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    Key features

    • To be offered on Tuesday 25 November
    • High Yielding Mixed-Use Investment/Development Opportunity
    • Ground Floor Retail Unit with Upper Parts
    • Ground Floor Unit Let to Reed
    • Lease Expires 15.10.2028
    • 2025 Break Option Not Exercised
    • Vacant Upper Parts Totaling 1,743 sq ft (161.92 sq m)
    • Development/Conversion Potential (stp)
    • 3,228 sq ft (299.89 sq m)
    • Prominent Pedestrianised Pitch
    • Investment Let at £25,000 per annum (10.2% GIY on Guide Price) with Vacant Upper Parts

    Description

    The property comprises a high yielding, mixed-use, investment/development opportunity situated on a prominent pedestrianised pitch.

    Arranged across ground, first and second floors, the Grade II listed building comprises a retail unit to the ground floor, with offices to the upper parts.

    The ground floor is currently let to Reed In Partnership Limited on a lease expiring 15.10.2028 and paying £25,000 per annum. The tenant did not serve their 2025 break option displaying confidence in the location. The tenant uses the property as a Driving Theory Test Centre.

    The upper parts benefit from separate access from Sedgeford Lane and comprise office/ancillary space. The offices are currently vacant and therefore offer asset management potential via letting or the potential to convert to alternative uses, including residential (subject to obtaining the requisite consents).

    Whilst there are no extant planning consents, plans have been drawn up for a potential conversion of the upper parts to provide 3 x one bedroom flats.

    The property is situated in the heart of Kings Lynn, a historic port and market town, with a frontage to the pedestrianised high street and adjacent to the junction with the pedestrianised New Conduit Street. The property therefore benefits from high footfall with the surrounding area comprising similar retail and mixed uses. Nearby occupiers include Primark, Boots, Clarks and Starbucks.

    Additional information

    Tenure

    Freehold

    Accommodation

    • Ground - 1,485 sq ft (137.96 sq m)
    • First - 1,130 sq ft (104.98 sq m)
    • Second - 613 sq ft (56.95 sq m)
    • Total - 3,228 sq ft (299.89 sq m)

    Rent

    £25,000 per annum

    Notes

    We understand the property is elected for VAT.

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      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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