112 London Road North Lowestoft Suffolk NR32 1HA

112 London Road North
Lowestoft
Suffolk
NR32 1HA

Substantial Retail Investment in Prime Town Centre Location

Tenants trading as Wilkinson, Peacocks and Age UK Suffolk
Approximately 4,928.71 sq m (53,053 sq ft) and a 550 space multi-storey car park
Nearby occupiers include Dorothy Perkins, Waterstones, BHS and Marks & Spencer
Situated diagonally opposite The Britten Shopping Centre
Popular and affluent south-east coastal town
Six Week Completion

Lot
26
Auction
11th July 2013
Rent
£482,000 per Annum Exclusive
Status
Sold Prior
Price
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP

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Substantial Retail Investment in Prime Town Centre Location

Tenants trading as Wilkinson, Peacocks and Age UK Suffolk
Approximately 4,928.71 sq m (53,053 sq ft) and a 550 space multi-storey car park
Nearby occupiers include Dorothy Perkins, Waterstones, BHS and Marks & Spencer
Situated diagonally opposite The Britten Shopping Centre
Popular and affluent south-east coastal town
Six Week Completion

Lot 26
Auction 11th July 2013
Rent £482,000 per Annum Exclusive
Status Sold Prior
Price
Sector
High Street Retail
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 11 miles south of Great Yarmouth 27 miles south-east of Norwich
Roads: A12, A1117, A146
Rail: : Lowestoft Railway Station
Air: Norwich Airport, Stansted International Airport

Situation

The property is situated on the south side of London Road North, Lowestoft’s prime pedestrianised retail thoroughfare. The property benefits from its position diagonally opposite the Britten Shopping Centre and from nearby occupiers including WH Smith, BHS, Waterstones, New Look, Marks & Spencer and other national occupiers.

Tenure

Freehold. Freehold (shaded orange) and Long Leasehold. The leasehold interest is held from Waveney District Council for a term of 99 years expiring 17/10/2081 at a peppercorn rent.

Location

Miles: 11 miles south of Great Yarmouth 27 miles south-east of Norwich
Roads: A12, A1117, A146
Rail: : Lowestoft Railway Station
Air: Norwich Airport, Stansted International Airport

Situation

Tenure

Freehold. Freehold (shaded orange) and Long Leasehold. The leasehold interest is held from Waveney District Council for a term of 99 years expiring 17/10/2081 at a peppercorn rent.

Description

The property comprises two ground floor retail units (Peacocks & Age UK) with frontages to London Road North and one ground floor retail unit (Wilkinson) with a frontage onto Gordon Road. The first floor above Age UK and Peackcocks is not accessible from the ground floor but is accessed from the car park at first floor level. The 4 floor multi-storey car park is accessed from the rear fronting Battery Green Road and extends over the Wilkinson Store.

VAT

VAT is applicable to this lot.

EPC

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

Description

VAT

VAT is 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 First	Retail/Ancillary Plant	1,192.87 sq m Not Measured	(12,840 sq ft) Not Measured	PEACOCKS STORES LIMITED guaranteed by The Edinburgh Woollen Mill (Group) Ltd (1) (2)	10 years from 21/08/2009 until 23/04/2019	£155,000	21/08/2014
First	Ancillary	540 sq m	(5,813 sq ft)	VACANT
Ground Roof	Retail/Ancillary Plant	160.72 sq m Not Measured	(1,730 sq ft) Not Measured	AGE CONCERN SUFFOLK t/a Age UK Suffolk (3)	10 years from 24/04/2012 until 23/04/2022 (4)	£18,000	24/04/2017
Ground First	Retail/Ancillary Plant	3,035.12 sq m Not Measured	(32,670 sq ft) Not Measured	WILKINSON HARDWARE STORES LIMITED (5)	15 years from 07/09/09 until 06/09/2024	£255,000	07/09/2014 & 07/09/2019
Multi- Storey	Car Park	Approximately 550 spaces		WAVENEY DISTRICT COUNCIL	99 years less 1 day from 18/10/1982 until 17/10/2081	£54,000	18/10/2012 and 10 yearly
Electricity sub-station		Approximately 550 spaces		EASTERN ELECTRICITY BOARD	99 years from 10/10/1983 until 2082
Totals		4,928.71 sq m (6)	(53,053 sq ft) (6)			£482,000

(1) For the year ending 25th February 2012, Peacocks Stores Limited reported a turnover of £2,578,000, pre-tax profits of £710,000 and a total net worth of £100,000.The Edinburgh Woollen Mill (Group) Ltd reported a turnover of £245,715,000, pre-tax profits of £20,196,000 and a net worth of £11,422,000. (Source: www.riskdisk.com 13/06/2013)
(2)The Edinburgh Woollen Mill (Group) Ltd guarantee the Peacocks Stores Limited rent until the tenant achieves post tax net profits of 3 x the rent plus VAT for 3 consecutive years.
(3) Age Concern trade from just over 450 Age UK charity shops throughout the UK. (Source: www.ageuk.org.uk)
(4) There is a tenant only option to determine at the expiry of the 5th year, subject to 6 months prior written notice.
(5) For the year ending 27th January 2012, Wilkinson Hardware Stores Limited reported a turnover of £1,565,400,000, pre-tax profits of £22,736,000 and a net worth of £230,479,000. (Source: www.riskdisk.com 13/06/2013)
(6) The floor areas have been taken from architects plans and are gross internal.