Opportunity House 35 - 37 London Road North Lowestoft Suffolk NR32 1BH

Opportunity House
35 - 37 London Road North
Lowestoft
Suffolk
NR32 1BH

Freehold Retail and Office Investment with Development Potential (s.t.c.)

Two retail units with one let to McDonald’s Restaurants Limited
Opposite Lowestoft Railway Station
Self-contained offices at first and second floor with development potential (subject to consents)
Buyer to benefit from agreed dilapidation settlement (see note 4)

Lot
46
Auction
5th December 2018
Rent
£57,893 per Annum Exclusive
Status
Sold
Price
£550,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Receivers at Knight Frank

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Freehold Retail and Office Investment with Development Potential (s.t.c.)

Two retail units with one let to McDonald’s Restaurants Limited
Opposite Lowestoft Railway Station
Self-contained offices at first and second floor with development potential (subject to consents)
Buyer to benefit from agreed dilapidation settlement (see note 4)

Lot 46
Auction 5th December 2018
Rent £57,893 per Annum Exclusive
Status Sold
Price £550,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Receivers at Knight Frank

Property Information

Location

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

Situation

Lowestoft is an important commercial centre and port in East Anglia. The property occupies a prominent corner position on the pedestrianised London Road North, opposite Lowestoft rail station in the heart of the town centre. Nearby occupiers include Costa Coffee, Nationwide, Boots Opticians and Subway.

Tenure

Freehold.

Location

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

Situation

Tenure

Freehold.

Description

The property comprises two ground floor retail units, each with first floor ancillary accommodation. No 35 benefits from substantial return frontage onto Station Square. The second floor provides self-contained office accommodation which is accessed via Bevan Street East. The property also benefits from a rear service yard and car parking for 8 cars. There is an electricity substation on the site.

VAT

VAT is applicable to this lot.

Note

The property is being marketed for sale on behalf of Joint LPA Receivers and therefore no warranties, representations or guarantees are given or will be given in respect of the information in this brochure or any matter relating to the properties, including VAT. Any information provided is provided without liability for any reliance placed on it and the Receivers are acting without personal liability.

Completion Period

Six Week Completion

EPC

EPC available at www.acuitus.co.uk.

Description

VAT

VAT is applicable to this lot.

Note

Completion Period

Six Week Completion

EPC

EPC available at www.acuitus.co.uk.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x
35	Ground First	Restaurant Ancillary	289.90 sq m 48.70 sq m	(3,120 sq ft) (524 sq ft)	MCDONALD’S RESTAURANTS LIMITED (1) (2)	Tenancy at will commencing 27/12/2016	£57,892.62 (3)
37	Ground First	Retail Ancillary	350.80 sq m 125.79 sq m	(3,776 sq ft) (1,354 sq ft)	VACANT POSSESSION
Opportunity House, First & Second Floor	First Second	Offices Offices	251.00 sq m 331.80 sq m	(2,701 sq ft) (3,570 sq ft)	VACANT POSSESSION (4)
Electricity Sub Station	-	-			EASTERN POWER NETWORKS PLC	99 years from 08/03/1979	£1
Total			1,397.72 sq m	(15,045 sq ft)			£57,893.62

(1) For the year ending 31st December 2017, McDonald’s Restaurants Ltd reported a turnover of £1,593,489,000, pre-tax profits of £341,009,000 and a total net worth of £1,332,438,000 (Source: Experian Group 01/11/2018).
(2) New draft lease in negotiation - please refer to the legal pack. Draft license for three car parking spaces also in negotiation - please refer to legal pack.
(3) The rent stated is the all-inclusive rent and includes the base rent as agreed in the draft lease of £50,000 plus amounts for the insurance and ongoing maintenance charges.
(4) The buyer is to benefit from a dilapidations settlement which has been agreed in principle at £180,000 including costs, but not yet formally settled. Please refer to the legal pack for further information.