Southwold shop could fetch more than £800,000 at auction

PUBLISHED: 15:03 20 February 2012 | UPDATED: 15:18 20 February 2012

WH Smith, Southwold. James Bass.

WH Smith, Southwold. James Bass.

Archant Norfolk Photographic © 2011

A shop at the heart of a north Suffolk town is expected to draw “considerable investor interest” when it goes up for auction this week.

The property at 10 Market Place, Southwold, has been given a guide price of £875,000 by London-based auctioneers Acuitus Ltd.

At present, the lease to the property is held by WH Smith who rent the space for £60,195 per year. The retail-chain holds a 10-year, three month, lease until 2022.

The grade II listed building will go under the hammer on Thursday at the Millennium Hotel in Grovesnor Square, London.

Acuitus auctioneer, Richard Auterac, said: “This is an excellent property in a great location and has just been let on a new 10-year lease to a household name retailer. We’re expecting considerable investor interest when it comes up for auction.”

The 2,467 sq ft space includes a double-fronted retail unit on the ground floor, basement ancillary accommodation and self-contained residential accommodation over first and second floors. It comprises of 11 rooms, a kitchen, two bathrooms and a parking space at the back of the property.

The auctioneers claim it will show a buyer an initial return on their investment of nearly 7pc.

The property will form part of 30 lots which have a collected value of about £27m.

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