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
     
  • Sector
    High Street Retail
  • Auction Venue
    Millennium Hotel
    44 Grosvenor Square
    London W1K 2HP
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

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
  • 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

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.

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

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.

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
  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.

Property Documents

  • Site Plan
    Updated Date
    19.06.13
    File Size
    149 KB
    View PDF
  • Catalogue Page
    Updated Date
    19.06.13
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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