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
Road: Strong road connectivity with links to London, Chelmsford and Ipswich provided by the A12 running through the town centre. The A146 also connects the town with Norwich in just under an hour.
Rail: Lowestoft railway station provides regular services to London Liverpool Street, via Norwich, with a journey time of just under 2 hours and 40 minutes.
Air: Norwich International Airport is located 24 miles to the north west of Lowestoft and London Stansted is a circa 2 hour and 10 minute drive.
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.
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.
A Plowman Craven Area Measurement survey was conducted in August 2016 and the property compromises the following floor areas (GIA):
Ground Retail 19,930 Sq. Ft
First Ancillary 10,575 Sq. Ft
Second Ancillary 1,585 Sq. Ft
Total Approximate Floor Area 32,090 Sq. Ft
TENURE : The property is held freehold under title number SK217061. The tenure includes the benefit of the first floor of the adjoining property 78-80 London Road North (outlined in blue on the plan above) held under title number SK216757 on a lease expiring 1st July 2027 at a rent of £500 per annum. This area is incorporated as part of the demised area of the occupational lease to Marks & Spencer PLC
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 £270,025 per annum 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
Latest accounts as of March 2020:
Revenue - £10,181 Million
Pre tax profit - £67 Million
Total equity - £3,708.5 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 available upon request
The property is elected for VAT. It is anticipated that the transaction will be treated as a transfer of going concern (TOGC).
PROPOSAL: £4,250,000 6% net