Unit 1 Friars Courtyard

FOR SALE MODERN OFFICE INVESTMENT . FULLY INCOME PRODUCING .  LONG LEASEHOLD INTEREST FOR SALE

LOCATION:
The property occupies a prominent location in the heart of the town centre, opposite the main Willis Towers Watson HQ which is Ipswich’s only Grade I Listed office building. Other well known occupiers located nearby include Attwells and Swinton Insurance.

DESCRIPTION:
30-32 Princes Street is an impressive office building which was purpose built around 1986 known as Friars Courtyard. Unit 1, which fronts Princes Street is arranged on ground and 3 upper floors with basement storage. The ground floor has an extensive window frontage to Princes Street and also planning permission for a new doorway access if required.

ACCOMMODATION:
Unit 1
Basement Storage: 75.2 Sqm (809 sq ft)
Ground Floor Offices: 89.4 Sqm (962 sq ft)
1st Floor Offices: 124.5 Sqm (1,340 sq ft)
2nd Floor Offices: 125.6 Sqm (1,351 sq ft)
3rd Floor Offices: 21.7 Sqm (233 sq ft)
TOTAL 436.4 Sqm (4,695 sq ft)

There is car parking provided within the rear of Friars Courtyard and 3 spaces are demised to the occupiers of the building.

PLANNING:
The property has full planning permission for Class B1 Office Use and the ground floor also benefits from use within Class A2 (Financial and Professional Services.)

SERVICES:
The property is connected to all mains services and has a gas fired boiler in the basement.

BUSINESS RATES:
The property is currently assessed as follows;
Ground Floor: Offices and Premises RV £14,750
First Floor: Offices and Premises RV £8,800
Second Floor: Offices and Premises RV £6,700
Third Floor: Offices and Premises RV £1,150
The National Non-Domestic Rating Multiplier for the current year 2017/18 is 47.9p in the £1

TENANCIES:
The property is fully let on internal repairing and insuring leases with a service charge provision. The property is multi-let to 3 good quality commercial tenants: MidShires Care Ltd T/AS Helping Hands, Blue Arrow and BC Legal Ltd and produces a total income of £37,350 + Vat. Further information and copy leases are available upon request.

TENURE:
The entire property is offered for sale on a new 199 year long leasehold interest at a ground rent of £150 per annum for the first 25 years increasing to £500 for the second 25 years, £750 for the third 25 years, £1,000 for the fourth 25 years and £1,250 for a further 25 years then £1,500 p.a, £1,750 p.a and £2,000 p.a over subsequent 25 year periods. NB The cross hatched car access will be excluded from the new long leasehold Interest.

EPC: EPC attached

LEGAL COSTS: Each party to be responsible for their own legal costs involved in any transaction

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

CONTACT: Richard Bertram or Julian Haywood Smith

SUBJECT TO CONTRACT