FREEHOLD MOTO TRADE INVESTMENT
Summary
- Kings Lynn is one of Norfolk’s major retail centres
- Freehold Tyre and Exhaust Depot
- Prominent corner town centre location opposite St James Car Park Prominent
- The entire property is let to the excellent covenant Kwik Fit (GB) Limited with surety from Kwik-Fit Holdings Limited of until March 2032
- Comprising a ground floor workshop of 5,254 sq ft and large forecourt used as car park comprising 16 spaces. On a 0.41 acre site. Includes two upper floors not measured and unused by the tenant and a vacant restaurant.
- Asset management and offering future development opportunity subject to the necessary planning consent. Negotiate with the existing tenant in respect of any outstanding dilapidations liabilities.
- The property is Grade II listed but has been put forward on the Local Plan Call for Sites.
- Current rent reserved £93,901.19 pa
- Guide Price: £1,250,000, subject to contract and exclusive of VAT. A purchase at this level reflects a 7.09% net initial yield, allowing for purchaser’s costs of 5.96%, and a capital value of £160 per sq ft, excluding the two vacant floors above the tyre depot.
Accommodation
The accommodation comprises the following areas:
| Name | sq ft | sq m | Availability |
| Ground - Tyre and Exhaust Depot | 5,221 | 485.05 | Available |
| Ground - Former Restaurant | 1,826 | 169.64 | Available |
| 1st - Former Restaurant | 752 | 69.86 | Available |
| Total | 7,799 | 724.55 |
Location
Kings Lynn is an historic market town and port, and is the principal retail centre of West Norfolk, with a resident population of 43,000, but with an estimated catchment population of over 104,000 within a 10 mile radius. It is located 36 miles north east of Peterborough, 44 miles north west of Norwich.
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 and 98 miles north of Central London. King's Lynn Station, providing direct services to London Kings Cross.
Get directions from Google Maps
Mainline Stations
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Kings Lynn5 mins
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Watlington106 mins
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Downham Market199 mins
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March357 mins
Underground Station
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Broxbourne1382 mins
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Epping1431 mins
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Cheshunt1442 mins
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Theobalds Grove1457 mins
Further Information
Price £1,250,000
Description
The asset is divided into two distinct elements: a tyre and exhaust depot fronting Regent Way, and a separate restaurant accommodation fronting St James Street.
The tyre and exhaust depot is arranged across the ground floor, with currently unused accommodation at first and part-second floor level above. Access to these upper floors has been removed. The restaurant is arranged over ground and first floors and is presently unused.
The property also benefits from on-site parking for 16 cars and a total site area of 0.17 hectares (0.41 acres).
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