About this property

Detailed Description

The property is Grade II listed and comprises a ground floor Driving Theory Test Centre which was fitted out in 2021 with partitioned offices / examination rooms, waiting area, kitchenette and disabled toilet.

The upper floors are vacant offices / storage and offer scope for refurbishment or residential conversion subject to any necessary planning consent and listed building consent.

Location

The property is located within the pedestrianised retail quarter of King's Lynn, at the junction of New Conduit Street and High Street.

King's Lynn is an important sub-regional centre, an historic port and market town situated on the southern shores of The Wash. The town has a population of just over 42,000 and is the administrative centre for West Norfolk. Road communications are via the A10, A47, A17 and A148/A149, whilst there is a mainline rail service to London King's Cross (1hour 40mintes approximately) and established port trade, particularly with Scandinavia and Northern Europe.

The property is well placed within the Town Centre and has independent access, by way of side entrance, from Sedgeford Lane.

Accommodation

The property provides the following net internal floor area:

Ground Floor: 138 sqm (1,485 sqft)
First Floor: 105 sqm (1,130 sqft)
Flat Roof: 61 sqm (657 sqft)
Second Floor: 57 sqm (613 sqft)
Overall: 361 sqm (3,885 sqft)

Business Rates

Tenants are advised to contact the Local Authority in order to confirm the amount payable as the property may be eligible for some form of transitional relief.

Services

Mains electricity, water and drainage are connected to the property. We have not carried out tests on any of the services or appliances and interested parties should arrange their own test to ensure these are in working order.

Viewing

Strictly by appointment with the Selling Agent.

VAT

It is understood that VAT is applicable.

Legal Costs

Each party will be responsible for their own legal costs incurred in documenting the sale.

Other

Investment
The ground floor is let to Reed in Partnership Limited under a lease dated 21st October 2021 and expires on 15th October 2028, the current rent is £25,000 per annum. Reed in Partnership Limited offers a strong tenant covenant and reported a profit of £165,050,000 in their most recent published accounts (30th June 2023).

The lease contains annual tenant only break options on the 1st of September 2025, 2026, 2027 and 2028.

Terms

The entire property is offered For Sale at a Guide Price of £350,000 for the freehold.

At this level the sales equates to a Gross Intial Yield of 7.14% on the current £25,000 per annum rental income. The investment offers reversionary potential upon letting the upper floor or residential conversion/development.