Franck-Steier Price 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.