Empty high street store set for auction as 'residential development'
- Credit: Mick Howes
A former town centre electrical store is due to be auctioned off.
A new lease of life looks set to be in store for the former Lowestoft Electrical shop, which closed its doors in 2018 after 65 years of trading.
The empty town centre store had sold for an undisclosed amount after an auction in December last year.
But now it is set to go under the hammer again at Auction House East Anglia's online auction on May 5.
It comes after a new vision was proposed last year with a scheme to convert the empty store at the site on London Road North in Lowestoft town centre into three commercial units and eight flats.
Back then, an application submitted to East Suffolk Council - which centred around the “conversion of retail unit to three smaller ground floor retail units and eight flats” - was approved by the council under delegated powers in May last year.
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Now the "residential development" at 127 London Road North will go under the hammer at an online auction on May 5.
Marketed by Auction House East Anglia, it is being sold with a guide price of £225,000 to £250,000 (plus fees) on a freehold tenure.
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The property description says: "A substantial former retail premises with detailed consent to convert into three shops and eight flats.
"This former high street shop is now vacant but benefits from a sympathetic redevelopment scheme which allows for conversion into three lock up shops and eight self contained one and two bedroom flats.
"The development would be ideal for the experienced builder or investor looking for a high yielding investment.
"The premises has a frontage onto London Road North which is very central to the town centre and within walking distance of the railway station and seafront."
Currently the accommodation consists of a shop and offices on the ground floor, with access to a cellar, toilet and rear yard, as the first floor features showrooms and offices and the second floor has a two bedroom flat.
According to the auctioneers, the proposed accommodation would include "three lock up shops, one bedroom flat, lobby and access to cellar and upper floors" on the ground floor, with "two one bedroom flats and a two bedroom flat" on the first floor and "four one bedroom flats" on the second floor.