12-13 King Street Great Yarmouth Norfolk NR30 2BA

12-13 King Street
Great Yarmouth
Norfolk
NR30 2BA

Freehold Retail and Commercial Investment

Let to C&J Clark and Seetec (an occupier partly funded by the European Social Fund and various Government Departments)
C&J Clark let in January 2022 and Seetec let in December 2022
C&J Clark let by way of Lease Renewal at re-based rent (plus turnover rent top-up) (5)
Approximately 6,941 sq ft
150 yards from Market Gates Shopping Centre
Nearby retailers include Superdrug, Costa, McDonald's, River Island, WHSmith, Sports Direct and JD Sports

Lot
20
Auction
16th February 2023
Rent
£47,500 per Annum Exclusive
(plus additional 8% turnover rent from C&J Clark) (5)
Status
Sold Post
Price
Auction Venue
Live Streamed Auction

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Freehold Retail and Commercial Investment

Let to C&J Clark and Seetec (an occupier partly funded by the European Social Fund and various Government Departments)
C&J Clark let in January 2022 and Seetec let in December 2022
C&J Clark let by way of Lease Renewal at re-based rent (plus turnover rent top-up) (5)
Approximately 6,941 sq ft
150 yards from Market Gates Shopping Centre
Nearby retailers include Superdrug, Costa, McDonald's, River Island, WHSmith, Sports Direct and JD Sports

Lot 20
Auction 16th February 2023
Rent £47,500 per Annum Exclusive (plus additional 8% turnover rent from C&J Clark) (5)
Status Sold Post
Price
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Property Information

Location

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

Situation

The property is situated on the east side of King Street in the heart of Great Yarmouth’s main shopping area and close to Market Place and Market Gates Shopping Centre. Nearby retailers include Superdrug, Costa, McDonald's, River Island, WHSmith, Sports Direct and JD Sports.

Tenure

Freehold.

Location

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

Situation

Tenure

Freehold.

Description

The property comprises two shops arranged on the ground floor with ancillary/office accommodation on the first floor.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Band C

Description

The property comprises two shops arranged on the ground floor with ancillary/office accommodation on the first floor.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Band C

Tenancy & Accommodation

Address	Floor	Use	Floor Areas Approx sq m (1)	Floor Areas Approx sq ft (1)	Tenant	Term	Rent p.a.x.	Rent Review
12 King Street	Ground First	Retail/Ancillary Ancillary/Offices	183.60 91.30	(1,976) (983)	SEETEC BUSINESS TECHNOLOGY CENRE LIMITED (2)	10 years from 15/12/2022 (3)	£27,500	15/12/2027
13 King Street	Ground First	Retail Ancillary	101.40 268.60	(1,091) (2,891)	C. & J. CLARK INTERNATIONAL LIMITED (t/a Clarks) (4)	5 years from 21/01/2022 (5)	£20,000 (5)	21/01/2025
Total			644.90	(6,941)			£47,500 (5)

(1) Areas provided by VOA (www.voa.co.uk/gov)
(2) Seetec Business Technology Centre Limited are a provider of work and wellbeing employment services partly funded by the European Social Fund and various Government Departments (wwwseetec.co.uk). For the year ending 31/03/2021, Seetec Business Technology Centre Limited reported a turnover of £129,445,000, a pre-tax profit of £142,000 and Net Worth of £1,341,000 (www.northrow.com). Work has just commenced on the fit out with the tenant anticipating occupation of the property at the end of March.
(3) The lease is subject to a tenant option to determine on 15/12/2025. If the tenant exercises their option, they will be liable to pay a rent penalty of £6,875 + VAT to the landlord.
(4) For the year ending 29th January 2022 C&J Clark International Limited reported a turnover of £511,900,000, a pre tax profit of £12,700,000 and a Net Worth of £85,200,000 (www.northrow.com)
(5) Under the terms of the lease, the current contractual rent is £20,000 pax plus an additional 8% turnover top-up (please see lease). For the period March-December 2022, Clarks reported a turnover at the subject property of £272,000. The Seller has not yet received the top-up rent as it is only reconciled and billed at the end of the full year period. The lease is subject to a landlord and tenant option to determine on 21/01/2025.

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.