Comprises 2 shops plus vacant self-contained inter-linked upper floors
Tenants trading as TUI and Tony Nails
Change of use potential of the upper floors (subject to consent)
Busy pedestrianised town centre position
Nearby retailers include Topshop, Clarks, River Island, Next, Primark, The Body Shop, JD Sports, Marks and Spencer and Boots.
Lot 26
Auction 9th July 2024
Rent £31,000 per Annum Exclusive Plus vacant self contained upper floors
Status Sold
Price £305,500
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of a Major Family Office
Property Information
Location
Miles
29 miles east of Peterborough, 38 miles west of Norwich, 39 miles north of Cambridge
Roads
A10, A149, A47, A17
Rail
Kings Lynn Railway Station
Air
London Stanstead Airport, Norwich Airport
Situation
The property is centrally situated, occupying a prime retail position on the western side of the pedestrianised High Street, close to the junction with Norfolk Street. Nearby retailers include Topshop, Clarks, River Island, Next, Primark, The Body Shop, JD Sports, Marks and Spencer and Boots.
Tenure
Freehold.
Location
Miles
29 miles east of Peterborough, 38 miles west of Norwich, 39 miles north of Cambridge
Roads
A10, A149, A47, A17
Rail
Kings Lynn Railway Station
Air
London Stanstead Airport, Norwich Airport
Situation
The property is centrally situated, occupying a prime retail position on the western side of the pedestrianised High Street, close to the junction with Norfolk Street. Nearby retailers include Topshop, Clarks, River Island, Next, Primark, The Body Shop, JD Sports, Marks and Spencer and Boots.
Tenure
Freehold.
Description
The property compromises two adjoining three storey buildings providing two ground floor shops together with self-contained inter-linked office accommodation on the upper two floors. The upper floors benefit from a rear entrance and may be suitable for change of use, subject to obtaining the necessary consents.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property compromises two adjoining three storey buildings providing two ground floor shops together with self-contained inter-linked office accommodation on the upper two floors. The upper floors benefit from a rear entrance and may be suitable for change of use, subject to obtaining the necessary consents.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Address
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
78 High Street
Ground
Retail
112.80
(1,214)
TUI UK RETAIL LIMITED t/a TUI (1)
5 years from 03/03/2022 (2)
£17,000
-
79 High Street
Ground
Retail
64.58
(695)
INDIVIDUAL with a personal Guarantee t/a Tony Nails
10 years from 28/09/2022
£14,000
28/09/2025 28/09/2028 28/09/2031
78 & 79 High Street
Ground First Second
Entrance Office Office
- 90.40 68.90
- (973) (741)
VACANT POSSESSION
Total
336.68
(3,623) (3)
£31,000
(1) TUI UK Retail Limited are one of the largest UK holiday companies that have been established since 1923 and currently trade from over 300 stores across the UK (www.tui.co.uk). For the year ending 30/09/2022 TUI UK Retail Limited reported a Turnover of £123,000,000, a Pre-Tax Profit of negative £11,000,000 and a Net Worth of negative £57,000,000. (2) The lease provides for a tenant option to determine the lease on 03/03/2026 upon serving 6 months written notice. Should the tenant exercise their break, they will incur a penalty of £2,833.34 payable to the Landlord. The tenant did not exercise their break option in March 2024. (3) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk).
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.
