40/50 Princes Street Ipswich IP1 1RJ

40/50 Princes Street
Ipswich
IP1 1RJ

Modern Freehold Office Investment

Majority let to Savills (L&P) Limited on a 15 year lease until 29/01/2024
Prominent corner position on a major town centre approach road
Nearby occupiers include Axa and Legal & General
Net internal area of approximately 1,271 sq m (13,680 sq ft)
On site secure car parking for approximately 15 cars
Six Week Completion

Lot
25
Auction
5th December 2013
Rent
£203,178 per Annum Exclusive
Status
Withdrawn Post
Price
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP

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Modern Freehold Office Investment

Majority let to Savills (L&P) Limited on a 15 year lease until 29/01/2024
Prominent corner position on a major town centre approach road
Nearby occupiers include Axa and Legal & General
Net internal area of approximately 1,271 sq m (13,680 sq ft)
On site secure car parking for approximately 15 cars
Six Week Completion

Lot 25
Auction 5th December 2013
Rent £203,178 per Annum Exclusive
Status Withdrawn Post
Price
Sector
Office
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 85 miles north-east of London; 55 miles east of Cambridge
Roads: A12, A14
Rail: Ipswich for London Liverpool Street in 1 hour
Air: Stansted International Airport

Situation

The property is situated in the heart of Ipswich’s business district at the junction of Princes Street and Civic Drive. Civic Drive is a major approach road to the town centre and the immediate area has many of Ipswich’s professional businesses including solicitors, estate agents and insurers.

Tenure

Freehold.

Location

Miles: 85 miles north-east of London; 55 miles east of Cambridge
Roads: A12, A14
Rail: Ipswich for London Liverpool Street in 1 hour
Air: Stansted International Airport

Situation

Tenure

Freehold.

Description

The property comprises a modern specification 4 storey office building constructed in 2009 to a high standard. The offices are open plan with independent access on each floor and the accommodation benefits from air cooling/heating, full access raised floors, LG7 compliant lighting and an 8 person passenger lift. There are 15 secure car parking spaces to the rear.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review
Ground and Part First	Office	599.23 sq m	(6,450 sq ft)	SAVILLS (L&P) LIMITED	15 years from 30/01/2009 until 29/01/2024 (2)	£131,418 (1)	Fixed uplifts to £131,418 from 29/01/2014 and £148,687 from 29/01/2019
Part First, Second and Third	Office	671.70 sq m	(7,230 sq ft)	SHARED BAND LIMITED	15 years from 29/06/2012 until 28/06/2027 (3)	£71,760	29/06/2017 and 29/06/2022 to Open Market Rental Value
Totals		1,270.93 sq m	(13,680 sq ft)			£203,178

(1) The current rent reserved from Savills (L&P) Limited is £116,154. The seller will pay the buyer the difference between the rent passing and the fixed rental uplift due on 28/01/2014, until the same date. Therefore the part let to Savills (L&P) Limited will produce £131,418 per annum exclusive from completion of the sale.
(2)There is a tenant’s option to determine the lease on 30/01/2019. For the year ending 31/12/2012, Savills PLC (the ultimate holding company of Savills (L&P) Limited) reported a turnover of £806,400,000, pre-tax profits of £54,200,000 and a total net worth of £78,700,000. (Source: www.riskdisk.com 08/11/2013)
(3) There is a tenant’s option to determine the lease on 29/06/2022. For the year ending 31/08/2012, Shared Band Limited reported a turnover of £886,825 and a total net worth of £1,144,777. (Source: www.riskdisk.com 08/11/2013)