14 Bridge Street Downham Market Norfolk PE38 9DH

  • 14 Bridge Street<br>Downham Market<br>Norfolk<br>PE38 9DH

14 Bridge Street
Downham Market
Norfolk
PE38 9DH

Freehold Retail Investment

  • Let to Peacocks and Sue Ryder
  • Residential development potential for upper parts (subject to consents)
  • Active management potential
  • Nearby occupiers include LLoyds Bank, Barclays, Morrisons, WH Smith, Boots, Iceland and Greggs
  • Lot
    62
  • Auction
    24th May 2018
  • Rent
    £53,500 per Annum Exclusive
  • Status
    Sold
  • Price
    £485,000
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Behalf of Receivers Savills
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Freehold Retail Investment

  • Let to Peacocks and Sue Ryder
  • Residential development potential for upper parts (subject to consents)
  • Active management potential
  • Nearby occupiers include LLoyds Bank, Barclays, Morrisons, WH Smith, Boots, Iceland and Greggs
  • Lot 62
  • Auction 24th May 2018
  • Rent £53,500 per Annum Exclusive
  • Status Sold
  • Price £485,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Behalf of Receivers Savills

Property Information

Location
Miles
10 miles south of King’s Lynn, 30 miles north of Cambridge, 50 miles west of Norwich
Roads
A1, A10, A134, A47 A1122
Rail
Downham Market Railway Station
Air
Norwich International Airport, Stansted International Airport
Situation

Downham Market is an attractive market town located 10 miles south of King’s Lynn. The property is prominently situated in the town centre, on the north side of Bridge Street. Nearby occupiers include LLoyds Bank, Barclays, Morrisons, WH Smith, Boots, Iceland and Greggs

Tenure

Freehold.

Location
Miles
10 miles south of King’s Lynn, 30 miles north of Cambridge, 50 miles west of Norwich
Roads
A1, A10, A134, A47 A1122
Rail
Downham Market Railway Station
Air
Norwich International Airport, Stansted International Airport
Situation

Downham Market is an attractive market town located 10 miles south of King’s Lynn. The property is prominently situated in the town centre, on the north side of Bridge Street. Nearby occupiers include LLoyds Bank, Barclays, Morrisons, WH Smith, Boots, Iceland and Greggs

Tenure

Freehold.

Description

The property comprises two retail units with retail accommodation on the ground floor, part first floor storage accommodation to unit 1 (Peacocks) and part first and second floor accommodation that is not currently in use.

VAT

VAT is applicable to this lot.

Note

This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises two retail units with retail accommodation on the ground floor, part first floor storage accommodation to unit 1 (Peacocks) and part first and second floor accommodation that is not currently in use.

VAT

VAT is applicable to this lot.

Note

This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x Reversion
Unit 1 Ground
Part First		 Retail
Storage
372.72 sq m
112.13 sq m
(4,012 sq ft)
(1,207 sq ft)
 PEACOCKS
STORES LTD
(1)		 18 years from
29/09/1999		 £41,500 28/9/2017
Holding
over (3)
Unit 2 Ground Retail
72.37 sq m
(779 sq ft)
 THE SUE
RYDER
FOUNDATION		 10 years from
24/12/2014		 £12,000 23/12/2024
(2)
  Part First & Second Not currently used
not measured
  VACANT
POSSESSION		    
Total
557.22 sq m
(5,998 sq ft)
     £53,500  

(1) For the year ending 25th February 2017, Peacock Stores Limited reported a turnover of £382,318,000, a pre-tax profit of £65,019,000 and a total net worth of £192,792,000 (Source: Experian Group 25/04/2018).
(2) The lease provides a tenant option to determine in December 2019.
(3) A Section 25 notice has been served by the Joint LPA Receivers.

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060 519john.mehtab@acuitus.co.uk
Seller's Solicitors
Walker Morris LLP Kings Court, 12 King Street
Leeds
LS1 2HL
Owen Ormond 0113 283 2500owen.ormond@walkermorris.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
Property InsuranceBrown & BrownNatasha WardBroking Director+44 7545 208 759bbrown.com

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