The property is located fronting Bevan Street East within Lowestoft town centre and within a few minutes walk of the prime retailing area of London Road North. This position is close to Lowestoft train station and also to the Docks.
The subject property comprises a 3 storey building of traditional brick construction beneath a pitched tiled roof. The ground floor of the property provides two retail units one of which is let and income producing. The other is currently vacant. The upper floors of the property accessed via a separate entrance are currently laid out as two floors of offices, however now have planning consent to be converted to 4 apartments.
To the rear of the property there is a private car park providing parking for up to 6 vehicles.
We have measured the property in accordance with RICS Code of Practice and the following net internal floor areas are provided.
Ground Floor Shop Units 2/3 65.82 sq m (709 sq ft)
Ground Floor Shop Unit 1 33.00 sq m (355 sq ft)
First Floor Offices 81.91 sq m (882 sq ft)
Second Floor Offices 68.83 sq m (740 sq ft)
The property is owned Freehold.
Unit 1 is let to tenant Cash Inn Limited on a 10 year lease expiring on 3rd July 2023. The current rent is £6,500. The Cash Inn is a family owned jeweller and pawnbroker established in 1997. They currently have a healthy credit rating.
The Freehold of the property with the benefit of the lease to Cash Inn and the benefit of the planning permission for conversion is available at a Guide Price of £250,000
The upper floors of the property have planning consent for conversion to 2 flats per floor - total 4. The first floor of the property can be converted through permitted development rights and a planning approval has been achieved for the conversion of the second floor into 2 further flats via Planning Application DC/16/4650/COU