A freehold town-centre retail building of 12,044 sqft in King's Lynn, single let to a national charity retailer with 700+ stores UK-wide on a NEW 5-year FRI lease (Jun 2026 to Jun 2031) at £38,000 a year. FRI means the tenant carries repairs, maintenance and insurance - the full £38,000 reaches the owner from day 1, and £190,000 is contracted over the term.
At £400,000, negotiated down from a £425,000 asking, the entry price works out at £33/sqft across 12,044 sqft of freehold town-centre retail. The building also carries future development potential - scope to add dwellings on top of the existing structure - so an investor holds secure, hands-off income while the development angle is worked up.
The contracted income delivers a 8.8% net initial yield on total capital in, after a 4% sourcing fee, and the agreed price sits £10,367 below the £410,367 the income is worth at the market yield. A refinance at 75% loan-to-value releases £307,775 of the capital and lifts the return on the money left in to 12.9%, with the 5-year FRI lease providing the income security lenders look for.
General location only - map centred on the King's Lynn PE30 area. The exact address is shared with serious buyers at the appropriate stage. Tiles: OpenStreetMap contributors.
The building holds a commercial energy certificate. The certificate is provided in the full information pack, shared with serious buyers.
Income is the contracted rent under the FRI lease - the tenant bears repairs, maintenance and insurance, so the full rent reaches the owner.
SDLT at commercial (non-residential) rates. Refinance modelled interest-only at 7% on a rent-based valuation, 1% arrangement fee; at 6% the ROCE rises to 15.3%. Total capital in includes a 4% sourcing fee of £16,000. Figures consistent with the in-house due diligence on this property.