Approximately 857 sq m (9,225 sq ft) over three floors
Nearby occupiers include Primark, Boots the Chemist, Marks & Spencer, JD Sports , Starbucks, Costa, Savers, Vision Express and Greggs
Lot 11
Auction 4th November 2021
Rent £65,500 per Annum Exclusive
Status Sold
Price £700,000
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of a Real Estate Investment Trust
Property Information
Location
Miles
41 miles west of Norwich
43 miles north-east of Cambridge
Roads
A10, A17, A47, A148
Rail
Kings Lynn
Air
Norwich Airport
Situation
King's Lynn is a popular market town in East Anglia, approximately 41 miles west of Norwich and 43 miles north of Cambridge. The property is located in a prime trading location on the east side of the pedestrianised High Street, close to it's junction with New Conduit Street, and a short walk from Vancouver Quarter, with retailers including Sainsbury's, Holland & Barrett, Superdrug, Poundland and Wilko. The property is adjacent to Primark, and near other retailers including Boots the Chemist, Marks & Spencer, JD Sport, Starbucks, Costa, Savers, Vision Express and Greggs.
Tenure
Freehold.
Location
Miles
41 miles west of Norwich
43 miles north-east of Cambridge
Roads
A10, A17, A47, A148
Rail
Kings Lynn
Air
Norwich Airport
Situation
King's Lynn is a popular market town in East Anglia, approximately 41 miles west of Norwich and 43 miles north of Cambridge. The property is located in a prime trading location on the east side of the pedestrianised High Street, close to it's junction with New Conduit Street, and a short walk from Vancouver Quarter, with retailers including Sainsbury's, Holland & Barrett, Superdrug, Poundland and Wilko. The property is adjacent to Primark, and near other retailers including Boots the Chemist, Marks & Spencer, JD Sport, Starbucks, Costa, Savers, Vision Express and Greggs.
Tenure
Freehold.
Description
The property comprises an attractive, part listed three storey building, arranged as a large ground floor restaurant, with ancillary accommodation on the first and second floors.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
C. See legal pack at www.acuitus.co.uk.
Description
The property comprises an attractive, part listed three storey building, arranged as a large ground floor restaurant, with ancillary accommodation on the first and second floors.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
C. See legal pack at www.acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground First Second
Restaurant/Ancillary Ancillary Ancillary
394.00 sq m 343.90 sq m 119.10 sq m
(4,241 sq ft) (3,702 sq ft) (1,282 sq ft)
LOUNGERS UK LIMITED t/a Poco Lounge (1)
15 years from 23/05/2019 until 22/05/2034 on a full repairing and insuring lease (2)
£65,500 (3)
23/05/2024 and five yearly thereafter
Total
857.00 sq m
(9,225 sq ft)
£65,500 (3)
(1) For the year ending 19/04/2020, Loungers UK Limited reported a turnover of £166,502,000, pre-tax profits of £-10,048,000 and total shareholders funds of £48,403,000 (source: NorthRow 07/10/2021). Loungers was founded in 2002 and now operates from 122 Loungers nationwide (www.loungers.co.uk/about 07/10/2021). (2) The lease is subject to a tenant option to determine on 23/05/2029. (3) Under the terms of the lease, the current rent is £60,000 pax with fixed rental uplifts to £62,500 pax in 2022 and £65,500 pax in 2023. The Vendor has agreed to adjust the completion monies so that the property produces £65,500 pax from completion of the sale until the fixed rental uplift in 2023 - please see Special Conditions of Sale.
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.
