98/99 High Street & 33 Purfleet Street Kings Lynn Norfolk PE30 1BW

98/99 High Street & 33 Purfleet Street
Kings Lynn
Norfolk
PE30 1BW

Freehold Retail Investment

Let to Lincoln Apparel Limited (t/a Coneys)
Lease expires May 2028 (subject to option)
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
Auction Venue
Live Streamed Auction

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Freehold Retail Investment

Let to Lincoln Apparel Limited (t/a Coneys)
Lease expires May 2028 (subject to option)
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

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.