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.

If you value what this story gives you, please consider supporting the Lowestoft Journal. Click the link in the orange box below for details.

Most Read

Most Read

Latest from the Lowestoft Journal