113 London Rd N 1,291 sq ft 100% Let Retail Property Lowestoft NR32 1LX £250,000 (£193.65/sq ft) 8% Net Initial Yield

Investment Consideration:
Gross Initial Yield: 8.00%
Rental Income: £20,000 p.a.
VAT is applicable to this property
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
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
Tenure:
Long leasehold. To be held on a 999 year lease from completion at a ground rent of peppercorn.
Tenancy:
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.
Location:
Lowestoft is a coastal town and civil parish in the East Suffolk district of Suffolk, situated 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.