with development potential - Vail Williams
FREEHOLD RETAIL/WAREHOUSE INVESTMENT WITH DEVELOPMENT POTENTIAL
WITH DEVELOPMENT POTENTIAL
115 Lynn Road, Snettisham, Norfolk, PE31 7QG
Freehold Retail/Warehouse Investment
115 Lynn Road, Snettisham, Norfolk, PE31 7QG
Investment Summary •
Prominent roadside location.
•
Freehold extending to 0.45 acres.
•
Two buildings comprising 6,545 sq ft (608.04 sqm)
•
Retail warehouse use.
•
Strong ‘very low risk’ covenant.
•
Two co-terminus 25 year FRI leases from July 1999 – 7 years unexpired.
•
Rental income of £38,500 pa (£5.88 psf).
•
Development potential on lease expiry.
•
Offers in excess of £450,000 (four hundred and fifty thousand pounds), subject to contract.
•
8.2% Net Initial Yield after purchaser’s costs of 4.17%. Detached Two Storey Building
Freehold Retail/Warehouse Investment
115 Lynn Road, Snettisham, Norfolk, PE31 7QG
Location The property is located on the B1440 Lynn Road in Snettisham, Norfolk, immediately to the north of the Royal Sandringham Estate. Kings Lynn is some 9 miles to the south, with Hunstanton some 4 miles to the north, via the A149. Snettisham is a small affluent village within West Norfolk which has a district population of 147,451 (2011 Census).
Situation The property is located in a prominent position at the junction of Station Road and the B1440. The site area is rectangular in shape and is approximately 0.18 hectares (0.45 acres) in size. Externally there are 24 car spaces.
Freehold Retail/Warehouse Investment
Description The property comprises a former car showroom which was converted to retail use in 1999. It has brick elevations with a barrel truss asbestos sheet clad roof with single storey flat roof extensions There is a mezzanine office and storage area within the main retail building. There is a detached two storey building on the site which is used for storage purposes.
Accommodation We have measured the property in accordance with the RICS Code of Measuring Practice (6th Edition) on an NIA basis.
Description
SqM
SqFt
464.51
5,000
Staff/Storage First Floor
54.81
590
Detached two storey storage building
88.72
955
608.04
6,545
Main Building Retail – Ground Floor
Total
115 Lynn Road, Snettisham, Norfolk, PE31 7QG
Freehold Retail/Warehouse Investment
115 Lynn Road, Snettisham, Norfolk, PE31 7QG
Tenure
Tenancy
Freehold.
The entire property is let by assignment to The Factory Shop Limited (CRN:04176887) on 2 co-terminus leases for a term of 25 years from 8 July 1999, expiring 7 July 2024 (7 years unexpired). The lease is drawn on a full repairing and insuring basis. There are upward only rent reviews to OMRV every 5 years. The next review is due on 8 July 2019. The current rent is £38,500 pa paid monthly in advance.
Covenant Information The Factory Shop Limited has an Experian Credit Score of 100/100 and a ‘very low risk’ rating. The Original Factory Shop Company was founded in 1969 and now has a network of 200 stores throughout the country. To year end March 2016 they reported a turnover of £184,496,000 and a pre-tax profit of £6,015,000.
Freehold Retail/Warehouse Investment
115 Lynn Road, Snettisham, Norfolk, PE31 7QG
EPC
Proposal
The property has an EPC rating of C with a score of 57. A copy of the Energy Performance Certificate is available in the data room.
Offers are sought in excess of £450,000 (four hundred and fifty thousand pounds) subject to contract. A purchase at this level reflects a Net Initial Yield of 8.2% assuming purchaser’s costs of 4.17%.
VAT
Data Room
The property is subject to VAT unless acquired by way of a Transfer of a Going Concern.
Leases and other supporting documentation relating to the property is available in the Data room – for access please contact Liz Dixon on [email protected].
Further Information To arrange inspections contact:
Robert Lee
Julian Walker
[email protected] 023 8082 0920 07880 362 951
[email protected] 023 8082 0905 07836 774 406
MISREPRESENTATION ACT 1967 Vail Williams as for the vendors themselves give notice that: 1) These particulars do not constitute an offer, or contract or any part thereof. 2) The statements contained in the particulars are made in good faith but are issued without responsibility on the part of Vail Williams or vendors and are not to be relied upon as statements or representations of fact. 3) Intending purchasers or lessees must satisfy themselves by inspection or otherwise as to the correctness of each of the statements made herein. 4) The vendor does not make or give, nor is Vail Williams or its staff authorised to give, any representation or warranty in respect of the property. 5) All negotiations are subject to contract and exclusive of VAT unless otherwise specifically stated. August 2017.
