Investment Consideration:
Gross Initial Yield: 5.71%
Rental Income: £20,000 p.a.
VAT is applicable to this property
Comprises large corner ground floor shop and a vacant self-contained ancillary accommodation above
Planning approved for conversion of upper floors into 5-bedroom student HMO
Located in the heart of the town centre with occupiers nearby including Marks & Spencer, Tesco Express, Iceland, B&M, Superdrug, Boots the Chemist, Starbucks, Greggs and Sports Direct
Property Description:
Comprises three-storey corner building arranged as a ground floor shop t/a Mobile Phone Shop and self-contained ancillary accommodation at first and second floor accessed from the rear. The property benefits from parking for 2 cars at rear and provides the following accommodation and dimensions:
Ground Floor: 120 sq m (1,291 sq ft)
Open plan retail, Office, Kitchenette, WC
First Floor: 120 sq m (1,291 sq ft)
3 Rooms, Bathroom
Second Floor: 22 sq m (237 sq ft)
2 Rooms
Development Opportunity: DC/24/3905/FUL
Planning approved in January 2025 for conversion of first and second floor to a 5-bedroom student HMO. The planning has been designed as per existing layout without the need for any structural amendments, providing the following accommodation and dimensions:
Approved First Floor:
Bedroom 1 - 12.36 m (133 sq ft)
Bedroom 2 - 10.30 sq m (111 sq ft)
Bedroom 3 - 13.24 sq m (143 sq ft)
Bedroom 4 - 14.30 sq m (154 sq ft)
Communal kitchen/dining - 30.34 sq m (327 sq ft)
2 Communal bathrooms - 15.24 sq m (164 sq ft)
Approved Second Floor:
Bedroom 5 - 17.00 sq m (183 sq ft)
En-Suite - 3.17 sq m (34 sq ft)
Total approved GIA: 115.95 sq m (1,249 sq ft)
For more information, please refer to East Suffolk Planning portal:
Tenancy:
The ground floor shop is at present let to T&S Mobile Repair Ltd (with personal guarantee) for a term of 10 Years from 27th August 2024 at a current rent of £20,000 p.a. and the lease contains full repairing and insuring covenants. Rent review (RPI linked) on 27.08.29. Tenant option to determine on 27.08.29 with minimum 6 months notice. Lease within Landlord & Tenant Act 1954. Deposit held of £5,000. Tenant pays reduced rent of £18,000 p.a. for the first year. The vendor will top-up rent so the buyer receives the equivalent to £20,000 p.a. from completion
Location:
Lowestoft is a coastal town and civil parish in the East Suffolk district of Suffolk, England. As the most easterly UK settlement, it is 110 miles north-east of London, 38 miles north-east of Ipswich and 22 miles south-east of Norwich, and the main town in its district. The property is situated 300 metres from Lowestoft Railway Station with nearby occupiers including Marks & Spencer, Tesco Express, Iceland, B&M, Superdrug, Boots the Chemist, Starbucks, Greggs and Sports Direct.
