Auction Property Commercial 

Lynn Road, Snettisham, King’s Lynn

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Features

  • Auction date: 23rd & 24th September 2020
  • Large commercial premises with private car parking
  • Main retail Shop floor /offices & storage
  • Additional building solely used for storage
  • Approximately 0.45 Acre Site
  • Approximately 608 Sq. M (6,544 Sq. Ft)
  • Occupied by “The Original Factory Shop”
  • 11 year FRI lease commencing 2018
  • 5 year rent review with 15% Rental uplift with no break clause
  • Current passing rent of £38,500

Address

113 & 115 Lynn RoadSnettishamKing's LynnNorfolkPE31 7QG
Details
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Property Details

•For Sale By Online Auction – 23rd & 24th September 2020
•Guide Price: £525,000+
•Substantial commercial investment property
•Also suitable for re-development or alternative uses (STP)
•Tenanted: £38,500 pa, fixed 15% uplift to £44,270 in 2024
•Freehold

This generous commercial retail premises comprises accommodation arranged over two separate buildings. The main building is a large detached premises with arched roof above. There is a large open plan retail space with an office and kitchen/ break out room and additional storage to the first floor. There is a back door to the rear of the shop leading to a staff WC and stairs to the first floor.

The additional building is of traditional construction and is utilised solely as storage by the present occupier.

Both buildings are fitted with fire and security alarm systems. The main retail building comprises, three phase electrics, strip lighting and solid flooring.

Externally there is a sizeable wrap around car park with a total of 23 parking spaces. There is additional space to the front however is currently used as an area for the sale of garden products by the store. The total overall site is approximately 0.45 acre.

Services

We understand the property to have mains electricity, water and drainage.

Accommodation

Ground Floor 464 Sq. M (4,994 Sq. Ft) Gross
First Floor 54 Sq. M (581 Sq. Ft) Gross
Detached Storage 88 Sq. M (947 Sq. Ft) Gross
Approx. Total Accommodation 605 Sq. M (6,522 Sq. Ft)

Tenure

Freehold

Investment Analysis

The property is sold with an occupant in situ. The property is let by the ‘The Original Factory Shop’ which is a national chain with over 120 stores. The company having recently undergone CVA restructuring from 200 stores. We are advised this is one of the stores which is unaffected and is trading to a good standard with the tenant being in situ and conducting business since 1999.

The property is sold with an 11 year lease in place which is fully repairing and insuring commencing from December 2018, with a passing rent of £38,500. The FRI lease benefits from no break clauses or rent free periods and a fixed 15% rental uplift to £44,270 pa in Dec 2024 which will represent a gross yield of 8.4% based on the guide price.

Business Rates

The property has a current rateable value of £34,250.

Guide Price

£525,000+

Location Map

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