2 Friars Bridge Road Ipswich Suffolk IP1 1AQ

2 Friars Bridge Road
Ipswich
Suffolk
IP1 1AQ

Substantial Modern Office Investment in Central Town Centre Location

Let to Legal & General Insurance Limited
Rent is £350,000 per annum exclusive (Gross); £334,250 per annum exclusive (Net)
Approximately 2,099.8 sq m (22,602 sq ft) with secure car park
Established office location with nearby occupiers including AXA, Willis Faber, Suffolk Life and HMRC
Walking distance from Ipswich Railway Station and the shopping amenities of the town centre
Six Week Completion Available

Lot
14
Auction
22nd February 2011
Rent
£350,000 per Annum Exclusive
Status
Sold
Price
£2,250,000
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP
On behalf of CBRE Investors

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Substantial Modern Office Investment in Central Town Centre Location

Let to Legal & General Insurance Limited
Rent is £350,000 per annum exclusive (Gross); £334,250 per annum exclusive (Net)
Approximately 2,099.8 sq m (22,602 sq ft) with secure car park
Established office location with nearby occupiers including AXA, Willis Faber, Suffolk Life and HMRC
Walking distance from Ipswich Railway Station and the shopping amenities of the town centre
Six Week Completion Available

Lot 14
Auction 22nd February 2011
Rent £350,000 per Annum Exclusive
Status Sold
Price £2,250,000
Sector
Office
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP
On behalf of CBRE Investors

Property Information

Location

Miles: 18 miles north-east of Colchester; 45 miles south of Norwich; 77 miles north-east of London
Roads: A12, M25 (Junction 28), A14, M1 (Junction 14)
Rail: Ipswich Railway Station (direct to London Liverpool Street)
Air: London Stansted Airport

Situation

The property is prominently situated on an island site to the west side of a major junction providing access to Friars Bridge Road, Market Road and Princes Street. The property is situated within Ipswich's prime office area and benefits from its close proximity to the mainline railway station and the retail and leisure facilities of the town centre. Nearby office occupiers in the area include AXA, Willis Faber, Suffolk Life and HMRC.

Tenure

Long Leasehold. Long Leasehold Held from Ipswich Borough Council for a term of 125 years from 29th September 1990 at 4.5% of rents received, reviewed annually The current head rent is £15,750 per annum exclusive

Location

Miles: 18 miles north-east of Colchester; 45 miles south of Norwich; 77 miles north-east of London
Roads: A12, M25 (Junction 28), A14, M1 (Junction 14)
Rail: Ipswich Railway Station (direct to London Liverpool Street)
Air: London Stansted Airport

Situation

Tenure

Description

The property comprises MODERN OFFICE ACCOMMODATION over ground and four upper floors. The accommodation benefits from raised floors, suspended ceilings, category II recessed lighting, central heating, two 8-person passenger lifts and separate WC facilities at each level. The tenant has also carried out a comprehensive refurbishment programme including installation of comfort cooling. The property also benefits from a secure, gated car park contained within the ground floor of the building providing approximately 19 car parking spaces.

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	Gross Rent p.a.x	Review/(Reversion)
Ground Ground First Second Third Fourth	Reception Office Office Office Office Office	63.8 sq m 95.8 sq m 518.2 sq m 509.6 sq m 510.2 sq m 402.2 sq m	(687 sq ft) (1,031 sq ft) (5,578 sq ft) (5,485 sq ft) (5,492 sq ft) (4,329 sq ft)	LEGAL & GENERAL INSURANCE LIMITED (on assignment from LEGAL & GENERAL ASSURANCE SOCIETY LIMITED) (1)(2)(3)	25 years from 1 month from 01/12/1990 on a full repairing and insuring lease	£350,000	25/12/2010 (24/12/2015)
Totals		2,099.8 sq m	(22,602 sq ft)			£350,000 (4)

(1) For the year ending 31st December 2009, Legal & General Insurance Limited reported a turnover of £265,990,000, pre-tax profits of £14,142,000 and a total net worth of £98,216,000. (Source: www.riskdisk.com 27/01/2011) For the year ending 31st December 2009, Legal & General Assurance Society Limited reported a turnover of
£3,836,000,000, pre-tax profits of £391,000,000 and a net worth of £4,120,000,000. (Source: www.riskdisk.com 27/01/2011)
(2) Please note the tenant is not currently in occupation of the first floor and has sub-let the ground floor to Advantage Healthcare Group Limited who are currently in occupation.
(3) Please note, there is an electricity sub-station on site let to Eastern Electricity plc.
(4) The current gross rental income is £350,000 p.a.x. Therefore the current net rental income after allowing for the head rent payable is £334,250 p.a.x.