage rooms which retain the original timber board floors and emulsion to walls and ceilings. The property has fire exit/access to the rear, which lead to a service area off White Lion Court. The property has a total internal area of approx. 4774ft².


Tenure

Freehold subject to tenancy

Location

Kings Lynn is a market town in the county of Norfolk with a population of approximately 43,000 and a busy town centre which features a number of international and local businesses alike.

VAT

VAT is payable on the purchase price.

Lot Type

Commercial

Tenancies

The entirety of the building is let to Vision Express on an FRI basis, at a current rent of £45,000 pa. The current 10 year lease runs until the 27th April 2027, thereby presenting an unexpired term of over 7 years. Vision Express have recently refurbished the ground and first floors to an exceptionally high standard, to include new flooring, suspended ceiling and air conditioning, as well as their bespoke fit outs of sales and examination rooms. As part of the renovations, the tenant has also undertaken significant roof repairs, including the provision of new roof timbers and strengthening steels, outlining their commitment to the location.

Legal Packs

www.cheffins.co.uk/auctions/property-auctions or Nicola Kilby at Knights PLC, 34 Pocklingtons Walk, Leicester, LE1 6BU

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.”