LOWESTOFT – 43 LONDON ROAD NORTH - Smith Price
LOWESTOFT – 43 LONDON ROAD NORTH - Smith Price
LOWESTOFT – 43 LONDON ROAD NORTH - Smith Price
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HIGH YIELDING<br />
LONG LEASEHOLD INVESTMENT<br />
<strong>LOWESTOFT</strong> <strong>–</strong> <strong>43</strong> <strong>LONDON</strong> <strong>ROAD</strong> <strong>NORTH</strong>
<strong>LOWESTOFT</strong> <strong>–</strong> <strong>43</strong> London Road North SMITH PRICE<br />
INVESTMENT SUMMARY<br />
• Excellent trading location, close to<br />
McDonalds, Boots, Argos, Lloyds.<br />
• Let to Gamestation until 2014.<br />
• Offers in region of £535,000.<br />
• Net initial yield of 5.3%<br />
• No VAT<br />
<strong>LOWESTOFT</strong><br />
Situated within the country of Suffolk, Lowestoft is a<br />
busy regional market town and an important<br />
commercial port. The town has a resident<br />
population of approximately 68,000 persons and a<br />
district population of 112,000. These figures are<br />
enhanced during the summer months with tourists,<br />
and holidaymakers.<br />
The town has good road connections, with access<br />
north/south via the A12 and from the west via the<br />
A416. Lowestoft railway station is located close to<br />
the property and provides a regular service to<br />
London (Liverpool Street), with a fastest journey<br />
time of approximately 2 ½ hours.<br />
The relatively isolated location of the town (30 miles<br />
from Norwich, <strong>43</strong> miles from Ipswich) ensures a<br />
dedicated and substantial catchment.<br />
LOCATION<br />
Lowestoft is an established retail centre with the<br />
prime retail pitch tightly focused on the<br />
pedestrianised thoroughfare of London Road North.<br />
The property occupies a busy and prominent trading<br />
location on the west side of the street towards the<br />
junction with Beech Road and within the pedestrianised<br />
section. The premises are surrounded by a number of<br />
national multiple retailers including McDonalds, Argos,<br />
Boots Opticians, Lloyds TSB, NatiWest and HSBC.<br />
The exact location is indicated on the attached street<br />
plan extract.<br />
DESCRIPTION<br />
The property comprises a mid-terrace Victorian building.<br />
The ground floor provides an open trading area and has<br />
recently been extended and refurbished providing<br />
additional storage and a kitchen area to the rear. The<br />
basement has been sealed off.<br />
The upper parts have been sold off on a long lease and<br />
are to be refurbished and used for residential<br />
accommodation. Access to the upper parts is via a<br />
purpose built entrance at the rear of the building. We<br />
understand work is to begin shortly.<br />
The shop and upper parts are served by a large rear<br />
service yard.<br />
ACCOMMODATION<br />
The subject property has the following approximate<br />
dimensions: -<br />
Gross Frontage - 18' 4" 5.59 m<br />
Net Frontage - 16' 3" 4.95 m<br />
Shop Depth - 66' 7" 20.29 m<br />
Ground Floor Sales - 9<strong>43</strong> sq.ft. 87.60 m²<br />
Ground Floor Store - 51 sq.ft. 4.37 m²<br />
ITZA - 557 sq.ft.<br />
TENURE<br />
The property is freehold and let to Games Station Ltd<br />
(t/a Gamestation) on a full repairing and insuring basis<br />
for a term of 10 years from 30 th April 2004, expiring<br />
April 2014, subject to upward only rent reviews every 5<br />
years at a rent of £30,000 per annum exclusive.<br />
Games Station Ltd is a major trading subsidiary of<br />
Blockbuster UK, which itself is a subsidiary of US parent<br />
Blockbuster. The company is now the fastest growing<br />
retailer of video games in the UK, trading from over 200<br />
stores nationwide.<br />
For the year ending 31 st December 2004, Games<br />
