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
    07/Dec/2017
  • Rent
    £245,170 per Annum Exclusive
  • Status
    Available
  • Price*
    £3,750,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Property Update
  • 82 / 86 London Road<br>Lowestoft<br>Suffolk<br>NR32 1ET
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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.

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

Buyer's Legal Report

For the ease and convenience of prospective buyers,to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is advisable. For more information, please click here.

Tenancy & Accomodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReviews
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
£245,170.4929/09/2018 - £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.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    23.11.17
    File Size
    44 MB
    Login to View
  • Site Plan
    Updated Date
    14.11.17
    File Size
    3 MB
    View PDF
  • Catalogue Page
    Updated Date
    14.11.17
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George WatkinsGeorge Watkins +44 (0)20 7034 4861george.watkins@acuitus.co.uk
Associate Auctioneers
HP Four LLP 17 Grosvenor Street
London
W1K 4QG
Jeremy Roger 020 3758 8262jeremy.roger@hpfour.co.uk
Seller's Solicitors
Hogan Lovells Solicitors Atlantic House, Holburn Viaduct
London
EC1A 2FG
Janan Kanagaratnam 0207 296 2000janan.kanagaratnam@hoganlovells.com

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