Secure, Largely Ground Floor Only Retail Investment with Significant Development Potential

98 & 100 London Road North | Lowestoft | NR32 1ET


subject to contract

Click To Purchase


  • 100% prime retail investment

  • Highly secure income

  • Let to Waterstones (Net Assets £62m) & Savers (Net Assets £125m)

  • New letting to Savers in May 2021

  • Significant development potential being largely ground floor only

  • Freehold

  • Offers in excess of £600,000, subject to contract

  • 9.54% Net Initial Yield



Lowestoft is a traditional seaside town on the coast of Suffolk and is the most easterly point of the United Kingdom. The town is approximately 177 km (110 miles) north-east of London, 61 km (38 miles) north-east of Ipswich and (35 km) 22 miles south-east of Norwich. The town’s population increases significantly during the summer months from the influx of tourists.

Lowestoft benefits from good road communications with the main A12 road from London to Great Yarmouth passing through the centre of the town. The A12 provides a direct link with Ipswich to the south west and also the M25 Motorway and in turn the national motorway network. In addition, the A146 serves Norwich to the north-west. Lowestoft is connected to the national railway network with a fastest journey time to London Liverpool Street of 2 hours 32 minutes. There are also regular services to Ipswich and Norwich.


The subject property is situated in a 100% prime position on the pedestrianised London Road North, Lowestoft’s principal retailing thoroughfare. Nearby occupiers include Marks & Spencer, H Samuel, WHSmith, Boots, Starbucks, Holland & Barrett and Vision Express.

The property also benefits from being opposite to the entrance to the Britten Shopping Centre which comprises over 100,000 sq ft with occupiers including Iceland, Poundland, B&M, Superdrug, EE and Warren James. Lowestoft Rail Station is within a short walking distance at the southern end of London Road North.



98 London Road North (Waterstones) is an ‘L’ shaped building which wraps around 100 London Road. To the front of the property there are three storeys, then a single storey middle section joining the front to a rear two storey section.

The ground floor comprises a retail unit which has been fitted out by the tenant to their usual corporate style, with ancillary accommodation to the rear and side. A rear staircase provides access to the first floor which provides further ancillary accommodation primarily used for storage. Additional ancillary accommodation is provided at second floor and basement level.

100 London Road (Savers) comprises a single storey rectangular retail unit with return frontage to Marina, fitted out by the tenant to their usual corporate style. Ancillary accommodation comprising store, staff, WC and office is situated at the rear.

As shown from the aerial photographs, the property is arranged largely on ground floor only whereas the surrounding properties are considerably higher. Therefore, it is suggested that there is significant development potential, subject to appropriate consents.


The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:

98 London Road North (Waterstones)
Net Frontage 23’10” 7.27m
Gross Frontage 25’3” 7.70m
Zone A 361 sq ft 33.54 sq m
Zone B 465 sq ft 43.20 sq m
Zone C 475 sq ft 475 sq ft
Remainder 2,115 sq ft 196.48 sq m
ITZA 977  
Total Ground Floor 3,416 sq ft 317.35 sq m
Basement 450 sq ft 41.81 sq m
First Floor 1,832 sq ft 170.19 sq m
Second Floor 312 sq ft 28.98 sq m
Total 6,010 sq ft 558.33 sq m


100 London Road North (Savers)
Net Frontage 27’8” 8.43m
Gross Frontage 28’4” 8.64m
Zone A 565 sq ft 52.49 sq m
Zone B 556 sq ft 51.65 sq m
Zone C 555 sq ft 51.56 sq m
Remainder 831 sq ft 77.20 sq m
ITZA 1,086  
Total Ground Floor 2,507 sq ft 232.90 sq m

A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £475 + VAT.





98 London Road North is let to Waterstones Booksellers Limited on effectively a full repairing and insuring leases for a term of 5 years from 30th April 2019, expiring on 29th April 2024. The lease is outside 1954 Act protection.

We understand the tenant has been in occupation since 2002.

The tenant’s proportion of the reasonable and proper costs of keeping the main structure in good repair is not to exceed £30,000 over the term of the lease.

The rent is £42,500 per annum. A 21 month rent-free (totalling £74,375) is amortised over the length of the lease, resulting in a rent payments of £27,625 per annum. The rent is paid monthly.

The tenant is fully up to date with rent payments, with no arrears. 

