About this property
Key Features
Freehold
Planning consent for 2 flats to be constructed above current building
Current rent of £26,000 per annum
Investment property in popular seaside town
Description
An interesting commercial investment property in the popular seaside town of Lowestoft. The property is fully let, but also offers the potential to add value, with approved planning consent to build 2 flats in the air space above the current single storey structure.
The current layout presents a single storey retail space with approximately 74m² (800ft²) of sales area and a further store/staff room and cloakroom totalling 7.4m² (80ft²).
Outside, there is a generous rear yard, with separate side access.
The property is fully let to VPZ on a 10 year lease from the 5th June 2019, at a rent of £26,000 pax. The full repairing and insuring lease has a break and rent review at the end of the 5th year.
69 London Road North presents a wonderful chance to acquire a high yielding investment opportunity, that also offers a rare chance to add significant value through the construction of the first and second floor flats in the air space above.
Tenure
Freehold subject to lease
Location
The property occupies a busy position, with nearby occupiers including, Greggs, Marks and Spencer, Boots, Barclays, Santander and The Post Office. The town is a popular tourist area which offers a wide variety of shops, facilities and services.
Lot Type
Commercial
Planning
Planning permission was granted on the 6th June 2019 for the addition of first and second floors, to form 2 x 2 bed flats. East Suffolk Council ref: DC/19/1015/FUL
The proposed flats benefit from a shared staircase to the rear of the property, with each flat providing the following accommodation:
Open plan living/kitchen area, 2 bedrooms each with en-suite shower room, further cloakroom, along with bin and cycle storage to the rear of the property.
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Lisa Cardy of Druces LLP, Salisbury House, London Wall, London, EC2M 5PS
Viewing
Cheffins Property Auction Dept 01223 213777
Important notes
*Guide prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set up to or within the Guide Range or no more than 10% above a single figure Guide. The reserve price will remain confidential between the seller and the auctioneer.
Fees: The guide price excludes any additional fees that the purchaser may incur, to include, but not limited to, Buyers Contract fee, Stamp Duty Land Tax, VAT, legal and search fees etc. Please refer to relevant Auction Legal Packs for details.