Sterling House, Hamlin Way, Hardwick Narrows, King's Lynn, Norfolk, PE30 4NG

Property specification

• Located close to the A47/A10 intersection on King's Lynn's principal industrial estate, which includes occupiers such as Mars, Tesco and Sainsburys with other substantial commercial occupiers
• Freehold with a site area of 1.56 acres
• The warehouse provides a gross internal floor area of 36,796sq ft with eaves heights ranging from 7.5m to 9m and incorporates recently refurbished offices featuring air conditioning, LED lighting, suspended ceilings and a new canteen
• Let to Southgate Global Ltd until 11.08.2031 at a low rent of £140,000 per annum (£3.80 per sq ft)
• Strong established tenant covenant with a net worth of over £15m and a D&B rating of 4A2
• Rent review and a tenant option to break on the 12th August 2026
• Reversionary potential at a conservative estimated rental value of approximately £175,000 per annum (£4.75 per sq ft) Based on our estimate of rental value at £175,000pa, a purchase at this level reflects a reversionary yield of 8.74%
• Low capital value rate of only £51 per sq ft
• The adjoining Freehold land of 2.23 acres (lot B) can also be acquired, by separate negotiation
• £2,535,000 / NIY 7.00%