Apartments block on Norwich Road Lowestoft sold at auction

The vacant former commercial property on Norwich Road in Lowestoft, which has had a range of various uses in the past - including a former craft shop - sold for above the price it was expected to fetch.

Marketed by Auction House East Anglia, the property at 58 Norwich Road in Lowestoft was due to be sold at an online auction in July with a minimum guide price of £80,000 to £100,000 plus fees, however the block of apartments was "unsold" at this auction.

After going under the hammer again last Wednesday, September 13, the three bedroom block of apartments was due to be sold on a freehold tenure with a minimum guide price of £70,000 to £90,000 plus fees.

58, Norwich Road in Lowestoft was sold at auction. Picture: Auction House East Anglia (Image: Auction House East Anglia)

The property description from the auctioneers stated: "A former corner shop with planning permission to convert to a two bedroom flat, with a vacant one bedroom flat above in need of some modernisation.

"This former corner shop with cellar has recently been granted planning permission to be converted into a two bedroom flat with a one bedroom vacant flat above which is in need of some modernisation.

"The flat was let until recently achieving £425 pcm which would be elevated once renovated to approximately £575 pcm.

"The property is situated close to Lowestoft town centre and would make an ideal investment opportunity for a buy to let purchaser."

With the property consisting of a "Former shop with large retail area, kitchen, rear hall, bathroom, cellar" on the ground floor, the first floor - which is accessed via an external staircase - consists of an "open plan living kitchen, lounge, bedroom with ensuite, bathroom."

Outside is a "small yard incorporating access to first floor flat."

According to the auctioneers, the "freehold mixed use building" at  58 Norwich Road, Lowestoft "sold for £92,500" - above what it was expected to fetch.