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  • Commercial Property

    Independent let commercial building

    Does any one have any views on the commercial property market in Suffolk especially Lowestoft area.

    We are looking at a building that is currently let to an independent trader.

    It also has potential to convert to flats under permitted development scheme as it was built as a house. Is anyone up to speed on this area, NR32 1HB. 

    Thanks.
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    Good afternoon I know Lowestoft very well and having been investing in Suffolk for the last 40 years I’m probably relatively well qualified to give you some broad advice

    Lowestoft has some of the worst deprivation in the whole of Suffolk however like every area there are good parts and more recently windfarms have been of great benefit to the community in terms of employment

     If it’s Let to a local company , make sure you look at the accounts and make sure that they can afford to pay the rent .  Check of course that they’re not in any arrears . 

    You say you may be able to convert it without Planning  Permission because it’s been a house in the past this may well be the case but please check . first with the Local Authority.
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    Thanks for the heads up John, The premises im looking at is on London Road North opp Tescos metro, that I now understand is closing because of Tescos cut backs. do you think this part of town is still viable? 

    The one i'm looking at is let for five years FRI and has been trading there since 2003. Its let to a ltd co with PG they  also have a branch in Norwich. What the chances of another multiple grocer taking over tescos?  I like to try to balance out towns that have potential and  Lowestoft Suffolk  I believe has bags of that, if run right. When i look at the surrounding areas I  can only see the general market rising. But what do i know, ha .


    thanks again for the insight

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    Hi sorry I’ve taken so long to come back to you I know exactly where you are talking about I think I’d like to know why Tesco’s is closing another branch in Norwich sounds good news but not a  great area . Check their accounts
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    What I don’t understand is there’s a identical property slightly smaller on the market with W H brown for nearly 2.5 times he price I’m looking at. The company have good accounts and good rent payment records. The building if ever vacant could easily be turned into flats. Iv made a offer. Hoping to get 9% yield
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