105 - 106 High Street, Lowestoft, Suffolk

Description

A substantial freehold town centre restaurant with potential to redevelop into alternative uses. This three storey building was formally a cinema but most recently was used as a Chinese restaurant. The property extends to 6,000 sq ft, includes a managers flat and has obvious potential for a number of alternative uses including residential on the upper floors. The ground and first floors consist of restaurant areas, kitchen, customer toilets and storage whilst on the second floor there is additional storage and a managers flat.

Accommodation

Lower ground floor restaurant and bar areas; upper ground floor restaurant, kitchen and customer toilets; first floor storage areas and managers flat.

Location

The premises are in an area of established shops and restaurants, not far from the sea front, railway station and main shopping street.

Tenure / Property Information

Investment Analysis

The property is a substantial 6,000 sq ft freehold town-centre restaurant with a managers flat and potential alternative uses. Supplied nearby completed sales range from £90,000 to £247,524, but they relate to different properties, uses and sizes, so they do not support a reliable valuation for this asset. No guide price, commercial rental evidence, planning information or refurbishment budget is supplied. Accordingly, GDV, maximum bid and investment returns cannot be reliably quantified.

Strategy Recommendation

Do not bid on the supplied evidence alone. First obtain the legal pack, inspect the building, confirm planning potential and obtain independent commercial and residential valuation advice. Consider only after a price and works budget are established.

Works Required

Assess the existing restaurant, kitchen, customer facilities, storage and managers flat. Obtain planning and building-control advice on any alternative use, particularly potential residential use of the upper floors. Scope only evidenced or required works after inspection; no condition-based refurbishment allowance can be supported from the supplied information.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR analysis cannot be quantified because the acquisition price, refurbishment cost, residential conversion viability, post-works GDV and supported refinance valuation are unavailable. The proposed residential use requires planning and building-control confirmation.

Buy-to-Let Analysis

BTL analysis cannot be established. The supplied rents are advertised residential asking rents for unrelated two- and three-bedroom properties, while this asset is described as a 6,000 sq ft restaurant with a managers flat and no supported residential accommodation schedule or commercial passing rent. No guide price or operating costs are supplied.

Flip Analysis

A flip appraisal cannot be completed reliably. Nearby completed sales provide only broad contextual evidence and are not sufficiently comparable to this large former cinema and restaurant property. No acquisition price, conversion cost, resale valuation or supported selling allowance is available.

Investor Risks & Due Diligence

• No guide price or acquisition budget is supplied, preventing a maximum-bid calculation.

• Potential alternative uses, including residential use of upper floors, require planning and building-control confirmation.

• Refurbishment and conversion costs cannot be estimated from the supplied condition information.

• The supplied rental evidence is asking-rent evidence for unrelated residential properties and does not establish rent for this asset.

• Legal-pack disbursements and other purchaser charges may be payable but are not quantified.

• Nearby completed sales are not sufficiently comparable in use, scale or configuration to establish market value.

Recommendation

Do not bid on the supplied evidence alone. First obtain the legal pack, inspect the building, confirm planning potential and obtain independent commercial and residential valuation advice. Consider only after a price and works budget are established.

Strategy Rating

Analysis Confidence

The property description, size, tenure, EPC, nearby completed sales and buyer/admin charges are supplied, but there is no guide price, condition report, commercial rent, planning information, conversion cost, valuation or usable property-specific residential rent evidence.