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 £425,000 the entry price works out at £35/sqft, against residential £/sqft evidence of £145-£280 within 0.12 miles. The building is offered with future residential 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 8.65% net initial yield on total capital in. A refinance at 75% loan-to-value releases £307,775 of the capital and lifts the return on the money left in to 11.8%, with the 5-year 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.
⚠️ These figures are not what the property is worth today. They show what this floor area would be worth at PE30 residential £/sqft if the building were converted into self-contained flats and sold individually. They are stated before conversion costs, professional fees, finance and VAT, and conversion depends on permitted development or planning consent that has not yet been obtained. The property today is a let commercial investment at £425,000.
Based on 20 comparable sold transactions within roughly 0.12 miles, Jan 2025 to Mar 2026. Subject size 12,044 sqft. The 3 taller bars show what 12,044 sqft is worth at local residential £/sqft - the residential value the footprint could unlock if converted - against the £425,000 asking. Conversion is subject to planning and build costs; the £38,000 FRI income holds in the meantime.
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.
| Property type | Date | Price | Sqft | £/sqft | Distance |
|---|---|---|---|---|---|
| Flat | Aug 25 | £115,000 | 797 | £144 | 0.01 mi |
| 2-bed semi-detached house | Jun 25 | £185,000 | 936 | £198 | 0.05 mi |
| 3-bed terraced house | Apr 25 | £160,000 | 1,593 | £100 | 0.06 mi |
| 3-bed detached house | Feb 25 | £250,000 | 893 | £280 | 0.06 mi |
| 2-bed flat | Jan 26 | £207,000 | 915 | £226 | 0.08 mi |
| 1-bed flat | May 25 | £78,000 | 581 | £134 | 0.11 mi |
| 2-bed flat | Mar 26 | £110,000 | 635 | £173 | 0.12 mi |
A mix of nearby flats and houses sold within roughly 0.12 miles over the last 18 months - the residential £/sqft evidence behind the valuation bars above. The subject is a 12,044 sqft commercial freehold priced on its income, which is why the entry £/sqft sits so far below the residential spread.
SDLT at commercial (non-residential) rates. Refinance modelled interest-only at 7% on a rent-based valuation; at 6% the ROCE rises to 14.0%. Figures consistent with the in-house due diligence on this property.