72 High Street, Southwold, Suffolk, IP18

LOCATION
Southwold is an extremely popular North Suffolk coastal town approximately 36 miles North East of Ipswich, 30 miles South East of Norwich and 4 miles from the A12 trunk road which links Great Yarmouth and London.
Home to brewery, pubs and hotels group Adnams plc Southwold boasts a thriving community which benefits from a substantial tourist influx throughout the year.
 
DESCRIPTION
The building is located in the prime section of the High Street, between Vantastic and White Stuff. Other national retailers in the town include Quba, Finisterre, Fairfax & Favor, Tesco and Fatface, with many independent retailers. The unit is a large attractive period property with double aspect glazed windows leading into an immediate retail sales area of 228sqft, leading to further retail space beyond of 843sqft.

EPC The shop is Band C (73)

TENANCY
The ground floor and rear yard are let on an effective FRI lease to The Harborough Hare Ltd (trading as Joules) for a term of 5 years, expiring 11th May 2028. The passing rent is £47,500pa. There are two flats above, both of which have been sold off on long leases of 977 years from 12 March 2013. Each flat owner currently pays £50 per annum in ground rent which increases from 12 March 2038 and £200pa from 12 March 2063). Rateable Value £30,500

ACCOMMODATION
Internal width 15ft 2ins 4.62m
Sales Depth 80ft 5 ins 24.5m
Ground floor 1,071sqft 99.49sqm

PRICE
Offers are invited in the region of £625,000 + VAT (Six Hundred and Twenty Five Thousand Pounds + VAT) for the freehold of the property. A purchase at this level will reflect a net initial yield of approximately 7.23%

COVENANT INFORMATION
Experian Credit Safe report for The Harborough Hare (company number 14504304) highlights:
* The ultimate holding company of The Harborough Hare Ltd is Next Plc with a turnover over £6bn.
* The company has a high level of capital available for re-investment .
* Has a moderate risk financial rating (score of 50) at 15 July 2025.
* The company has filed a significantly large turnover in their first set of annual accounts which were submitted to the trade registry.
* The last accounts were filed on 9 November 2024 and reported a turnover of £126,000,000. The next accounts are due 25 October 2025.
* This store was retained during the restructure period in late 2022 before the business was bought by Next.