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Wickes

Peto Way, Lowestoft, NR32 2ED 29,485 sq ft

Description

Prime retail warehouse investment located in Lowestoft, the second largest town in Suffolk, 130 miles north east of London. The town has become the centre of renewable energy in the East of England with significant amounts of inward investment. A strong retail warehouse location with a large and reasonably affluent catchment. Over 210,00 people live with 30 minutes’ drive of the property. A highly prominent purpose built retail warehouse unit totalling 29,485 sq ft. Let to Wickes on a 25 year lease expiring on 23rd June 2030. Current passing rent of £446,240 per annum, equating to £15.38 per sq ft. Adjacent to Lidl and the 195,000 sq ft North Quay Retail Park (including Morrisons, Home Bargains, Currys and Next). Use Class E. Wide Bulky Goods planning consent. Freehold site totalling 3.08 acres (1.25 hectares), site cover of 26%. We are instructed to seek offers in excess of £6,695,000 (Six Million, Six Hundred and Ninety Five Thousand Pounds), subject to contract and exclusive of VAT. This reflects a net initial yield of 6.25% (assuming purchaser’s costs of 6.64%).

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