FOR SALE MODERN OFFICE INVESTMENT . FULLY INCOME PRODUCING . LONG LEASEHOLD INTEREST FOR SALE
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.
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.
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.
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.)
The property is connected to all mains services and has a gas fired boiler in the basement.
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
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. NB BC Legal Ltd have exercised their break clause and the suite is now on the market to let.
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: email@example.com
CONTACT: Richard Bertram or Julian Haywood Smith
SUBJECT TO CONTRACT