Units 15 & 17, St Hilary Trade Park, Hardwick Road, King’s Lynn PE30 4NA
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Trade / leisure investment opportunity located on St Hilary Trade Park in King’s Lynn.
Located in the town’s premier out of town retail and trade area.
The units built in 2017 form part of the second phase of the trade park. Occupiers on the wider scheme include Auto Windscreens, Switch Electrical, Toolstation, Euro Car Parts, Formula One, Topps Tiles and Majestic Wine.
The property is let to Nikjam Enterprises Ltd on a 15 year lease from 28 July 2017. James & Nicola Palfrey are guarantors to the lease.
The current rent passing is £37,000 per annum (only £7.87 per sq ft). The rent is reviewed every 5 years to RPI growth with a collar of 5.1% over the period and a cap of 21.67%. The next review is 28 July 2027.
On the basis of recent RPI growth and envisaged continued strong projections it is expected the rent will be reviewed to the RPI cap. The ERV is therefore c. £45,000 per annum.
Offers sought in excess of £500,000 (Five Hundred Thousand Pounds) subject to contract and exclusive of VAT.
A purchase at this price would reflect a net initial yield of 7.07%, assuming costs of purchase of 4.77%.
Based on the envisaged RPI growth and cap on the 2027 rent review we expect the reversion to be 8.60%.
Only £106 per sq ft, below vacant possession value.
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