Tower Retail Park, Lowestoft, NR33 7NG
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Acquisition of a retail park investment in Lowestoft on behalf of M7 Real Estate.
The purpose built scheme comprised a solus retail warehouse with garden centre, let to Homebase and a second restaurant unit, let to Pizza Hut.
The overall site was 3.2 acres and had 170 car parking spaces. The scheme was opposite the town’s Morrisons and close to the newly developed Gateway Retail Park which was being anchored by Aldi.
The Homebase unit was let for 20 years from 25 December 2003 at a passing rent of £307,500 per annum (£10.00 per sqft). The Pizza Hut unit was let for 25 years from 25 December 2003. The tenant has a break in December 2023. The current passing rent is £66,000 per annum (£18.13 per sqft).
The property was acquired for £3,600,000, reflecting a net initial yield of 9.74%. Colliers acted for the vendor.
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