12-14 PRINCES ST. FREEHOLD RESIDENTIAL & RETAIL INVESTMENT

FOR SALE – FREEHOLD RETAIL & RESIDENTIAL INVESTMENT. SUBSTANTIAL FREEHOLD MIXED INVESTMENT. PRODUCING GROSS INCOME £55,904

12-14 Princes Street, Ipswich IP1 1QT and 11 Elm Street, Ipswich IP1 1EY

COMMERCIAL
Summary of Accommodation

Summary of Accommodation
Ground Floor Shop : LET
Producing £18,000 p.a
Rising to £19,000 p.a from May 2019

Lower Ground Floor: LET
Producing £14,000 p.a

First Floor: 2 Bedroom Flat

Second Floor: 1 Bedroom Flat
Penthouse: 2 Bedroom Flat

SHOP ACCOMMODATION:

Lower Ground Floor: 2755 sq ft (256 sqm) Separate ladies & Gents W.Cs

Ground Floor: 1538 sq ft (143 sqm) including garage with 2 car parking spaces accessed off Elm Street.

RESIDENTIAL:

1st Floor: 1 bedroom flat 422 sq ft – net internal vacant possession – Indicative Value £120,000.

2nd Floor: 1 bedroom flat Let on a 1 year AST at £575 pcm – Indicative Value: £115,000

2nd Floor: 2 bed penthouse. Let on a 1 year AST at £795 pcm Indicative Value: £200,000

Total Indicative Value: £565,000

In addition there are 7 flats sold off on a leasehold basis for 125 years from 2008 at a ground rent of £65 pa with service charge income.

LOCATION: Situated in the town centre within the main, commercial, retail and business district of the town and within a short walk to the railway station.

DESCRIPTION: The property comprises ground and lower ground floor commercial units together with first, second and third floor residential flats accessed from Elm Street to the rear. The flats have recently been refurbished with electric heating, double glazing, new kitchens and bathrooms. The residential accommodation is served by a modern passenger lift.  There are 2 car parking spaces accessed of Elm Street.

SERVICES: All mains services are provided to the property including mains electricity, mains drainage and mains water.

BUSINESS RATES: The commercial parts of the property are assessed as follows:
Lower Ground Floor — Gaming Lounge and Premises : RV £6,400
Ground Floor Office used as Shop: RV £18,000 (Recently re-assessed)

COUNCIL TAX: The 1 bedroom flats are within Council Band A and the 2 bedroom flats are within Council Band B.

TENANCIES: Gross Commercial Income is currently £32,000
Gross Residential Income is currently £23,904
TOTAL £55,904

The Ground Floor is let to Spokeworx Ltd on a 7 year internal repairing and insuring Law Society Lease outside of the security of tenure provisions of the Landlord and Tenant Act 1954. The rent is £18,000 p.a plus VAT which increases to £19,000 p.a plus VAT in May 2019. There is an upwards only rent review at year 4.

The Lower Ground Floor is let to Press Start Gaming Lounge on 6 year FRI terms Law Society Lease from September 16th 2016. The rent is £14,000 p.a plus VAT.

Flats 5 and 9 comprising a 1 bedroom flat and 2 bedroom penthouse are both let on 1 year Assured Shorthold Tenancies producing £575 per calendar month and £795 per calendar month respectively. Flat 3 is also let on a similar tenancy agreement producing 625 pcm.

PLANNING: The ground floor has permission for Class A1 Retail. The lower ground floor D1 Assembly and Leisure.

TERMS: The freehold interest is available subject to and with the benefit of the various tenancies outlined. Offers in the region of £838,000 plus VAT, reflecting a gross initial yield of 6.6%.

LEGAL FEES: All parties to be responsible for their own legal costs incurred in this transaction.

VIEWING: Strictly by prior appointment through Beane Wass & Box on
Tel: (01473) 212656 E-Mail: enquiries@bw-b.co.uk
Contact Julian Haywood Smith or Richard Bertram

 

SUBJECT TO CONTRACT