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    Key features

    • To be offered on Tuesday 24 September
    • High Yielding Investment/Development Opportunity
    • Let to Savers and Waterstones
    • Producing a Combined £60,125 per annum
    • Vacant Upper Parts
    • Development Potential (subject to planning)
    • High Footfall, Pedestrianised, Street
    • Guide Price Reflects 9.6% Gross Yield

    Description

    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.

    Additional information

    Tenure

    Freehold

    Tenancy

    Please refer to the Tenancy Schedule and Legal Pack for full tenancy information.


    Waterstones Booksellers Limited


    • D&B Rating - 5A2
    • Turnover (2023) - £452m
    • Pre-Tax Profit (2023) - £11.2m


    Savers Health and Beauty Limited


    • D&B Rating - 5A1
    • Turnover (2023) - £754m
    • Pre-Tax Profit (2023) - £61.3m

    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

    £60,125 per annum

    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).

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      Accommodation / Tenancy Schedule

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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