71 London Road North Lowestoft Suffolk NR32 1LS

  • 71 London Road North<br>Lowestoft<br>Suffolk<br>NR32 1LS

71 London Road North
Lowestoft
Suffolk
NR32 1LS

Freehold Retail Investment

  • New 10 year lease to Blacks Outdoor Retail Limited t/a Millets (subject to option)
  • Prime pedestrianised town centre location opposite Marks & Spencer
  • Close proximity to The Britten Shopping Centre
  • Nearby retailers include Boots the Chemist, WH Smith, Waterstones, Holland & Barrett and Starbucks
  • Lot
    72
  • Auction
    13th October 2016
  • Rent
    £40,000 per Annum Exclusive
  • Status
    Sold
  • Price
    £502,000
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG
  • On behalf of Insolvency Practitioners Deloitte
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Freehold Retail Investment

  • New 10 year lease to Blacks Outdoor Retail Limited t/a Millets (subject to option)
  • Prime pedestrianised town centre location opposite Marks & Spencer
  • Close proximity to The Britten Shopping Centre
  • Nearby retailers include Boots the Chemist, WH Smith, Waterstones, Holland & Barrett and Starbucks
  • Lot 72
  • Auction 13th October 2016
  • Rent £40,000 per Annum Exclusive
  • Status Sold
  • Price £502,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG
  • On behalf of Insolvency Practitioners Deloitte

Property Information

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

The property is situated on the western side of London Road North, Lowestoft's prime pedestrianised retail thoroughfare. The property is located a short distance from The Britten Shopping Centre which houses retailers including Iceland, WH Smith and Poundland. Other nearby occupiers include Marks & Spencer, Boots the Chemist, WH Smith, Waterstones, Holland & Barrett and Starbucks.

Tenure

Freehold.

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

The property is situated on the western side of London Road North, Lowestoft's prime pedestrianised retail thoroughfare. The property is located a short distance from The Britten Shopping Centre which houses retailers including Iceland, WH Smith and Poundland. Other nearby occupiers include Marks & Spencer, Boots the Chemist, WH Smith, Waterstones, Holland & Barrett and Starbucks.

Tenure

Freehold.

Description

The property comprises ground floor retail accommodation with ancillary accommodation on the first and second floors. The tenant is intending to temporarily close the unit to undertake a substantial refurbishment programme.

VAT

VAT is applicable to this lot.

Note

This property is being marketed for sale on behalf of Insolvency Practitioners and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Insolvency Practitioners are acting without personal liability.

Completion Period

Six Week Completion

EPC

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

Description

The property comprises ground floor retail accommodation with ancillary accommodation on the first and second floors. The tenant is intending to temporarily close the unit to undertake a substantial refurbishment programme.

VAT

VAT is applicable to this lot.

Note

This property is being marketed for sale on behalf of Insolvency Practitioners and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Insolvency Practitioners are acting without personal liability.

Completion Period

Six Week Completion

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/(Reversion)
Ground
First
Second		 Retail/Ancillary
Ancillary
Ancillary
230.00 sq m
57.50 sq m
28.10 sq m
(2,476 sq ft)
(619 sq ft)
(302 sq ft)
 BLACKS
OUTDOOR
RETAIL LIMITED
(1) (t/a Millets)		 10 years from 25/03/2016 (2) on a full repairing and insuring lease £40,000 24/03/2021
(24/03/2026)
Totals  
315.60 sq m
(3,397 sq ft)
     £40,000  

(1) Blacks Outdoor Retail Limited is a subsidiary (and part of The Outdoor Division) of JD Sports Fashion plc, currently trading from around 80 Millets and 74 Blacks stores. (Source: www.jdplc.com and www.millets.co.uk).
(2) The lease is subject to a tenant option to determine on 24th March 2021.

Contacts

Seller's Solicitors
Olswang LLP 2nd Floor, The Blade, Abbey Square
Reading
RG1 3BE
Gaye King 0207 071 7341gaye.king@olswang.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
Property InsuranceBrown & BrownNatasha WardBroking Director+44 7545 208 759bbrown.com

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