Retail premises for sale

Norfolk Street, Kings Lynn PE30

Prime Town Centre Location: Historic pedestrianised Norfolk Street with high footfall, town's main Post Office, near M&S, Boots, Café Nero.

Substantial Space: 11,770 sq ft over two floors – ground retail/Post Office, upper storage/offices/staff; rear parking for 10+ cars.

Secure Income: Fri lease to wh Smith (Creditsafe 86/100) until June 2029 at £70,000 p.a.; Modella Capital acquisition/rebrand to TGJones.

Versatile Potential: Flexible layout for development/alternative uses (STP) in charming harbour market town.

Freehold o/o £600,000

Location

Norfolk Street is one of King’s Lynn’s oldest streets and is a valuable element of the town’s historic character. Within the contemporary town, Norfolk Street is an important pedestrian route into the
town that is lined by local, independent retailers and businesses. Together with the High Street, Norfolk Street forms the prime retailing pitch in the town.

The property is situated on a busy thoroughfare in the heart of Kings Lynn town centre, nearby the waterfront, bus station and other local amenities. The premises occupies a prominent trading position on the pedestrianised section of Norfolk Street. Importantly, the property also comprises
the town’s main Post Office facility.

Located opposite Café Nero, wh Smith shares the locality with major high street brands such as Marks and Spencer, Boots and Holland and Barrett amongst a multitude of other independent stores that complement the prominent harbour market town

Property

The property is of traditional construction and occupies a prominent position on Norfolk Street.

The property is arranged over two floors, with the ground floor accommodating a substantial retail area forming the majority of the space. Situated at the rear of the store is the Post Office customer service counter and financial advisory room. A storage space and area to access to the service lift finishes the ground floorplate.
The upper floor currently includes a large storage space, offices, and staff facilities. The layout provides options for future development and alternative uses (subject to planning consent). The building has a combination of pitched and flat roofs. The property benefits from a large
loading and parking area at the rear via Broad Street, with space for at least 10 cars.

Area

The property has been calculated to extend to the following internal area

Ground: 641sqm (6,700sq ft)
1st: 471sqm (5,070sq ft)

Total: 1,112sq ft (11,770sq ft)

Lease Summary

The property is held on a full repairing and insuring head lease to wh Smith expiring 24th June 2029 (extended) at a passing rent of £70,000p.a.x

wh Smith is one of the UK’s most recognisable retailers and has recently celebrated its 230th anniversary. The
business operates a portfolio encompassing UK high streets, travel hubs, hospitals and motorway services, with international operations in North America, Australia, Southeast Asia, India, and the Middle East.

Wh Smith Retail Holdings Limited employs circa 14,000 staff and has a Creditsafe rating of 86/100 (very low risk)

Modella Capital is a specialist investment boutique with extensive experience in the retail and consumer sectors. They focus on investing in businesses with a turnover of £10m to £1bn across the UK and Western
Europe.

Notable investments include No Ordinary Designer Label (trading as Ted Baker), Hobbycraft, and The Original Factory Shop.

Modella Capital is currently in the process of acquiring wh Smith’s high street portfolio for £76m, which will see its 480 stores (employing around 5,000 staff) transition to new ownership.
All stores will be rebranded to TGJones and the division’s managing director Sean Toal will step in as chief executive.

Modella’s investment in this substantial high street portfolio is its largest to date and is expected to enhance the proposition of the business as a leading UK high street retailer.

Sale

The property is available on a freehold basis for o/o £600,000

V.A.T

We have been advised the property is elected for V.A.T. The transaction will be treated as a Transfer Of a Going Concern (ToGC)

E.P.C

Available on request

Title & Lease

Available on request

Viewing

Whilst it is a good idea to visit a property investment that is being marketed for sale as a customer before making a formal viewing, it is vitally important that such visits are carried out confidentially and that no approach is made to the staff, operators or customers of the business.
Many investments are being marketed confidentially and the staff and locals may not know that the property is on the market, therefore a casual approach can adversely affect the business

Legal

Each party shall bear their own legal costs incurred in the transaction

Anti-Money Laundering

In order to comply with anti-money laundering legislation, the successful purchaser / tenant will be required to provide certain identification documents. The required documents will be confirmed to and requested at the relevant time.