Colman House, Investment

SOLD

REDUCED TO £345,000 Freehold Office Investment – For Sale,  Part Vacant

DESCRIPTION: Good quality town centre offices close to Christchurch Park and Tavern Street / Carr Street.

LOCATION: The property is located in a good secondary location on the corner of Old Foundry Road and Great Colman Street. Other occupiers located nearby include Suffolk County Council Library, Hamilton Smith and Goddard & Co.

ACCOMMODATION: Ground Floor
Suite 1 720 sq ft (67 sqm)
Suite 2 (Vacant) 1,600 sq ft (148.6 m2)
Suite 3 720 sq ft (67 sqm)
Suite 4A/B (Vacant)
First Floor 1,600 sq ft (148.6 m2)

BUSINESS RATES: Assessed as outlined below;
Suite 1 Rateable Value £6,000 (Surgery and Premises)
Suite 2 Rateable Value £5,200
Suite 3 Rateable Value £4,050
Suite 4A Rateable Value £2,350
Suite 4B Rateable Value £5,900
Suites 2 and 4A/B could be combined. Some assessments may change as a result of the 2017 Rating Revaluation.

Qualifying occupiers may be eligible for small business rates relief which can reduce rates payable by up to 100% for certain properties with low rateable values. Details can be obtained from the Local Authority Business Rates Department.

PLANNING: The majority of the property has established permission for offices within Class B1 of The 1987 Use Classes Order, whilst part has planning for Class D1 Use as a Dentists and parts have also had Class A2 Use. The property may have potential for residential use via a Prior Notification Process: further details and plans are available upon request.

TERMS: Available either To Let or For Sale. The vacant office accommodation is offered To Let on a new full repairing and insuring lease at a rental of £22,500 p.a. exclusive. The Freehold is available, offers around £345,000.

SERVICE CHARGE: There is a service charge for the existing tenancies and any ingoing tenant to the vacant office accommodation will contribute towards insurance/ repairs/maintenance. Further details upon application.

TENANCIES: The ground floor is let to ML Crow (Dentist) for 15 years from 2013, with break clauses every 5 years, subject to an upwards only rent review with effect from 2018. The rent payable is currently £6,000 pax. The 1st floor is let to M Mudie, T/as Ipswich Tuition for 5 years from 1st August 2014. There is a break clause every year until expiry. The rent payable is currently £4,000 pax and there are no further rent reviews. The occupier of suites 2 & 4A/B has given notice and will be vacating the property in February 2017.

EPC: TBC
LEGAL COSTS: Each party to be responsible for their own legal costs with any transaction

VIEWING: Strictly by prior appointment through Beane Wass & Box on
Tel: (01473) 212656 or E-Mail: rbertram@bw-b.co.uk