Available
Lowestoft – Retail Shop & Vacant Ancillary with Development Potential
113 London Road North, Lowestoft, Suffolk NR32 1LXFreehold Retail & Vacant Ancillary with Residential Development Potential
Price
£350,000
Rent P.A.
£20,000
Tenure
Freehold
Lease Term
10 Years
Years Left on Lease
9y 9m
Area
2,819 SQ Ft
VAT Applicable
Yes
Sector
Investment Consideration
- Comprises large corner ground floor shop and a vacant self-contained ancillary accommodation above
- Provides residential development potential of the first and second floor, subject to obtaining planning
- Located in the heart of the town centre with occupiers nearby including Marks & Spencer, Tesco Express, Iceland, B&M, Superdrug, Boots the Chemist, Starbucks, Greggs and Sports Direct
Key Features
Tenure
Freehold
VAT
VAT is Applicable
Property Description
Comprises three-storey corner building arranged as a ground floor shop t/a Mobile Phone Shop and self-contained ancillary accommodation at first and second floor accessed from the rear. The property benefits from parking for 2 cars at rear and provides the following accommodation and dimensions:
Ground Floor: 120 sq m (1,291 sq ft)
Open plan retail, Office, Kitchenette, WC
First Floor: 120 sq m (1,291 sq ft)
3 Rooms, Bathroom
Second Floor: 22 sq m (237 sq ft)
2 Rooms
Residential development potential to convert upper floors and/or extend above and rear, subject to obtaining planning.
Ground Floor: 120 sq m (1,291 sq ft)
Open plan retail, Office, Kitchenette, WC
First Floor: 120 sq m (1,291 sq ft)
3 Rooms, Bathroom
Second Floor: 22 sq m (237 sq ft)
2 Rooms
Residential development potential to convert upper floors and/or extend above and rear, subject to obtaining planning.
Tenancy Description
The ground floor shop is at present let to T&S Mobile Repair Ltd (with personal guarantee) for a term of 10 Years from 27th August 2024 at a current rent of £20,000 p.a. and the lease contains full repairing and insuring covenants. Rent review (RPI linked) on 27.08.29. Tenant option to determine on 27.08.29 with minimum 6 months notice. Lease within Landlord & Tenant Act 1954. Deposit held of £5,000. Tenant pays reduced rent of £18,000 p.a. for the first year. The vendor will top-up rent so the buyer receives the equivalent to £20,000 p.a. from completion.
Tenancies & Accommodation
Location Description
Lowestoft is a coastal town and civil parish in the East Suffolk district of Suffolk, England. As the most easterly UK settlement, it is 110 miles north-east of London, 38 miles north-east of Ipswich and 22 miles south-east of Norwich, and the main town in its district. The property is situated 300 metres from Lowestoft Railway Station with nearby occupiers including Marks & Spencer, Tesco Express, Iceland, B&M, Superdrug, Boots the Chemist, Starbucks, Greggs and Sports Direct.
