59 London Road North Lowestoft Suffolk NR32 1LS

59 London Road North
Lowestoft
Suffolk
NR32 1LS

Freehold Retail Investment

Let to Shoe Zone Limited
Prime pedestrianised retail location
Nearby occupiers include Marks & Spencer, W H Smith and Boots the Chemist, Ryman, Vodafone
Approximate floor area of 259.21 sq m (2,790 sq ft)
Six Week Completion Available

Lot
4
Auction
7th April 2011
Rent
£65,600 per Annum Exclusive
Status
Withdrawn Post
Price
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP
On behalf of a Cambridge College

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Freehold Retail Investment

Let to Shoe Zone Limited
Prime pedestrianised retail location
Nearby occupiers include Marks & Spencer, W H Smith and Boots the Chemist, Ryman, Vodafone
Approximate floor area of 259.21 sq m (2,790 sq ft)
Six Week Completion Available

Lot 4
Auction 7th April 2011
Rent £65,600 per Annum Exclusive
Status Withdrawn Post
Price
Sector
High Street Retail
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP
On behalf of a Cambridge College

Property Information

Location

Miles: 27 miles south-east of Norwich, 11 miles south of Great Yarmouth
Roads: A12, A146
Rail: Lowestoft Rail
Air: Norwich International, Stansted Airport

Situation

The property is situated on the western side of the London Road North, Lowestoft’s prime pedestrianised retail thoroughfare. Lowestoft is a popular seaside town with award-winning Blue Flag beaches and is Suffolk’s second largest town after Ipswich. Nearby retailers include W H Smith, Ryman, Vodafone, Boots the Chemist and Marks & Spencer.

Tenure

Freehold.

Location

Miles: 27 miles south-east of Norwich, 11 miles south of Great Yarmouth
Roads: A12, A146
Rail: Lowestoft Rail
Air: Norwich International, Stansted Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor retail unit with storage and ancillary accommodation on the first floor.

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises a ground floor retail unit with storage and ancillary accommodation on the first floor.

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground Ground First	Retail Storage Ancillary	179.40 sq m 13.94 sq m 65.87 sq m	(1,931 sq ft) (150 sq ft) (709 sq ft)	SHOE ZONE LIMITED (1)	10 years from 29/01/2008 on a full repairing and insuring lease (2)	£65,600	29/01/2013
Totals		259.21 sq m	(2,790 sq ft)			£65,600

(1) For the year ending 2nd January 2010, Shoe Zone Ltd reported a turnover of £177,104,000, pre-tax profits of £15,721,000 and a total net worth of £25,064,000. (Source: www.riskdisk.com 19 January 2011)
(2) A deed of variation removed the 2013 tenant option to determine the lease. As a result the tenant will pay a reduced rent of £32,800 per annum exclusive from 25th March 2011 until 28th September 2012. The seller will pay the buyer the difference between the reduced rent of £32,800 per annum exclusive and the current rent reserved at £65,600 per annum exclusive from completion of the sale until 28th September 2012. Therefore the property will produce £65,600 per annum exclusive from completion of the sale.