Withdrawn
Withdrawn Prior
Sold
Sold Prior
Sold Post
The property comprises a high yielding retail investment and potential development opportunity let to two established tenants and situated on a pedestrianised street in Lowestoft.
Arranged as two ground floor retail units with associated upper parts, the ground floor units are both let to the recognised High Street retailers Waterstones and Savers. Both tenants have recently displayed commitment to the location, with Waterstones agreeing a new four year lease in April 2024 and Savers not exercising their 2024 break option. The units are producing a total combined rent of £60,125 per annum.
The upper parts are offered with full vacant possession. These were previously used as ancillary office/storage areas but we consider there may be potential to convert to alternative uses, including residential. Moreover, we consider there may be potential to increase massing and develop additional first and second floor accommodation across the remainder of the property (subject to obtaining any requisite consents).
The property occupies a prominent corner pitch and forms part of the principal pedestrianised retail area of Lowestoft. Nearby occupiers include Starbucks, Tesco, B&M and Specsavers. The Britten Centre is immediately opposite the property.
Tenure
Freehold
Tenancy
Please refer to the Tenancy Schedule and Legal Pack for full tenancy information.
Waterstones Booksellers Limited
Savers Health and Beauty Limited
Planning
Whilst there are no extant planning consents, the upper parts are offered with full vacant possession and comprise 2,144 sq ft (199.17 sq m) of accommodation.
We consider this accommodation may be suitable for development to provide alternative uses, including residential. Furthermore, it may be possible to extend the first and second floor accommodation to cover the full property footprint. We anticipate this could deliver approximately 15,000 sq ft of accommodation to the upper parts.
All comments regarding planning potential are subject to obtaining any requisite consents and prospective purchasers should rely on their own enquiries.
Rent
Notes
We understand the property is elected for VAT. It is anticipated the sale will be treated as a Transfer of a Going Concern (TOGC).