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Description

A prominent three storey building with a corner retail shop that could be enlarged and converted into restaurant use, with outside toilets, storage space and rear gardens that adjoin Nicholas Everett Park, together with self-contained four bedroom living accommodation

LOCATION:
Situated in a busy trading position adjacent to Nicholas Everitt Park in the centre of Oulton Broad that is a popular tourist location within the Broads National Park, approximately 2.5 miles west of Lowestoft town centre. Lowestoft, with a resident population of 70,000 and a catchment population in excess of 160,000 is a centre for business, port, retail and leisure activities

DESCRIPTION:
A prominent three storey building with a corner retail shop that could be enlarged and converted into restaurant use, with outside toilets, storage space and rear gardens that adjoin Nicholas Everett Park, together with self-contained four bedroom living accommodation

ACCOMMODATION:

Retail Area (Zone A): 54.10 sq m (582 sq ft)
Retail Area (Zone B): 23.20 sq m (250 sq ft)
Living Accommodation: 4 Bedrooms, 2 Reception Rooms, Kitchen, Bathrooms & Utility Rooms

SERVICES:
Mains electricity, gas, water and drainage connections 

PROPERTY TAX:
Rateable Value: Retail Shop £9,000

Council Tax: Living Accommodation Band C

PLANNING USES:
Retail & External Areas: Retail Use Classes: A2 or A1

Potential for Restaurant: Use Class A3

Living Accommodation: Residential (C3)

TERMS:
Assignment of the Leasehold Interest:
Assignment of the fifteen year lease from 29 September 2009 at an initail rent of £28,000 per annum exclusive, subject to five yearly upward only rent reviews and a lessee’s full repairing and insuring covenant, for a premium of £5,000 and subject to the receipt of satisfactory references and landlord’s approval

Underlease:
A new underlease for the retail and ancillary areas upon full repairing terms at an initial rent in the region of £16,000 per annum exclusive, outwith the security of tenure provisions of Sections 24-28 inclusive of the Landlord & Tenant Act 1954 for a minumum five year term, subject to the receipt of satisfactory references and landlord’s approval

LEGAL COSTS:
Each party to be responsible for their own legal costs, with the prospective assignee or lessee required to provide an undertaking to meet the vendors legal fees in the event of withdrawing from the transaction before completion

VIEWING:
Strictly by appointment with the sole agents: