Let to 99p Stores Limited on a new lease until 2022
Fixed rental uplift in 2017 to £92,500 per annum exclusive
Includes parking for approximately 100 cars
Comprises a site area of approximately 0.62 ha (1.54 acres)
Potential future redevelopment, subject to necessary consents
Six Week Completion Available
Lot 22
Auction 6th December 2012
Rent £80,000 per Annum Exclusive
Status Sold Post
Price
Sector Retail Warehouse
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
27 miles south-east of Norwich, 43 miles north of Ipswich
Roads
A12, A1117
Rail
Lowestoft Rail Station (direct to Ipswich and Norwich)
Air
London Stansted Airport, Norwich International Airport
Situation
Lowestoft is an important commercial centre and port in East Anglia. The property is accessed via the A12 and is situated approximately 100 metres from the main rail station, providing frequent services to both Ipswich and Norwich. The property is
situated in a prominent position on Commercial Road, in the town centre, with nearby occupiers including McDonald’s, Ladbrokes and HSBC. In addition, the site is adjacent to the Custom House, The Marina and the Waterfront Inner Harbour.
Tenure
Freehold.
Location
Miles
27 miles south-east of Norwich, 43 miles north of Ipswich
Roads
A12, A1117
Rail
Lowestoft Rail Station (direct to Ipswich and Norwich)
Air
London Stansted Airport, Norwich International Airport
Situation
Lowestoft is an important commercial centre and port in East Anglia. The property is accessed via the A12 and is situated approximately 100 metres from the main rail station, providing frequent services to both Ipswich and Norwich. The property is
situated in a prominent position on Commercial Road, in the town centre, with nearby occupiers including McDonald’s, Ladbrokes and HSBC. In addition, the site is adjacent to the Custom House, The Marina and the Waterfront Inner Harbour.
Tenure
Freehold.
Description
The property comprises a modern, stand alone, purpose built retail unit. There is a loading bay to the rear of the property and a total site area of approximately 0.62 hectares (1.54 acres) incorporating approximately 100 spaces.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a modern, stand alone, purpose built retail unit. There is a loading bay to the rear of the property and a total site area of approximately 0.62 hectares (1.54 acres) incorporating approximately 100 spaces.
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
Retail/Ancillary
1,159 sq m
(12,475 sq ft)
99P STORES LIMITED, T/A FAMILY BARGAINS (1)
10 years from 26/04/2012 on a full repairing and insuring lease
£80,000
26/04/2017 (2)
Totals
1,159 sq m
(12,475 sq ft)
£80,000
(1) For the year ending 31st January 2012 99p Stores Limited reported a turnover of £270,221,672, a pre-tax profit of £7,188,530 and a total net worth of £12,396,841. (Source www.riskdisk.com (07/11/2012) 99p Stores Limited has over 140 stores and aims to have over 600 stores within the next 10 years, reaching a turnover of over £300,000,000. They currently employ over 3,000 people in the head office and warehouses. (Source www.99pstoresltd.com 09/11/2012)
(2)The lease provides for a fixed rental uplift on the 5th anniversary of the term to £92,500 per annum exclusive.