Station Ltd reported a turnover of over £153 million and<br />
a pre-tax profit of £6.038 million.<br />
The upper parts have been let on a new 125-year lease<br />
at a peppercorn rent.<br />
PRICE<br />
Offers are sought in the region of £535,000 to show a<br />
purchaser a net initial yield of 5.3% (assuming normal<br />
purchasing costs of 5.75%).<br />
This is an opportunity to purchase a recently<br />
refurbished and securely let shop, situated in the<br />
prime thoroughfare of a thriving market town.<br />
FURTHER INFORMATION<br />
For further information please contact Stephen Powell<br />
or James Cartmell at <strong>Smith</strong> <strong>Price</strong>:<br />
Tel: 020 7409 2100<br />
Fax: 020 7318 5757<br />
Email: stephenpowell@smithprice.co.uk<br />
jamescartmell@smithprice.co.uk<br />
THE PROPERTY IS NOT REGISTERED FOR VAT<br />
SUBJECT TO CONTRACT<br />
PRIME FREEHOLD RETAIL INVESTMENT
7<br />
CLUB<br />
15<br />
MMUNITY<br />
CENTRE<br />
H K B WILTSHIRES<br />
13<br />
SOLICITOR<br />
BRITISH TELECOM<br />
11<br />
OFFICE<br />
& CO<br />
HARTLEY<br />
ACCT<br />
STO<br />
P<br />
MULTI-STOREY<br />
(330) (ACTUAL)<br />
TELEPHONE EXCHANGE<br />
BEACONSFIELD<br />
CLUB<br />
ENT<br />
SURREY STREET<br />
7<br />
SOCIAL CLUB<br />
LADIE<br />
ICELAND.CO.UK<br />
FROZEN FOOD &<br />
ELECTRICAL &<br />
GAS APPLIANCES<br />
ENTRANCE TO MULTI-STOREY CAR PARK<br />
CLOSED<br />
HOOKED<br />
CAFE<br />
ROSE<br />
SOFT FURNISHIN<br />
GAME<br />
COMPUTER GAMES<br />
HOUSEHO<br />
4<br />
NAT WEST<br />
SHOE EXPRESS<br />
THE BODY SHOP<br />
HEALTH & BEAUTY<br />
ENT<br />
<strong>LOWESTOFT</strong><br />
SERVICE AREA<br />
TIMPSON<br />
SHOE REPAIRS<br />
& KEYCUTTING<br />
SHOES<br />
55<br />
THE LINK<br />
TELEPHONES<br />
BARCLAYS<br />
57<br />
2<br />
ALLSPORTS<br />
SPORTS GOODS<br />
VODAFONE<br />
CLAIRE'S<br />
ACCESSORIES<br />
BAKERS OVEN<br />
TELEPHONES<br />
BANK<br />
BAKER & CAFE<br />
59<br />
1<br />
HO<br />
BAR<br />
RACHEL JAMES<br />
LEATH GDS & TRAV GDS<br />
STATIONERY BOX<br />
BIRTHDAYS<br />
MILLETS<br />
BITS & PIECES<br />
W H SMITH<br />
WIMPY<br />
FAST FOOD RESTAURANT<br />
CLINTON CARDS<br />
CARDS & GIFTS<br />
STATIONER<br />
CARDS & GIFTS<br />
OUTDOOR WEAR<br />
& CAMPING GOODS<br />
61 - 63<br />
60<br />
16A<br />
65<br />
T<br />
ZOOM THE LOOM<br />
ABBEY<br />
BANK<br />
HUGHES ELECTRICAL<br />
THORNTO<br />
CONF & BIS<br />
NEWSAGENT & BOOKS<br />
67<br />
64<br />
HEA<br />
& CAF<br />
16B - 17<br />
69<br />
(PEDESTRIANS ONLY)<br />
71<br />
66 - 76<br />
18<br />
73<br />
75<br />
76A<br />
HOUSEHOLD TEXTILES<br />
& SOFT FURNISHINGS<br />
HOME ENTERTAINMENT<br />
81<br />
77 - 79<br />
DOROTHY PERKINS<br />
83<br />
BOOTS THE CHEMIST<br />
CHADDS<br />
DEPARTMENT STORE<br />
LADIES WEAR<br />
85<br />
(4 RETAIL FLOORS)<br />
BURTON<br />
MENS WEAR<br />
11A<br />
91 - 93<br />
87 - 89 9<br />
62 78 - 80 82 - 86<br />
88 - 94<br />
HAMPERS<br />
S/W BAR<br />
NEW LOOK<br />
FI RETURN<br />
COMPUTER<br />
EQUIPMENT<br />
OTTAKARS<br />
BOOKS<br />
H SAMUEL<br />
LADIES WEAR &<br />
CHILDRENS WEAR<br />
11<br />
JEWELLER<br />
96 - 98<br />
<strong>LONDON</strong> <strong>ROAD</strong> <strong>NORTH</strong><br />
GROVE <strong>ROAD</strong><br />
100<br />
102<br />
SAVERS<br />
HEALTH & BEAUTY<br />
WEAR &<br />
MMY<br />
CHILDRENS WEAR<br />
(2 RETAIL FLOORS)<br />
12 - 15<br />
DWELLINGS<br />
THE<br />
MARKS & SPEN<br />
VARIETY STO<br />
SERVICE<br />
GRO<br />
17<br />
POWLEYS<br />
SOLIC<br />
HO GDS & DOM APPS<br />
EY INSURANCE<br />
KERS<br />
S OFF<br />
129<br />
AST<br />
PIZZA<br />
PIZZA T/A<br />
VACANT OUTLET<br />
130<br />
EMBASSY CHINA<br />
CHINESE<br />
T/A<br />
COES<br />
MENS WEAR<br />
131 - 132<br />
SAM HOOK SPORTS<br />
PELCOMBE<br />
TRAINING<br />
CENTRE<br />
SPORTS GOODS<br />
