WH Smith | 7 Norfolk Street, King’s Lynn PE30 7 Norfolk St 11,969 SF 100% Leased Retail Building Kings Lynn PE30 1AR $1,082,472 ($90.44/SF) 15.60% Cap Rate
INVESTMENT HIGHLIGHTS
- Prime retail pitch in the heart of King’s Lynn, a historic port and market town.
- Let in it’s entirety to WH Smith Plc until 23 June 2029, one of the UK’s most recognisable retailers.
- On behalf of Joint Liquidators
- Current net income of £140,000 per annum
- Situated in a prominent trading position on Norfolk Street with a pedestrianised pitch.
EXECUTIVE SUMMARY
Offers in excess of £850,000 (Eight Hundred and Fifty Thousand Pounds) exclusive, subject to contract. A purchase at this level reflects an attractive net initial yield of 15.6% (assuming purchaser’s costs of 5.56%).
Tenancy WH Smith Plc has held the current lease since 2003. The tenancy runs for 25 years on full repairing and insuring terms expiring 23 June 2029 subject to a break clause on 23 June 2024. The current rent is £140,000 per annum exclusive.
Tenancy WH Smith Plc has held the current lease since 2003. The tenancy runs for 25 years on full repairing and insuring terms expiring 23 June 2029 subject to a break clause on 23 June 2024. The current rent is £140,000 per annum exclusive.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Building Size
11,969 SF
Year Built
1970
Price
$1,082,472
Price Per SF
$90.44
Cap Rate
15.60%
NOI
$168,866
Percent Leased
100%
Building Height
2 Stories
AMENITIES
- Storage Space
1 of 1
NEARBY MAJOR RETAILERS
