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
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.
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
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.
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.