133<br />
8 6 2 - 4<br />
PERIAL HOUSE<br />
YARMOUTH STORES<br />
WORK WEAR<br />
134 135<br />
BECKSTERS COFFEE<br />
& BAGUETTE BAR<br />
SANDWICH BAR<br />
JIVE<br />
RECS<br />
CATALOGUE SHOWROOM<br />
FAST FOOD RESTAURANT<br />
MCDONALDS<br />
ARGOS<br />
PO<br />
POST OFFICE<br />
SUBWAY<br />
LLOYDS TSB<br />
VACANT<br />
GAMESTATION<br />
B H F<br />
OUTLET<br />
COMPUTER GAMES<br />
CHARITY SHOP<br />
35<br />
37<br />
39<br />
41<br />
BANK<br />
<strong>43</strong><br />
45<br />
38<br />
H S B C<br />
BANK<br />
34 - 36<br />
40<br />
47 - 49<br />
42<br />
44<br />
JULER SPORTS<br />
IN TIME<br />
LADIES WEAR<br />
BANK<br />
51<br />
46<br />
48<br />
53<br />
WRIGHTS<br />
BOOTS OPTICIANS<br />
JESSOPS<br />
NATIONWIDE<br />
SPORTS GOODS<br />
54<br />
TOYMASTER KINGDOM<br />
SHOWBOAT<br />
NORWICH &<br />
PETERBOROUGH<br />
EDEN CHINESE<br />
MEDICAL CENTRE<br />
NATURAL THERAPY<br />
50 52<br />
BARNARDOS<br />
TOYS & GAMES<br />
AMUSEMENTS<br />
HOUSEHOLD GOODS<br />
PHOTO GDS & FILM DEV<br />
BUILDING SOCIETY<br />
<strong>LONDON</strong> <strong>ROAD</strong> <strong>NORTH</strong><br />
56<br />
58<br />
BUILDING SOCIETY<br />
BEECH <strong>ROAD</strong><br />
CHARITY SHOP<br />
BON MARCHE<br />
P<br />
(20) (ACTUAL)<br />
JARROLDS<br />
STATIONER &<br />
OFFICE EQUIPMENT<br />
1 - 3<br />
GODFREYS<br />
VARIETY STORE<br />
(2 RETAIL FLOORS)<br />
BEECH <strong>ROAD</strong><br />
VACANT<br />
OUTLET<br />
ANT OUTLET<br />
24<br />
26<br />
STATION SQUARE<br />
28<br />
LADBROKES<br />
BETTING OFFI<br />
GIFTS<br />
30 - 32<br />
WEIGH & SAVE<br />
GROCER<br />
VACANT OUTLET &<br />
UNDER ALTERATION<br />
ENTRANCE<br />
THE DVD SHOP<br />
VIDEO RENTAL<br />
BELLE COACHES<br />
BUS BOOKING<br />
OFFICE<br />
2<br />
4<br />
SINGER<br />
SEWG MACH<br />
& HABER<br />
6<br />
ELITE<br />
BEAU SAL<br />
8<br />
FISH & CHIPS<br />
SUFFOLK <strong>ROAD</strong><br />
10<br />
NEWS BOX<br />
CTN<br />
12 14<br />
TANGLE FREE<br />
HAIRDRESSING<br />
ENT<br />
ENT<br />
GEEZERS<br />
HAIRDRESSING<br />
16<br />
HOT MAMA`S<br />
BAGUETTES<br />
S/W BAR<br />
WOODBINE<br />
CAFE<br />
18 20<br />
CP<br />
COMPUTERS<br />
1 - 11<br />
COMP EQUIP<br />
TUBBS<br />
SON GILES<br />
22 - 24<br />
ACCT<br />
DWELLING<br />
26<br />
0 10 20 30 40 m
MISREPRESENTATION ACT<br />
These particulars are intended only as a guide to prospective purchasers to enable them to decide whether to make further inquiries with a view to taking up negotiations but they are<br />
otherwise not intended to be relied upon in any way or for any purpose whatever and accordingly neither their accuracy nor the continued availability of the property is in any way<br />
guaranteed and they are furnished on the express understanding that neither the agent nor the vendor is to be, or come, under any liability or claim in respect of their contents. The<br />
vendor does not hereby make or give nor does any Partner or employee of <strong>Smith</strong> <strong>Price</strong> LLP have any authority to make or give any representation or warranty whatsoever as regards<br />
the property or otherwise. Any prospective purchaser or lessee or other person in any way interested in the property should satisfy himself by inspection or otherwise as to the<br />
correctness of each statement contained in these particulars. In the event of the agents supplying any further information or expressing any opinions to a prospective purchaser,<br />
whether oral or in writing, such information or expression of opinion must be treated as given on the same basis as these particulars. These particulars do not form part of any<br />
contract and, except where expressly otherwise stated, offers will be considered only subject to contract.
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