Location
Lowestoft is a coastal town in Suffolk, situated on the North Sea coast and approximately 12 miles south-east of Great Yarmouth. The town benefits from a range of retail, leisure and service amenities, alongside road connections via the A12 and A146, providing access to neighbouring towns and the wider East Anglia region.
The Veterinary Surgery is situated at Adrian House on a prominent roadside position on Alexandra Road, within an established urban area of Lowestoft.
Property Description
The property is a 20th-century detached two-storey building of brick construction beneath a pitched tiled roof with some painted side elevations.
The property sits on a 0.374 acre site.
Accommodation
The current layout and configuration of the property is included in the floor plans on page 6.
There is a link to a virtual tour of the premises below.
Ground Floor - Reception area, various consultancy rooms, wards, operating theatres and various ancillary areas.
First Floor - Extensive staff space including offices, toilets and a large conference room. Also benefits from 3 staff flats.
External - Turfed exercise area and parking for 40+ vehicles including an overflow car park (see Site Plan).
Tenure Comments
The property is held freehold and will be let to CVS (UK) Limited (Company Number 03777473) on a brand new 15 year FRI lease (subject to a Schedule of Condition) with no breaks.
The commencing rent will be £95,000 per annum with five yearly compounded rent reviews on an upwards only basis in accordance with RPI at a collar of 1% and a cap of 3%.
Business Description
Covenant Strength
CVS (UK) Limited is a private limited company that serves as the primary operating and trading engine behind CVS Group plc, one of the largest integrated veterinary services providers in the United Kingdom. The business has been in operation for over 25 years and currently operates 423 veterinary practices across the UK.
We have carried out due diligence on the current financial capabilities of the tenant and can confirm that they are considered of an undoubted covenant strength able to meet their lease obligations. We detail below a summary from external analytical companies of their opinion on the company.
CreditSafe
Tenant Accounting Year Credit Rating
CVS (UK) Limited 01/11/2025 A-93
Turnover Credit Limit Pre-Tax Profit
£464,889,000 £9,600,000 £58,266,000
The property will be let to an established operator with excellent covenant strength. The tenant holds a CreditSafe rating of A - 93 (Very Low Risk), reflecting a highly stable financial position. This strong risk profile is underpinned by robust turnover, consistent profitability, and a substantial credit limit, providing an investor with highly secure, predictable income.
Experian
Experian credit risk score: 100. Risk classification: Very Low Risk.
Guide Price
We are instructed to invite offers in excess of £1,185,000 (7.5% NIY) assuming purchaser's costs of 6.90%.
The business will continue to trade unaffected from the premises during the marketing of the property and post completion of the sale.
VAT
VAT may be applicable on the sale.
EPC
A copy is available upon request.
Viewings
All viewings are strictly by appointment only.
