43 Buttermarket, Ipswich – Residential Development

PRICE REDUCED.

FOR SALE . SUBSTANTIAL RESIDENTIAL REFURBISHMENT OPPORTUNITY IN IPSWICH TOWN CENTRE . WITH PLANNING PERMISSION FOR 5 SELF CONTAINED FLATS

LOCATION: The property occupies a prominent location on the corner of Buttermarket and St Lawrence Street with pedestrian access from Buttermarket.

DESCRIPTION: The property comprises a substantial building located in the centre of Ipswich of brick construction under a pitched main roof which was formerly used as offices arranged on 1st, 2nd and 3rd floors which is ideal for residential refurbishment.

ACCOMMODATION: The property provides the following approximate accommodation, measured on a net internal basis in accordance with the RICS Code of Measuring Practice;

Flat 1 1 Bedroom 47.4 sqm (510 sq ft)
Flat 2 1 Bedroom 64.4 sqm (693 sq ft)
Flat 3 1 Bedroom 54.7 sqm (589 sq ft)
Flat 4 2 Bedroom
Inc. Mezzanine 89.5 sqm (968 sq ft)
Flat 5 2 Bedroom 64.9 sqm (700 sq ft)
TOTAL 320.9 sqm (3,460 sq ft)

The ground floor accommodation is let separately and will not be part of the new long leasehold interest being offered for sale.

BUSINESS RATES: The property is assessed as Offices & Premises at present.
Following completion of the proposed refurbishment the properties will need to be assessed for Council Tax purposes.

PLANNING: Planning permission and Prior Notification was obtained on 6th April 2017 for conversion and a copy of the approvals are available on the Ipswich B.C Website Ref: 17/00147/P3JPA and 17/00211/FUL. Please note there is no affordable housing provision or Section 106 Contribution and these approvals are only subject to a construction management plan and provisions for the storage of recycling / refuse bins and bicycles.

SERVICES: The property benefits from mains water, gas, electricity and mains drainage.

TENURE: The property is offered for sale on a new 999 year long leasehold interest at a peppercorn rental which will provide for full repairing and insuring covenants with a service charge payable; further details upon application.

TERMS: The property is available for sale at a guide price of £275,000. Although the property is subject to Vat, none is payable we understand if this residential scheme is implemented.
Furthermore we understand conversion of offices to residential attracts only 5% Vat on the refurbishment costs. We recommend that all interested parties check these facts with HMRC.

 

 

SUBJECT TO CONTRACT