113 London Rd N
Lowestoft NR32 1LX

Investment Consideration:
Rental Income: £20,000 p.a.
VAT is applicable to this property
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
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.
Tenancy:
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
Location:
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.