Tenant established in 1856 and trading from other stores in Lincoln, Boston, Nottingham and Spalding
Fixed rental increase to £40,000 p.a.x. in May 2024
Approximately 6,192 sq ft (with trading area on ground and first floors)
Prominent town centre corner location
Nearby retailers include Primark, Marks & Spencer, Sainsbury's, Boots the Chemist, Pandora, Caffè Nero, Starbucks, Costa Coffee and Greggs
Lot 40
Auction 2nd November 2023
Rent £40,000 per Annum Exclusive (3)
Status Sold Prior
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
29 miles east of Peterborough, 38 miles west of Norwich, 89 miles north of Central London
Roads
A10, A47, A148, A149
Rail
Kings Lynn Train Station
Air
London Stansted Airport
Situation
The property is located on the western side of the pedestrianised High Street, at its junction with Purfleet Street. Nearby retailers include Primark, Marks & Spencer, Sainsbury's, Boots the Chemist, Pandora, Caffè Nero, Starbucks, Costa Coffee and Greggs.
Tenure
Freehold.
Location
Miles
29 miles east of Peterborough, 38 miles west of Norwich, 89 miles north of Central London
Roads
A10, A47, A148, A149
Rail
Kings Lynn Train Station
Air
London Stansted Airport
Situation
The property is located on the western side of the pedestrianised High Street, at its junction with Purfleet Street. Nearby retailers include Primark, Marks & Spencer, Sainsbury's, Boots the Chemist, Pandora, Caffè Nero, Starbucks, Costa Coffee and Greggs.
Tenure
Freehold.
Description
The property comprises a large shop with a prominent frontage arranged on the ground, first and second floors.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band D
Description
The property comprises a large shop with a prominent frontage arranged on the ground, first and second floors.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band D
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
Ground First Second
Retail/Ancillary Retail/Ancillary Ancillary
220.26 206.79 148.17
(2,371) (2,226) (1,595)
LINCOLN APPAREL LIMITED (t/a Coneys) (1)
6 years from 04/05/2022 (2)
£40,000 (3)
04/05/2027 (3)
Total
575.23
(6,192)
£40,000 (3)
(1) Coneys has been trading since 1856 and currently trade from other branches in Nottingham, Lincoln, Boston and Spalding (www.coneysdesignerwear.co.uk) (2) The lease is subject to a tenant only option to determine on 04/05/2025. (3) The current rent passing under the terms of the lease is £30,000 p.a.x.. The lease is subject to a fixed rental increase to £40,000 p.a.x. in May 2024. The Vendor has agreed to top up the rent from completion of the sale to the fixed rental uplift so that the property effectively produces £40,000 p.a.x. from completion of the sale until the fixed uplift in May 2024.
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.