100 London Road North is let to Savers Health and Beauty Limited on effectively a full repairing and insuring lease for a term of 5 years from 21st May 2021, expiring on 20th May 2026. There is a tenant’s break option on 20th May 2024, subject to six months’ notice and a penalty of £8,125 + VAT if exercised. The lease is inside 1954 Act Protection.

During the first year of the term up until 20th May 2022 the rent payable is £16,250 per annum and for the remainder of the term the rent is £32,500 per annum, paid monthly. The vendor will “top-up” the income to £32,500 per annum by an appropriate adjustment on the completion sum in order that a purchaser does not suffer an income shortfall.

The tenant is fully up to date with rent payments, with no arrears. 

Therefore, an investor will benefit from a total income of £60,125 per annum.



Waterstones Booksellers Limited (Co. No. 00610095), has reported the following figures;

  25th April 2020 27th April 2019
Revenue £376,024,000 £392,776,000
Pre-Tax Profits £22,463,000 £26,500,000
Net Assets £61,648,000 £40,159,000

Waterstones was established in 1982 and is a leading retailer of books, stationery and other related products through a chain of bookshops in the United Kingdom, the Republic of Ireland, Isle of Man, Jersey, Holland and Belgium, and online through the e-commerce website. According to its website the company employs 3,000 staff across over 280 bookshops. Waterstones sells coffee and food from cafes and restaurants within some of its shops, hosts public and private events and supports a large number of literary festivals.

Demand for books was strong immediately prior to the enforced closure of shops due to the Covid-19 Pandemic. After the closures, the online business performed strongly. The Company successfully repurposed the distribution centre as an online fulfilment operation and the overall impact on profitability was substantially mitigated by early action to curtail costs. For further information please visit

Savers Health and Beauty Limited (Co. No. 02202838), has reported the following figures;

  26th December 2020 28th December 2019
Revenue £536,123,000 £569,734,000
Pre-Tax Profits £40,311,000 £50,568,000
Net Assets £125,402,000 £92,366,000

Savers is a health, home and beauty retailer stocking a wide range of branded, health, home and beauty products in over 500 stores throughout England, Northern Ireland, Scotland and Wales. For further information see

Savers is part of the A.S Watson Group, the world’s largest international health and beauty retailer with a network of over 16,200 offline and online retail stores in 25 countries worldwide. With a workforce of about 130,000 staff, ASW’s portfolio encompasses some of Asia’s top retail brands. In Europe, the Group operates a number of health & beauty retail brands, chains including Kruidvat, Superdrug, Rossmann, Savers, Trekpleister, Drogas and Watsons. In addition, it also owns two luxury perfumeries and cosmetics retail brands ICI PARIS XL and The Perfume Shop.

A S Watson in turn is owned by CK Hutchison Limited, a multinational conglomerate amongst the largest companies listed on the main board of the Hong Kong Stock Exchange, employing 300,000 people in about 50 countries across the world. CK Hutchison reported turnover of approximately HKD404 billion (USD52 billion) for the year ended 31 December 2020.


The property has been registered for VAT. Therefore, it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).



We are instructed to seek offers in excess of £600,000 (Six Hundred Thousand Pounds), subject to contract, reflecting a net initial yield of 9.54%, assuming standard purchaser’s costs of 5.05%.

Please note that a purchaser will be re-charged the costs of the measured survey (£475 + VAT) and searches (£785.90) which are provided in the data room.

Please note that a purchaser will be charged a Transaction Fee of £5,000 plus VAT.

Investment Considerations

  1. An opportunity to acquire a freehold town centre retail investment;

  2. The property occupies a 100% prime position within the principal shopping street for the town;

  3. Securely let to Waterstones (Net Assets £62m) & Savers (Net Assets £125m);

  4. New letting to Savers in May 2021;

  5. Significant opportunity exists to extend and develop the property, subject to the necessary consents;

  6. A purchase at the asking price reflects an attractive net initial yield;

  7. Attractive lot size to an investor.


Data Room and clicktopurchase®

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Contact Us

Singer Vielle   +44 (0) 207 935 7200
Dale Henry +44 (0) 203 701 1356
Daniel Elia +44 (0) 203 701 1353
Neil Singer +44 (0) 203 478 9120

Vendors Solicitor

Gunnercooke  +44 (0) 3330 143 401
Jonathan Wilkinson
Simon Davies