20 Esplanade, Kirkley, Lowestoft, Suffolk, NR33 0QG

Description

This established and substantial five-storey former restaurant and bar premises is situated on the seafront of the Suffolk coastal town of Lowestoft. The building is in need of improvement throughout but offers potential for reopening as a bar/restaurant or may offer potential for other uses subject to all necessary consents being obtainable.

Accommodation

Ground Floor: Main entrance reception area, main bar area with sea facing windows and dancefloor, W.C., office, storage room and inner hallway with stairs and lift. Lower Ground Floor/Basement Level: Inner hallway, multiple storage rooms, male and female cloakroom/W.Cs and beer cellar. First Floor: Main restaurant dining area and bar, kitchen, storage room, cloakroom/W.C's and access to staircases. Second Floor: Main office/store room, spiral staircase to upper level, preparation area, cloakroom/W.C., access to staircase and additional office. Third Floor: Main hallway with seven rooms with shower room, separate W.C., utility area and store rooms. Outside: Fronting the Esplanade and seafront there is a forecourt parking area and terrace with additional parking area to the rear of the building accessed from Marine Parade (B1532) and Parade Road South.

Location

Situated on the Esplanade directly opposite the statue of Triton between the Claremont Pier and South Pier. Lowestoft offers town centre shopping, bars, restaurants and recreational facilities, with additional retail parks, green open spaces, white sandy beaches, Lowestoft railway station and vehicular access via the A12.

Tenure / Property Information

Investment Analysis

The £275,000–£300,000 guide is not a formal valuation. Supplied comparables are older, are not sufficiently specific to this five-storey former restaurant and bar, and range from £250,000 to £676,481, with the closest same-postcode evidence dating from 2016 and 2019. Current GDV, refurbishment cost and resale value cannot be reliably established from the supplied evidence.

Investment Snapshot

Strategy Recommendation

Do not bid on the current evidence alone. Proceed only after obtaining a full building survey, detailed refurbishment and compliance budget, confirmation of permitted use and consents, and current commercial or alternative-use valuation evidence.

Works Required

Improvement throughout is indicated. Works should be scoped after inspection and may include refurbishment of the existing restaurant, bar, kitchen, toilets, storage areas, upper-floor rooms, lift/access arrangements and external forecourt, terrace and parking areas. Reopening or any alternative use remains subject to all necessary consents.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be quantified because current GDV, refurbishment costs, achievable rent and refinance value are unsupported. The vacant freehold building may offer operational or alternative-use potential, but consent, condition and funding requirements need to be established before bidding.

Buy-to-Let Analysis

A BTL assessment cannot be established. No sufficiently specific rental evidence or auctioneer rent estimate is supplied, and the property is described as former restaurant and bar premises rather than residential accommodation. Any alternative use would require the necessary consents.

Flip Analysis

A flip appraisal cannot be supported. The available sales are dated and not sufficiently comparable, while no refurbishment budget, current GDV or selling-cost allowance is supplied. The guide price should not be treated as evidence of resale value.

Investor Risks & Due Diligence

• The building is stated to need improvement throughout, but no condition report or works budget is supplied.

• Reopening as a bar/restaurant or pursuing another use is subject to all necessary consents being obtainable.

• No sufficiently specific rental evidence or passing income is available.

• Historic comparables are dated and not sufficiently specific to establish current GDV.

• Administration and other non-optional fees are unspecified and may be payable in addition to the bid price.

• EPC status is to be confirmed.

Recommendation

Do not bid on the current evidence alone. Proceed only after obtaining a full building survey, detailed refurbishment and compliance budget, confirmation of permitted use and consents, and current commercial or alternative-use valuation evidence.

Strategy Rating

Analysis Confidence

The property description and historic nearby sales are available, but there is no current valuation, detailed condition report, refurbishment budget, EPC, rental evidence, auctioneer rent estimate or specified buyer/admin fee.