Units 1,2,3 Friars Courtyard Investment

Modern refurbished offices with potential for residential conversion

Freehold interest for sale as a going concern

 3 good quality tenants/occupiers – Producing- £39,500 +Vat with potential to increase to £66,300

Total 8,908 sq ft

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, Savills and Papworth Trust.

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 Class A2 use and new doorway access if required. Units 2 and 3 are located to the rear within the courtyard and are also arranged on basement, ground and 2 upper floors. The top floor is let whilst the ground and first floors are available to let. Units 2 and 3 have also had previous planning permission for conversion into 6 self-contained flats. Unit 8 has already been converted to residential use.

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)

Units 2&3
Ground Floor 126.6 sqm (1,363 sq ft)
First Floor 127.0 sqm (1,367 sq ft)
Second Floor 137.8 sqm (1,483 sq ft)
TOTAL 391.4 sqm (4,213 sq ft)

There is car parking within the rear of Friars Courtyard providing 17 spaces. Several are demised to the occupiers of the various buildings.

PLANNING: The property has full planning permission for Class B1 Office Use and the ground floor of Unit 1 also benefits from use within Class A2 (Financial and Professional Services.)

SERVICES: The properties are connected to all mains services and a gas fired boiler is in the basement of Unit 1. Units 2 and 3 have dedicated air conditioning units to each floor.

BUSINESS RATES: The properties are currently assessed as Offices and Premises as follows:
Unit 1
Ground Floor: RV £14,750
First Floor: RV £8,800
Second Floor: RV £6,700
Third Floor: RV £1,150

Units 2&3
Basement RV £3,300
Ground Floor RV £9,700
First Floor RV £9,800
Car Spaces RV £650

Other units in Friars Courtyard are separately assessed.
The National Non-Domestic Rating Multiplier for the current year 2019/20 is 0.491p in the £1

TENANCIES: The overall property is partially let, all are on internal repairing and insuring leases with a service charge provision. Unit 1 is multi-let to 2 good quality commercial tenants: MidShires Care Ltd T/AS Helping Hands and Blue Arrow, whilst the top floor is on the market to let. The second floor of Units 2 and 3 is let to Just Mortgages Ltd whilst the other floors are available to let. Units 4?8 inclusive have all been sold on a 199 year long leasehold basis and there are full service charge provisions. The property at present produces £39,500 per annum plus Vat with potential for increasing this upon letting the vacant offices. Further information and copy leases are available upon request.

TENURE: The entire property is offered for sale freehold as a Transfer of Going Concern at a Guide Price of £875,000. No Vat is payable.

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