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Retail Property (high street) for sale

London Road North, Lowestoft

Removed £449,950

Property Description

Full description

Tenure: Freehold

LOCATION
The property occupies a prominent position fronting the prime Lowestoft retailing area of London Road North, nearby occupiers include Pound Stretcher, Sense Charity, Eastern Daily Press, British Heart Foundation furniture and electric store, Your Move estate agents, the Volunteer Public House. This part of London Road North is pedestrianized but is also close to the vehicular route of Milton Road East and the junction of London Road North. Therefore on street car parking is positioned close by.

The rear of the property is accessed via Police Station Road. There is loading access to the rear of the shops and a fully secure gated entrance to the Maxislaney Court apartments.

DESCRIPTION
The ground floor fronting London Road North comprises two refurbished good quality retail units. Each unit benefits from glazed frontage, laminated wooden floor, plastered and painted walls, suspended ceilings with inset fluorescent lighting. Toilet and kitchen facilities are provided to the rear and rear access is provided via Police Station Road for deliveries. The units have up to date fire detection systems and certified electrics.

The first floor of the property has been converted to three high quality residential apartments. Maxislaney Court is accessed via Police Station Road via secure gates and a security system. A courtyard provides bin stores and cycle parking. The main access to the apartment is via a entrance and stairs to a communal first floor landing area.

APARTMENT 1 - A 2 bedroom apartment, master with walk-in wardrobe. Shower room and large open plan lounge/kitchen.

APARTMENT 2 - A 1 bedroom apartment with open plan lounge/kitchen area, shower room and views to the rear.

APARTMENT 3 - A 1 bedroom apartment with an open plan lounge/kitchen area, shower room and views to the rear.

Each apartment benefits from a high specification including quality carpets, spotlighting, electric heating, quality fitted kitchens and bathroom fittings. Each apartment has a self contained store accessed from the first floor landing area.

ACCOMMODATION
The property has been measured in accordance with RICS Code of Measuring Practice and the following floor areas are provided.

149 London Road North - Retail Unit 58.28 sq m (627 sq ft)

151 London Road North - Retail Unit 48.09 sq m (518 sq ft)

Apartment 1 - 66.62 sq m (717 sq ft)

Apartment 2 - 46.06 sq m (496 sq ft)

Apartment 3 - 53.74 sq m (578 sq ft)

TERMS
149 London Road North - is currently let to Evape at a rent of £12,000 pa with a 7 year lease commencing 1st June 2016

151 London Road North is let to Emporium Pine at a rent of £11,000 pa with a 7 year lease commencing 1st June 2016. Emporium Pine were original tenants and vacated whilst the recent renovations were carried out.

The first floor apartments are still brand new following the conversion giving the purchaser the opportunity to carefully choose their own tenants for these excellent quality apartments.

It is the agents considered opinion that the apartments are likely to produce a possible rental income of £20,100 pa.

AGENTS NOTE
Bycroft Lettings offer a full management letting service which can be provided at great rates making this a stress free investment. The emphasis being on quality tenants for this quality property.

The Freehold of the entire property with the benefit of the leases on the ground floor shops providing a total potential rental income of £43,100 pa is available at a Freehold price of £449,950

OUTGOINGS
Business Rates & Council Tax
The properties are due to be valued for Business Rates and Council Tax.

VAT
VAT will not be payable on the purchase price.

VIEWING
Strictly by appointment with Bycroft Commercial 01493 844489 - email db@charlesbycroft.co.uk


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