WITH DEVELOPMENT POTENTIAL
115 Lynn Road, Snettisham, Norfolk, PE31 7QG
Freehold Retail/Warehouse Investment
115 Lynn Road, Snettisham, Norfolk, PE31 7QG
Investment Summary •
Prominent roadside location.
•
Freehold extending to 0.45 acres.
•
Two buildings comprising 6,545 sq ft (608.04 sqm)
•
Retail warehouse use.
•
Strong ‘very low risk’ covenant.
•
Two co-terminus 25 year FRI leases from July 1999 – 7 years unexpired.
•
Rental income of £38,500 pa (£5.88 psf).
•
Development potential on lease expiry.
•
Offers in excess of £450,000 (four hundred and fifty thousand pounds), subject to contract.
•
8.2% Net Initial Yield after purchaser’s costs of 4.17%. Detached Two Storey Building
Freehold Retail/Warehouse Investment
115 Lynn Road, Snettisham, Norfolk, PE31 7QG
Location The property is located on the B1440 Lynn Road in Snettisham, Norfolk, immediately to the north of the Royal Sandringham Estate. Kings Lynn is some 9 miles to the south, with Hunstanton some 4 miles to the north, via the A149. Snettisham is a small affluent village within West Norfolk which has a district population of 147,451 (2011 Census).
Situation The property is located in a prominent position at the junction of Station Road and the B1440. The site area is rectangular in shape and is approximately 0.18 hectares (0.45 acres) in size. Externally there are 24 car spaces.
Freehold Retail/Warehouse Investment
Description The property comprises a former car showroom which was converted to retail use in 1999. It has brick elevations with a barrel truss asbestos sheet clad roof with single storey flat roof extensions There is a mezzanine office and storage area within the main retail building. There is a detached two storey building on the site which is used for storage purposes.
Accommodation We have measured the property in accordance with the RICS Code of Measuring Practice (6th Edition) on an NIA basis.
Description
SqM
SqFt
464.51
5,000
Staff/Storage First Floor
54.81
590
Detached two storey storage building
88.72
955
608.04
6,545
Main Building Retail – Ground Floor
Total
115 Lynn Road, Snettisham, Norfolk, PE31 7QG
Freehold Retail/Warehouse Investment
115 Lynn Road, Snettisham, Norfolk, PE31 7QG
Tenure
Tenancy
Freehold.
The entire property is let by assignment to The Factory Shop Limited (CRN:04176887) on 2 co-terminus leases for a term of 25 years from 8 July 1999, expiring 7 July 2024 (7 years unexpired). The lease is drawn on a full repairing and insuring basis. There are upward only rent reviews to OMRV every 5 years. The next review is due on 8 July 2019. The current rent is £38,500 pa paid monthly in advance.
Covenant Information The Factory Shop Limited has an Experian Credit Score of 100/100 and a ‘very low risk’ rating. The Original Factory Shop Company was founded in 1969 and now has a network of 200 stores throughout the country. To year end March 2016 they reported a turnover of £184,496,000 and a pre-tax profit of £6,015,000.
Freehold Retail/Warehouse Investment
115 Lynn Road, Snettisham, Norfolk, PE31 7QG
EPC
Proposal
The property has an EPC rating of C with a score of 57. A copy of the Energy Performance Certificate is available in the data room.
Offers are sought in excess of £450,000 (four hundred and fifty thousand pounds) subject to contract. A purchase at this level reflects a Net Initial Yield of 8.2% assuming purchaser’s costs of 4.17%.
VAT
Data Room
The property is subject to VAT unless acquired by way of a Transfer of a Going Concern.
Leases and other supporting documentation relating to the property is available in the Data room – for access please contact Liz Dixon on [email protected].
Further Information To arrange inspections contact:
Robert Lee
Julian Walker
[email protected] 023 8082 0920 07880 362 951
[email protected] 023 8082 0905 07836 774 406
MISREPRESENTATION ACT 1967 Vail Williams as for the vendors themselves give notice that: 1) These particulars do not constitute an offer, or contract or any part thereof. 2) The statements contained in the particulars are made in good faith but are issued without responsibility on the part of Vail Williams or vendors and are not to be relied upon as statements or representations of fact. 3) Intending purchasers or lessees must satisfy themselves by inspection or otherwise as to the correctness of each of the statements made herein. 4) The vendor does not make or give, nor is Vail Williams or its staff authorised to give, any representation or warranty in respect of the property. 5) All negotiations are subject to contract and exclusive of VAT unless otherwise specifically stated. August 2017.
