For Sale By Auction | 11:00, 24 July 2024 | Lot 115

169-170 High Street, Lowestoft, Suffolk NR32 1HU

*Guide | £250,000 - £275,000 (plus fees)

  • Mixed Use
  • 5 Bedrooms
  • Tenure: Freehold

Call the team on 01603 505 100 for more information

Auction Date

Wed 24/07/2024

Auction Time

11:00

Auction Venue

Livestream Auction

Substantial freehold mixed use building with three residential flats currently let producing £19,080 per annum and a vacant ground floor office with basement and further detached studio/store to rear

This valuable and high profile freehold mixed use investment property comprises of a ground floor and basement commercial unit, 2 one bedroom flats and a three bedroom maisonette along with vacant studio and parking to the rear. The flats currently produce a combined rental income of £19,080 per annum and will be going up to £19,260 in July. The ground floor and basement are now vacant but were previously let to a vets and escape rooms, providing an income of £16,000 per annum. Potential may exist to convert this space to further residential accommodation (stpp) which would enhance the income potential. Lowestoft is a busy coastal town with a full range of community facilities, public transport and shops.

Tenure

Freehold

Ground Floor and Basement Office Suite

Fronting directly onto The High Street this range of rooms and offices were previously let to a veterinary surgery and as an escape room entertainment complex, although vacant the building could be adapted for a range of alterative uses.

The Flats

There are three tenanted properties approached from the rear carpark, one is a three bedroom maisonette producing £600 pcm (Flat 3) and the 2 one bedroom flats each producing £495 pcm (Flats 1 and 2). Flat 2 will be increasing to £510 pcm from July.

Business Rates

1 April 2023 to present £12,250

Council Tax Band

Flat 1 - A Flat 2 - A Maisonette - B

Viewing

Individual viewings can be arranged. Please call the Norwich Office to book an appointment.

Energy Efficiency Rating (EPC)

Current Rating Please refer to Legal Pack

Services

Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Local Authority

East Suffolk Council

Solicitors

Marsden Rawsthorn, Ref: Nicola Fairhurst, Tel: 01772 799601

Offered in association with

Steel and Co

Important Notice to Prospective Buyers:

We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable. Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others.

Additional Fees

Buyer's Premium - £600 inc VAT payable on exchange of contracts.

Administration Charge - 0.3% inc VAT of the purchase price, subject to a minimum of £1200 inc VAT, payable on exchange of contracts.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.