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Grade II listed high street shop with ground rent income - redevelopment potential
The property is Grade II listed and comprises a double fronted ground floor vacant retail/mixed commercial building with frontage to the High Street. The property is situated to the west side of the High Street, part of an established retail area to the north of Lowestoft town centre. The property benefits from both a well populated residential catchment area and proximity to the town's main tourist areas. Internally the accommodation is arranged to provide around 140sq/m (1,514sq/ft) of retail, office, staff and store areas. The property has a cellar area which runs the length of the building and to the rear a surfaced parking area for two vehicles with gated access. The property was last used as an off licence and convenience store and was previously let at £9,000pa. It has potential to convert to provide residential unit(s) subject to the necessary consents. According to the valuation office website, the property has a rateable value of £5,100. As it is listed it attracts the appropriate exemptions. This freehold property has the benefit of a payment of £30pa ground rent from each of the four flats above (£120pa) which are held on 999 year leases. Each flat owner is also liable for the payment of a maintenance charge of £35pcm towards the upkeep of the communal and exterior areas.
Tenure
Freehold
Description
Front sales area 45.4sq/m, rear sales area 43.6sq/m, office/sales area 20.5sq/m, workshop areas 25.8sq/m, store 5.5sq/m, w.c. Total: 140.8sq/m. Cellar not measured.
Viewing
Open days
Energy Efficiency Rating (EPC)
Current Rating G
Services
Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.
Local Authority
Waveney District Council. Tel: 01502 562111
Solicitors
Progression Solicitors, 5 Crescent Road, Windermere, Cumbria LA23 1EA, Ref: Mr Malcolm Glynn, Tel: (01539) 440471
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
Administration Charge - 0.3% including VAT subject to a minimum of £840.00 including VAT
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.