Brief Description

An investment opportunity (12% Yield) comprising 2 commercial units (Income agreed £19,700 pa) and 3 flats (Current income £21,540 pa) being situated on the main thoroughfare to King's Lynn in a prominent position.

Main Description

An investment opportunity (12% Yield) comprising 2 commercial units (Income agreed £19,700 pa) and 3 flats (Current income £21,540 pa) being situated on the main thoroughfare to King's Lynn in a prominent position.

The two commercial units have a potential income of £21,000 per annum. 54 London Road was previously let to Pizza Hut for £16,000 per annum and is now "LET AGREED" at £12,500 per annum on a 6 year lease with a 3 year break clause. 55 London Road is "LET AGREED" to a Tattoo parlour for £7,200 per annum on a 5-year lease, with a 12 month break clause. The 3 flats are currently let on assured shorthold tenancies and generate an annual income of £21540. The flats are accessed from Guanock Terrace and their addresses are 51a, 51b and 52 Guanock Terrace, King's Lynn, PE30 5QH. The potential yield is around 12% if both commercial units are let for £12,500 (54) and £8,500 (55) per annum.

The current rents are:

51a Guanock Terrace: 2 bedroom flat comprising first floor hall, sitting room/kitchen and bathroom, on the second floor are 2 bedrooms. - £495 PCM (Potential for further increase)

51b Guanock Terrace: 2 bedroom flat comprising first floor hall, sitting room/kitchen and bathroom, on the second floor are 2 bedrooms. - £750 PCM

52 Guanock Terrace - 1 bedroom flat comprising ground floor entrance, study, bathroom, staircase to first floor sitting room and bedroom. - £550PCM

The property forms part of a row of small, independent shops including café and convenience store and benefits from a 30 minute parking bay directly outside. The town centre is within walking distance and the bus and railway stations.

54 LONDON ROAD

SHOP/SERVING AREA/RECEPTION
4.82m x 4.92m including lobby area (15' 10" x 16' 2" including lobby area) Double glazed windows and door to front, serving counter.

PREPARATION AREA
8.85m x 4.69m max, incorporating cool room (29' 0" x 15' 5" max, incorporating cool room)

FORMER KITCHEN AREA
3.21m x 2.17m (10' 6" x 7' 1")

FORMER COOL ROOM
2.5m x 2.32m (8' 2" x 7' 7")

OFFICE
2.47m x 1.68m (8' 1" x 5' 6")

CLOAKROOM
1.8m x 1.31m (5' 11" x 4' 4") Low level WC, wash hand basin.

INNER LOBBY
2.35m x 1.19m (7' 9" x 3' 11") Fire alarm control panel (not tested).

REAR ENTRANCE
4.47m x 1.75m (14' 8" x 5' 9") Storage cupboard with water heater, door to Guanock Terrace.

STORAGE AREA
3.07m average x 3.17m (10' 1" average x 10' 5") Large sliding door leading to Guanock Terrace.

55 LONDON ROAD

SHOP
7.8m x 5.0m (25' 7" x 16' 5") Double glazed window and door to front, laminate flooring, ceiling lights.

KITCHEN/STAFF ROOM
3.9m x 3.1m (12' 10" x 10' 2") Worktop with twin sink, oven, hob, cupboards under, laminate flooring, electric wall heater and ceiling lights.

INNER LOBBY
1.6m x 1.0m (5' 3" x 3' 3") Ceiling lights.

SHOWER ROOM
2.1m max into door recess x 2.3m (6' 11" max x 7' 7") Double size shower cubicle, low level WC, pedestal wash hand basin, ceramic tiled floor, electric wall heater, extractor and ceiling lights.

SERVICES AND EPC RATING

Borough Council King's Lynn & West Norfolk, King's Court, Chapel Street, King's Lynn, Norfolk, PE30 1EX

51a, 51b and 52 Guanock Terrace, King's Lynn, PE30 5QT - All 3 flats Council Tax Band A.

EPC - 51a, 51b and 52 Guanock Terrace - All 3 flats EPC - E. Night storage heating and some sealed unit double glazing.

EPC - 54 London Road - E - 55 London Road - B.

54 London Road - Current rateable value (1 April 2023 to present) - £11,750.

55 London Road - Current rateable value (1 April 2023 to present) - £7,000.

Viewing

Please contact us on 01553 770055 if you wish to arrange a viewing appointment for this property, or require further information.

Disclaimer

Whilst these particulars have been prepared in good faith to give a fair description of the property, these do not form any part of any offer or contract nor may they be regarded as statements of representation of fact. Belton Duffey have not carried out a detailed survey, nor tested the services, appliances and specific fittings. All measurements or distances given are approximate only. No person in the employment of Belton Duffey has the authority to make or give representation or warranty in respect of this property. Any interested parties must satisfy themselves by inspection or otherwise as to the correctness of any information given.