5 bedroom block of apartments for sale

An investment opportunity (12% Yield) comprising 2 commercial units (Income agreed £19,700 pa) and 3 flats (Current income £21,540 pa) being situated on the main thoroughfare to King's Lynn in a prominent position.

The two commercial units have a potential income of £21,000 per annum. 54 London Road was previously let to Pizza Hut for £16,000 per annum and is now "LET AGREED" at £12,500 per annum on  a 6 year lease with a 3 year break clause. 55 London Road is "LET AGREED" to a Tattoo parlour for £7,200 per annum on a 5-year lease, with a 12 month break clause.  The 3 flats are currently let on assured shorthold tenancies and generate an annual income of £21540.  The flats are accessed from Guanock Terrace and their addresses are 51a, 51b and 52 Guanock Terrace, King's Lynn, PE30 5QH. The potential yield is around 12% if both commercial units are let for £12,500 (54) and £8,500 (55) per annum.

The current rents are:

51a Guanock Terrace: 2 bedroom flat comprising first floor hall, sitting room/kitchen and bathroom, on the second floor are 2 bedrooms. - £495 PCM (Potential for further increase)

51b Guanock Terrace: 2 bedroom flat comprising first floor hall, sitting room/kitchen and bathroom, on the second floor are 2 bedrooms. - £750 PCM 

52 Guanock Terrace  - 1 bedroom flat comprising ground floor entrance, study, bathroom, staircase to first floor sitting room and bedroom. - £550PCM

The property forms part of a row of small, independent shops including café and convenience store and benefits from a 30 minute parking bay directly outside. The town centre is within walking distance and the bus and railway stations.

London Road is a residential area being close to the town centre with its regular bus service, local shops, primary and secondary schools and there is good access to the Queen Elizabeth Hospital, and the various industrial estates. The railway station and town library are within walking distance of the property, as is "The Walks" park area.

Borough Council King's Lynn & West Norfolk, King's Court, Chapel Street, King's Lynn, Norfolk, PE30 1EX

51a, 51b and 52 Guanock Terrace, King's Lynn, PE30 5QT - All 3 flats Council Tax Band A.

EPC - 51a, 51b and 52 Guanock Terrace - All 3 flats EPC - E. Night storage heating and some sealed unit double glazing.

EPC - 54 London Road - E - 55 London Road - B.

54 London Road - Current rateable value (1 April 2023 to present) - £11,750.

55 London Road - Current rateable value (1 April 2023 to present) - £7,000.