82 / 86 London Road Lowestoft Suffolk NR32 1ET

82 / 86 London Road
Lowestoft
Suffolk
NR32 1ET

Substantial Retail Investment

Let to Marks & Spencer Plc until March 2027 (no breaks)
Fixed annual rental uplifts throughout lease of 1.95% per annum
Approximately 32,086 sq ft
Prime pedestrianised retail location in attractive Suffolk market town

Lot
11
Auction
7th December 2017
Rent
£245,170 per Annum Exclusive
Status
Withdrawn Post
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Substantial Retail Investment

Let to Marks & Spencer Plc until March 2027 (no breaks)
Fixed annual rental uplifts throughout lease of 1.95% per annum
Approximately 32,086 sq ft
Prime pedestrianised retail location in attractive Suffolk market town

Lot 11
Auction 7th December 2017
Rent £245,170 per Annum Exclusive
Status Withdrawn Post
Price
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 10 miles south of Great Yarmouth, 27 miles south-east of Norwich
Roads: A11, A12, A146, M11
Rail: Lowestoft Railway Station
Air: Norwich International Airport

Situation

The property is situated on the eastern side of the pedestrianised London Road North in a prime trading location, in the heart of the Lowestoft town centre. Nearby occupiers include Boots the Chemist, Starbucks, Greggs, New Look and Burton, with other occupiers on London Road North including Tesco Metro, Sports Direct, Peacocks and branches of Barclays and Santander banks. The Britten Shopping Centre is located nearby.

Tenure

Freehold. - Majority Freehold - There is a small element of the property (at first floor level shaded blue on the street traders plan) held long leasehold for a term of 80.5 years from 1st January 1947 at a fixed ground rent of £500 p.a.

Location

Miles: 10 miles south of Great Yarmouth, 27 miles south-east of Norwich
Roads: A11, A12, A146, M11
Rail: Lowestoft Railway Station
Air: Norwich International Airport

Situation

Tenure

Description

The property comprises a large ground floor shop (including a food hall) with ancillary accommodation on the first and the second floors. The property benefits from car parking for 24 cars at ground floor linking directly into the property.

VAT

VAT is applicable to this lot.

Completion Period

Completion - 25th January 2018

EPC

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

Description

VAT

VAT is applicable to this lot.

Completion Period

Completion - 25th January 2018

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 First Second	Retail/ Food Hall Ancillary Ancillary	1,851.00 sq m 980.13 sq m 149.76 sq m	(19,924 sq ft) (10,550 sq ft) (1,612 sq ft)	MARKS & SPENCER PLC (1)	Approximately 25 years from 16/08/2002 until 31/03/2027 on a full repairing and insuring lease	£245,170.49	29/09/2018 - £249,951 29/09/2019 - £254,825 29/09/2020 - £259,794 29/09/2021 - £264,860 29/09/2022 - £270,025 29/09/2023 - £275,290 29/09/2024 - £280,658 29/09/2025 - £286,131 29/09/2026 - £291,711
Totals		2,980.89 sq m	(32,086 sq ft)			£245,170.49

(1) For the year ending 1st April 2017, Marks & Spencer Plc, who have a D & B Rating of 5A1, reported a turnover of £10,622,000,000, pre-tax profits of £130,600,000 and a total net worth of £4,961,200,000 (Source: Experian Group 09/11/2017).

NB: The tenant has the right to extend the lease for a term of 40 years from 1st April 2027, subject to a tenant break option in Year 15.