Let to AVN Arena Norfolk Ltd and Eastern Inshore Fisheries and Conservation Authority
Annual Rental Increases (4)
Capital Value of £114.20 Per Square Foot
Approximately 2,802 sq ft (260.31 sq m)
Situated on Established Business Village Estate
Nearby occupiers include BBC Radio Norfolk, Skoda, Volkswagen, Audi, Jewson and a Number of Local Businesses
Lot 33
Auction 7th November 2024
Rent £36,092 per Annum Exclusive Rising to £37,823.77pax in 2027
Status Sold Prior
Price
Sector Office
Auction Venue Live Streamed Auction
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 Stansted Airport, Norwich Airport
Situation
The property is situated on the established North Lynn Business Village Estate, approximately 2 miles north-east of Kings Lynn Town Centre. Nearby occupiers include Skoda, Volkswagen, Audi, Jewson and a number of local businesses.
Tenure
Virtual Freehold. Held for a term of 999 years from 25th march 1996 at a current annual rent reserved of 1% of the occupational rent.
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 Stansted Airport, Norwich Airport
Situation
The property is situated on the established North Lynn Business Village Estate, approximately 2 miles north-east of Kings Lynn Town Centre. Nearby occupiers include Skoda, Volkswagen, Audi, Jewson and a number of local businesses.
Tenure
Virtual Freehold. Held for a term of 999 years from 25th march 1996 at a current annual rent reserved of 1% of the occupational rent.
Description
The property comprises two attractive mid-terrace self-contained, air conditioned office buildings, with one of the units arranged on the ground floor only and the other unit arranged on the ground and entire first floor.
The property benefits from parking for 10 cars.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion.
EPC
Unit 6 and 7b: B and Unit 7a: C
Description
The property comprises two attractive mid-terrace self-contained, air conditioned office buildings, with one of the units arranged on the ground floor only and the other unit arranged on the ground and entire first floor.
The property benefits from parking for 10 cars.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion.
EPC
Unit 6 and 7b: B and Unit 7a: C
Tenancy & Accommodation
Address
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas Approx sq ft (1)
Tenant
Term
Rent p.a.x.
Reviews (Reversion)
Unit 7A and 2 Car Parking Spaces
Ground
Office
66.40
(715)
AVN ARENA NORFOLK LIMITED (CRN: 09068401)
3 years from 26th September 2023 (2)
£7,800
(25/09/2026)
Unit 6-7B and 8 Car Parking Spaces
Ground First
Office Office
57.52 136.39
(619) (1,468)
EASTERN INSHORE FISHERIES AND CONSERVATION AUTHORITY (IFCA) (3)
10 years from 09/12/2018 (4)
£28,292.07
Fixed annual increases in rent rising to £30,023.77 in 2027 (4) (09/12/2028)
Total Approximate Floor Area
260.31
(2,802)
£36,092.07
(1) The floor areas stated above have been taken from the Valuation Office Agency (https://www.gov.uk/find-business-rates) (2)As to Unit 7a, the lease provides for a mutual option to determine the lease on 25th March 2025 subject to 6 months written notice. The Seller is holding a Rent Deposit, equivalent to 6 months Rent. (3)Eastern IFCA (Inshore Fisheries and Conservation Authority are a government authority and one of 10 Inshore Fisheries and Conservation Authorities (IFCA's) which protect the marine inshore environment around the coast of England. (www.eastern-IFCA.goc.uk). (4) As to unit 6-7b, the lease provides for a tenant option to determine the lease on 10th December 2024 and every subsequent anniversary of that date, subject to not less than 12 months written notice. The tenant has been in occupation of the property since at least December 1993. The lease provides for fixed increases in rent in 10th December of each of the following years; £28,292.07 from 10th December 2024, £28,857.91 from 2025. £29,435.07 from 2026, and £30,023.77 from 2027.
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.
