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High Street, Downham Market, Norfolk, PE38

££450,000

Mixed Use For Sale

Downham Market is an attractive and popular market town located 11 miles south of Kings Lynn and 30 miles north of Cambridge with a population of approximately 10,000 people.  Downham Market town centre is vibrant with a wide range of independent and national retailers.
 
Road communications are good with the A10 radiating north / south linking the centres of Kings Lynn, Ely and Cambridge. Downham Market train station is on the electrified Kings Lynn to London Kings Cross Line.

The property comprises an attached building formally occupied by HSBC Bank. The property has been refurbished and converted to form a ground floor retail unit occupied by the global retail chain Subway and 2x2 bedroom flats at first floor which are separately accessed and tenanted on AST’s.  The property was constructed in the 1970’s (estimate) and has been fitted to a high standard.

The property is arranged on ground floor level with residential above.

GROUND FLOOR RETAIL1,227 sq.ft.114 sqm
FLAT A441 sq.ft.41 sqm
FLAT B506 sq.ft47 sqm
The above floor areas are approximate net internal floor areas.

The ground floor retail unit is let to Subway Realty Ltd on a 15-year lease term from 2018 with 5 yearly rent reviews to market rent with tenant break options every 5 years. The current passing rent is £19,500 per annum. The rent for Flat A is £500 pcm. The rent for Flat B is £550 pcm. The combined current rental income equates to £32,100 pa
 
VAT is not applicable.

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