High street store for auction as 'residential development'
The former Lowestoft Electrical store building. Picture: Mick Howes - Credit: Mick Howes
A former electrical store in a prime town centre location is set to be auctioned off next month.
The former Lowestoft Electrical shop, which closed its doors in 2018 after 65 years of trading, looks set for a new lease of life.
A new vision was proposed earlier this year as a scheme was lodged to convert the empty store at the site on London Road North in Lowestoft town centre into three commercial units and eight flats.
An application submitted to East Suffolk Council, which centred around the “conversion of retail unit to three smaller ground floor retail units and eight flats” was approved by the council under delegated powers in May.
In recommending approval of the scheme, the council's delegated case officer said: “There are a high proportion of empty shops in London Road North, and smaller units with residential premises above is one way of tackling the issues and is reflective of the origins of retail units where there was traditional living above the shop.”
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Now a new residential development is set to go under the hammer at an online auction on December 8.
Marketed by Auction House East Anglia, it is being sold with a guide price of £225,000 to £250,000 (plus fees) on a freehold tenure.
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The property description says: “A substantial former retail premises with detailed consent to convert into three shops and eight flats.
"This former high street shop is now vacant but benefits from a sympathetic redevelopment scheme which allows for conversion into three lock up shops and eight self contained one and two bedroom flats.
"The development would be ideal for the experienced builder or investor looking for a high yielding investment."
With planning permission granted in May for three shops for small businesses and eight flats, according to the auctioneers the proposed accommodation is listed as a ground floor consisting of three lock up shops, one bedroom flat, a lobby and access to cellar and upper floors; a first floor consisting of two, one bedroom flats and a two bedroom flat with four, one bedroom flats on the second floor.
