Fully-Let High Yielding Freehold Retail and Residential Investment
Comprises two shops and three separately-accessed flats
177 King Street recently let on 10 year lease from August 2024 (subject to option)
177a King Street let on 10 year lease from October 2023 (subject to option)
Includes three separately accessed flats above (1 x 1 bed & 2 x 2 beds) let on AST's
Prominent town centre corner location 150 yards from Market Gates Shopping Centre
Nearby retailers include Superdrug, Boots the Chemist, Costa, McDonald's, WHSmith, Sports Direct and JD Sports
Lot 51
Auction 25th September 2024
Rent £34,680 per Annum Exclusive
Status Sold
Price £236,000
Sector High Street Retail, Residential
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 at its junction with Regent Street, in the heart of Great Yarmouth’s main shopping area, 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
The property is situated on the east side of King Street at its junction with Regent Street, in the heart of Great Yarmouth’s main shopping area, 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.
Description
The property comprises two ground floor shops with three separately accessed residential flats (1 x 1 bed & 2 x 2 beds) on the first and second floors, accessed from Regent Street.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC's will be available to view online in the solicitor’s legal pack.
Description
The property comprises two ground floor shops with three separately accessed residential flats (1 x 1 bed & 2 x 2 beds) on the first and second floors, accessed from Regent Street.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC's will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas (Approx sq ft) (1)
Tenant
Term
Rent p.a.x.
Rent Review
177
Ground
Retail/Ancillary
67.00
(721)
D. R. AMINI
10 years from 21/08/2024 (2)
£6,000
21/08/2027 and three yearly thereafter
177A
Ground
Retail/Ancillary
53.40
(575)
F. ZANYAR (t/a GT Yarmouth Shawarma)
10 years 01/10/2023 (3)
£8,100
01/10/2026 and three yearly thereafter
Flat 1
First/Second
Residential - 1 bed flat
53.00
(570)
AN INDIVIDUAL
AST from 02/02/2023 at £725 pcm
£8,700
-
Flat 2
First
Residential - 2 bed flat
55.00
(592)
AN INDIVIDUAL
AST from 24/11/2020 at £650 pcm
£7,800
-
Flat 3
Second
Residential - 2 bed flat
55.00
(592)
AN INDIVIDUAL
AST from 01/10/2023 at £340 pcm
£4,080
-
Total
278.30
(3,050)
£34,680
(1) Areas provided by VOA and the EPC register (www.gov.uk/find-business-rates) (2) The lease is subject to a tenant option to determine on 21/08/2029. (3) The lease is subject to a tenant option to determine on 30/09/2028.
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.
