Available
Lowestoft – Mobile Phone Shop
113 London Road North, Lowestoft, Suffolk NR32 1LXVirtual Freehold Retail Investment
Price
£250,000
Rent P.A.
£20,000
Yield
8.00%
Tenure
Leasehold
Lease Term
10 Years
Years Left on Lease
9y 9m
Area
1,291 SQ Ft
VAT Applicable
Yes
Sector
Investment Consideration
- Comprises double fronted ground floor shop with rear access
- 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
Key Features
Tenure
Leasehold
VAT
VAT is Applicable
Property Description
Comprises double fronted retail premises t/a Mobile Phone Shop. The property benefits from rear access and provides the following accommodation and dimensions:
Ground Floor: 120 sq m (1,291 sq ft)
Open plan retail, Office, Kitchenette, WC
Ground Floor: 120 sq m (1,291 sq ft)
Open plan retail, Office, Kitchenette, WC
Tenancy Description
The property 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.
Tenancies & Accommodation
Location Description
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.