Investment Considerations

  • Prime location with prominent frontage onto the prime pedestrianised London Road North.
  • Opposite the main entrance to the Britten Shopping Centre.
  • A well configured store arranged over ground and two upper floors, with a total area of 32,086 sq ft (2,980.9 sq m).
  • Let to the 5A1 covenant of Marks and Spencer P.L.C. until March 2027.
  • Restricted alienation clause and tenant option to renew for a further 40 years from expiry.
  • Current net passing rent from 29th September 2019 of £254,325 per annum (£7.56 per sq ft).
  • Benefits from fixed annual rental uplifts of 1.95% on 29th September each year.
  • Benefits from dedicated car parking for approximately 26 cars.
  • Predominantly freehold.


Offers sought in excess of £3,185,000 subject to contract and exclusive of VAT.

Net Initial Yield 7.50%
Equivalent Yield 8.30%
Reversionary Yield 8.59%

Yields are net of purchaser’s costs of 6.47%.


An attractive retail unit with prominent frontage onto London Road North

The property comprises an attractive retail unit with prominent frontage onto pedestrianised London Road North, with accommodation arranged over ground and two upper floors.

The ground floor comprises an open plan sales floor, with a large proportion of sales space utilised as an M&S Foodhall. Stock rooms are located on the first floor, with further storage and staff accommodation on the second floor.

The store also benefits from a secondary entrance and dedicated customer car park to the rear, with 26 spaces, which provides direct access to the Foodhall.

Goods lifts provide direct access to the stock rooms on all floors from the loading bay, which is located at ground floor level and accessed via Grove Road to the side of the property. There is also a Collect by Car customer collection point here.


The property is let in its entirety to Marks and Spencer P.L.C. for a term commencing 6 July 2001 and expiring 31 March 2027.

The current rent of £254,825 per annum from 29th September 2019 is subject to fixed uplifts of 1.95% per annum on 29th September annually. The rent reflects £7.56 per sq ft, incorporating an addition of 5% for fittings.

The alienation provisions are restrictive and highly beneficial to the landlord; the tenant can only to assign to a company within the Marks and Spencer group or “of no less a financial standing” than Marks and Spencer P.L.C. as at the start of the lease in 2001, i.e. an investment grade rating of ‘A’ or better.

The lease is FRI and is outside the L&T Act 1954.

On expiry, the tenant has the right to renew the lease for a term of 40 years, at open market rent, with a break at the 15th year (31st March 2042).


The property is held freehold under title number SK217061.

The tenure also includes the benefit of the first floor of the adjoining property 78-80 London Road North held under title number SK216757 on a lease expiring on 1st July 2027 at a rent of £500 per annum. This area forms part of the demised area of the occupational lease to Marks and Spencer P.L.C.


The property is located in the coastal market town of Lowestoft, Suffolk. Lowestoft is the most easterly town in the UK and is a popular holiday destination, located approximately 25 miles (40.2 km) south east of Norwich, 43 miles (69.2 km) north east of Ipswich and 105 miles (169.0 km) north east of Central London.


For further information please contact:

Becky Hance

020 7344 6841

Hannah Greenland

020 7344 6559

James Bryer

020 3758 8261

Jeremy Roger

020 3758 8262

Colliers International

Colliers International

50 George Street
London W1U 7GA


HP Four

HP Four

128 Wigmore Street
London W1U 3SA


Misrepresentation Act
Colliers International and HP Four Investment LLP gives notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person employed or engaged by Colliers International or HP Four Investment LLP has any authority to make any representation or warranty whatsoever in relation to this property. (May 2019). Colliers International is the licensed trading name of Colliers International Property Advisors UK LLP which is a limited liability partnership registered in England and Wales with registered number OC385143. Our registered office is at 50 George Street, London W1U 7GA. April 2020.

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