82-86 London Road North, Lowestoft, Suffolk, NR32

LOCATION:
Lowestoft is a popular coastal market town on the east coast of
Suffolk which is well known to UK holiday makers. The town is
the most easterly town within the UK and is located just under 22
miles to the south east of Norwich, 39 miles to the north east of
Ipswich and 105 miles north east of Central London

SITUATION:
Situated in the centre of Lowestoft, the property benefits from
excellent frontage on the pedestrianised London Road North,
capturing the overspill from the Britten Shopping Centre. There
have been several proposals made to improve the public realm
and provide residential accommodation surrounding the subject
property which would help to further increase footfall to both
the property and neighbouring stores. Neighbouring retailers
include national occupiers such as Boots, Millets, Waterstones
and H. Samuel.

DECRIPTION:
The property benefits from prominent retail frontage onto the pedestrianised London Road North, with a well-configured store arranged over ground and two upper floors. The ground floor is largely used as a Marks & Spencer foodhall with the two upper floors used as storage and staff accommodation. Goods lifts provide direct access to the storage rooms on all floors from the loading bay, which is located at ground floor level and accessed via the side of the property on Grove Road.

TENANCY: The property has been solely let to Marks & Spencer PLC. since 6 July 2001 until the lease expiry on the 31 March 2027. The rent of £280,659 per annum is subject to fixed annual uplifts of 1.95% occurring on 29th September. The leasehold element is subject to a £500 per annum ground rent The lease is held on a full repairing and insuring basis, outside the Landlord and Tenant Act 1954 Upon expiry, the tenant has the right to renew for a term of 40 years at the open market rent, with an option to determine in the 15th year (31st March 2042).
The vendor will top the rent on completion

Rent reviews


29/09/2024 £280,659
29/09/2025 £286,132
29/09/2026 £291,711


COVENENT:
Latest accounts as of March 2022:

Revenue - £10.9 Billion
Pre tax profit - £392 Million
Total equity - £2,918 Million

Marks & Spencer is a major British retailer providing food, clothing and homeware throughout the UK and internationally to over 31 million customers. Employing over 78,000 people, Marks & Spencer operate in the UK and across 62 countries with 1,519 stores and 44 websites globally. As per Dun & Bradstreet rating, Marks & Spencer is rated with the highest score of 5A1, representing a 'minimum risk of business failure'.

EPC
EPC available upon request

VAT
The property is elected for VAT. It is anticipated that the transaction will be treated as a transfer of going concern (TOGC).

PROPOSAL: £3,250,000- 8% net


For further information contact:
Rajiv Sabharwal
8 St James Square,St James,
London SW1Y 4JT
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Email: