Block of apartments in Lowestoft fail to sell at auction

The vacant former commercial property on Norwich Road in Lowestoft,  which has had a range of various uses in the past - including a former craft shop - had been marketed by Auction House East Anglia.

The property at 58 Norwich Road in Lowestoft was due to be sold at an online auction on Wednesday, July 26 with a minimum guide price of £80,000 to £100,000 plus fees.

58, Norwich Road in Lowestoft failed to sell at auction. Picture: Auction House East Anglia (Image: Auction House East Anglia)

Listed as a "three bedroom block of apartments", the property description from the auctioneers said: "A former corner shop with planning permission to convert to a two bedroom flat, with a vacant one bedroom flat above in need of some modernisation.

"This former corner shop with cellar has recently been granted planning permission to be converted into a two-bedroom flat with a one-bedroom vacant flat above which is in need of some modernisation.

"The flat was let until recently achieving £425 pcm which would be elevated once renovated to approximately £575 pcm.

"The property is situated close to Lowestoft town centre and would make an ideal investment opportunity for a buy-to-let purchaser."

According to the auctioneers, the property consists of a "former shop with large retail area, kitchen, rear hall, bathroom, cellar" on the ground floor.

The first floor - which is accessed via an external staircase - consists of an "open plan living kitchen, lounge, bedroom with ensuite, bathroom."

The exterior of the property features a "small yard incorporating access to first floor flat."

The auctioneers said that "the bidding reached £99,000", however 58 Norwich Road in Lowestoft was "unsold" at the auction.