Property overview

3 Norfolk Street, Kings Lynn, PE30 1AR

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Feb 2018

Franck-Steier Price Ltd (FSP) has recently concluded the acquisition of a single retail unit investment on Norfolk Street in Kings Lynn.

The unit was located directly opposite M&S with other nearby retailers including Primark Ernest Jones, Three, The Entertainer, Caffe Nero & WH Smith.

The property was let to The Works on a 10 year lease from July 2016 at a rebased rent of £37,500 per annum. The lease has a tenant option to break at the expiry of Year 5. The previous passing rent was £55,500 per annum.

The property was acquired for a private client who paid £490,000, reflecting an initial yield of 7.31%.

Rowley Hughes Thompson acted for the vendor.