Long Leasehold Office Investment
Long Leasehold Office Investment
The property is situated in the heart of Ipswich’s business district on Princes Street, between Museum Street and Civic Drive. Princes Street is a major approach road linking the railway station to the town centre and the street has recently undergone a £25 million upgrade to the road, pavements and street furniture. The immediate area has many of Ipswich’s professional businesses including solicitors, estate agents and insurers.
Long Leasehold. Held for a term of 199 years at a ground rent of £25 pa from PCSP LLP the Freeholder.
The property is situated in the heart of Ipswich’s business district on Princes Street, between Museum Street and Civic Drive. Princes Street is a major approach road linking the railway station to the town centre and the street has recently undergone a £25 million upgrade to the road, pavements and street furniture. The immediate area has many of Ipswich’s professional businesses including solicitors, estate agents and insurers.
Long Leasehold. Held for a term of 199 years at a ground rent of £25 pa from PCSP LLP the Freeholder.
The property forms part of Friars Courtyard, a modern office development which surrounds a secluded courtyard, but also has vehicle access from Princes Street via an automated barrier. The property at no. 8 Friars Courtyard fronts Princes Street and comprises 4 floors including a lower ground floor.
VAT is applicable to this lot.
The EPC will be available to view online in the solicitor’s legal pack.
The property forms part of Friars Courtyard, a modern office development which surrounds a secluded courtyard, but also has vehicle access from Princes Street via an automated barrier. The property at no. 8 Friars Courtyard fronts Princes Street and comprises 4 floors including a lower ground floor.
VAT is applicable to this lot.
The EPC will be available to view online in the solicitor’s legal pack.
| Floor | Use | Floor Areas (Approx) | Tenant | Term | Rent p.a.x | Reversion | |
|---|---|---|---|---|---|---|---|
| Lower Ground Ground First Second |
Office | 22.02 sq m 51.84 sq m 63.08 sq m 50.08 sq m |
(237 sq ft) (558 sq ft) (679 sq ft) (539 sq ft) |
OPEN ROAD VISIONS (1) | 5 years from 01/03/2011 (2) | £27,850 | 01/03/2016 |
| Totals | 187.02 sq m |
(2,013 sq ft) |
£27,850 | ||||
1) Open Road Visions is a registered charity that provides support for individuals affected by drugs and alcohol from 13 centres across Essex and Suffolk. Founded in 1990 Open Road has a budget of £2,900,000 funded through Drug and Alcohol Action Teams, Primary Care Trusts, Big Lottery and donations. Open Road also works with the Norfolk & Suffolk Probation Trust. (Source: www.openroad.org.uk 11/06/2014)
(2)The tenants had an option to determine the lease on 01/03/2014 which was not exercised. The lease falls outside the security provisions of the 1954 Landlord and Tenant Act.
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