Investment Consideration:
Gross Initial Yield: 9.23%
Rental Income: £18,000 p.a.
VAT is NOT applicable to this property
Comprises ground floor retail shop with staff accommodation at first and second floor
Let on a new 10-year lease until September 2036. Rent review in 5th year linked to RPI
Situated in the heart of the town centre within short walk from Kings Lynn Train Station, with occupiers nearby including Papa Johns Pizza, Ladbrokes, Majestic Cinema, H&M and more.
Property Description:
Comprises ground floor retail shop with staff accommodation at first and second floor, providing the following accommodation and dimensions:
Ground Floor: Two shop areas, work area, kitchen, wc
First Floor: Lounge, sitting room, kitchen and a room
Second Floor: Bedroom, bathroom
Total GIA: 188 sq m (2,023 sq ft)
Tenancy:
The entire property is at present let to Atlantis Gaming Realm Limited (with personal guarantee) for a term of 10 Years from 28th September 2026 at a current rent of £18,000 p.a. and the lease contains full repairing and insuring covenants. Rent review in 5th year linked to RPI (1%-3% annualised collar & cap). Tenant option to determine in the 5th year with min 6 months notice. Deposit held of £3,000.
*The tenant benefits from 2 months rent free from lease start date. The vendor will top-up rent until 27.11.26 so the buyer receives equivalent to £18,000 p.a. from completion.
Location:
King's Lynn is a port and commercial centre located on the River Great Ouse, 41 miles west of Norwich and 34 miles north-east of Peterborough. The town benefits from being adjacent to the A47, which links the town to both Norwich and Peterborough and the A10 which is the main route to Cambridge. The property is situated in the heart of the town centre within short walk from Kings Lynn Train Station, with occupiers nearby including Papa Johns Pizza, Ladbrokes, Majestic Cinema, H&M, Hays Travel and many more.
