Tower Road is positioned on the popular and bustling South Lowestoft Industrial Estate positioned just off the A12 approximately three miles south of Lowestoft town centre. The site is adjacent to the recently opened Gateway Retail Park with brands including Costa, Aldi, The Range, Greggs and The Card Factory. Robinsons Main Audi/Volkswagen dealer is positioned close by together with a large number of trade counters including Travis Perkins, City Plumbing, Topps Tiles, etc. This is a very busy trading location.
A large detached industrial unit of steel portal frame construction with part brick/block walls and part corrugated clad elevations beneath a double pitched roof. The unit sits to the front of a 2.15 acre site with prominent frontage to Tower Road and backing onto the A12.
The unit has been split into north and south sections. The south section has been let to Screwfix and we understand this unit extends to approximately 882.55m2 (9,500 ft2). This area has access direct from Tower Road and its demise does not include the land to the rear.
The north section is a self-contained workshop/warehouse unit providing approximately 678.28 m2 (7,301 ft2) of space with generous 7.49m eaves height. This unit is accessed to the front via personal door and a large rollershutter door. There is a secure concrete forecourt and pedestrian access to the north side of the unit to the rear providing unsurfaced open ground.
The remaining long leasehold with the benefit of the sublease to Screwfix, the potential letting of the north unit and potential development of the site is available at a premium of £275,000.
We understand from the Valuation Office Agency website that the south unit occupied by Screwfix has a rateable value of £33,000 and the north unit vacant has a rateable value of £24,250. Rates payable will be approximately 50% of these rateable values.
Is payable on the purchase price.
The site is ultimately held on the remainder of a 99 year ground lease, expiring 2081, the landlord being Waveney District Council. The current rent is £25,000 pa. Five yearly reviews with 2016 outstanding.
Screwfix are subtenants on a ten year lease which commenced on 14 December 2011 (two years approximately remain). Current rent is £35,500 pa with a rent review outstanding from 14 December 2016.
It is our understanding that Screwfix are trading well and are intending to stay in the location and lease renewal discussions can take place.
The vacant unit, whilst requiring some works to make it occupiable, should be in demand and has potential guide rent of £25,000 pa.
There is a large area of land to the rear of the site which is not developed and benefits from prominent frontage to the A12. There may be development opportunities here subject to planning.
Inspection and viewings can be arranged by contacting the sole agents; BYCROFT COMMERCIAL, tel: 01493 844489.