179, 180, 181 King Street Great Yarmouth Norfolk NR30 1LS

179, 180, 181 King Street
Great Yarmouth
Norfolk
NR30 1LS

Freehold Retail Investment and Part Vacant with Development Potential (subject to consents)

Prominent town centre location
Tenants include HSBC and River Island
Comprises 2,543 sq m (27,367 sq ft)
Nearby occupiers include Greggs (adjacent), WHSmith, Nationwide and Lloyds

Lot
42
Auction
11th December 2019
Rent
£122,300 per Annum Exclusive
Status
Sold
Price
£750,000
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN
On behalf of a Major Fund Manager

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Freehold Retail Investment and Part Vacant with Development Potential (subject to consents)

Prominent town centre location
Tenants include HSBC and River Island
Comprises 2,543 sq m (27,367 sq ft)
Nearby occupiers include Greggs (adjacent), WHSmith, Nationwide and Lloyds

Lot 42
Auction 11th December 2019
Rent £122,300 per Annum Exclusive
Status Sold
Price £750,000
Sector
High Street Retail
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN
On behalf of a Major Fund Manager

Property Information

Location

Miles: 19 miles east of Norwich; 54 miles north of Ipswich; 74 miles north of Colchester
Roads: A12, A47, A143
Rail: Great Yarmouth
Air: Norwich International Airport

Situation

The property occupies a prominent position on the western side of the pedestrianised King Street, at its junction with Regent Street. Market Place is diagonally opposite, which is a historic and bustling market place that hosts its famous markets twice a week. The property is between Market Gates Shopping Centre and Victoria Arcade opposite, with a number of the town's car parks close by. Nearby occupiers include Greggs (adjacent), WH Smith, Nationwide, Lloyds, Barclays, Halifax, Betfred and Palmers department store.

Tenure

Freehold.

Location

Miles: 19 miles east of Norwich; 54 miles north of Ipswich; 74 miles north of Colchester
Roads: A12, A47, A143
Rail: Great Yarmouth
Air: Norwich International Airport

Situation

Tenure

Freehold.

Description

The property comprises 3 ground floor shops with ancillary accommodation on the first and second floors. There is an electrical substation on site.

VAT

VAT is applicable to this lot.

Planning

The property may benefit from conversion to residential use, subject to the current occupation and the necessary consents/permissions. Interested parties are referred to Great Yarmouth Borough Council. www.great-yarmouth.gov.uk

Completion Period

Six Week Completion

EPC

See legal pack at acuitus.co.uk

Description

The property comprises 3 ground floor shops with ancillary accommodation on the first and second floors. There is an electrical substation on site.

VAT

VAT is applicable to this lot.

Planning

Completion Period

Six Week Completion

EPC

See legal pack at acuitus.co.uk

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x.	Reversion
Unit 1, 181 High Street	Ground Basement First Second	Retail Ancillary Ancillary Ancillary	191 sq m 197 sq m 156 sq m 136 sq m	(2,055 sq ft) (2,120 sq ft) (1,679 sq ft) (1,463 sq ft)	HSBC BANK PLC (1)	10 years from 25/03/2012	£82,000	24/03/2022
Unit 2, 180 King Street	Ground Basement First Second	Retail Ancillary Ancillary Ancillary	243 sq m 265 sq m 131 sq m 255 sq m	(2,615 sq ft) (2,852 sq ft) (1,410 sq ft) (2,744 sq ft)	VACANT
Unit 3, 179 King Street	Ground Basement First Second	Retail Ancillary Ancillary Ancillary	262 sq m 233 sq m 243 sq m 231 sq m	(2,820 sq ft) (2,508 sq ft) (2,615 sq ft) (2,486 sq ft)	RIVER ISLAND CLOTHING CO. LIMITED (2)	5 years from 1/09/2017	£40,000	31/08/2022
Service Yard					GREGGS PLC	Licence	£300
Total			2,543 sq m	(27,367 sq ft)			£122,300

(1) HSBC is one of the world's largest banking and financial services organisations, serving more than 40 million customers through four global businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Their network covers 65 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America (Source : www.hsbc.co.uk).
(2) With over 60 years of fashion retailing experience, River Island is one of the most well-known and loved brands........with over 350 stores across the UK, Ireland and internationally throughout Asia, the Middle East and Europe.......... (Source : www.riverisland.com).

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.