Freehold Town Centre Retail Warehouse and Car Park Investment
Comprises three adjoining retail warehouses, car park and an additional workshop - totalling approximately 20,068 sq ft
Benefits from an approximate site area of 0.37 hectares (0.91acres) and car parking
Town centre location close to Ipswich waterfront and Marina
Future redevelopment potential (subject to consents)
Lot 24
Auction 14th February 2018
Rent £86,360 per Annum Exclusive
Status Sold
Price £1,090,000
Sector Retail Warehouse
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of Fixed Charge Receivers at Duff & Phelps
Property Information
Location
Miles
19 miles north-east of Colchester, 54 miles south-east of Cambridge, 65 miles north-east of London
Roads
A12, A14
Rail
Ipswich Railway Station
Air
London Stansted Airport
Situation
The property is prominently situated on the north side of Star Lane, a busy arterial route in the heart of the town centre. The property benefits from being located close to the town's main retailing offer to the north and the popular waterfront and Neptune Marina to the south.
Tenure
Freehold.
Location
Miles
19 miles north-east of Colchester, 54 miles south-east of Cambridge, 65 miles north-east of London
Roads
A12, A14
Rail
Ipswich Railway Station
Air
London Stansted Airport
Situation
The property is prominently situated on the north side of Star Lane, a busy arterial route in the heart of the town centre. The property benefits from being located close to the town's main retailing offer to the north and the popular waterfront and Neptune Marina to the south.
Tenure
Freehold.
Description
The property comprises a substantial site of approximately 0.37 hectares (0.91 acres), upon which is built a terrace of three adjoining retail warehouses and an additional motor trade workshop fronting Lower Orwell Street. The property benefits from on-site car parking and access from both Star Lane and Lower Orwell Street.
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a substantial site of approximately 0.37 hectares (0.91 acres), upon which is built a terrace of three adjoining retail warehouses and an additional motor trade workshop fronting Lower Orwell Street. The property benefits from on-site car parking and access from both Star Lane and Lower Orwell Street.
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/(Reversion)
A
Ground
Retail/ Ancillary
485.41 sq m
(5,225 sq ft)
INDIVIDUALS t/a Harpers Furniture (1)
10 years from 17/04/2014 (2)
£25,225
17/04/2019 (16/04/2024)
B
Ground & First
Restaurant/ Ancillary
642.04 sq m
(6,911 sq ft)
PREMIER POOL CLUB LIMITED t/a Bears
7 years from 05/07/2017
£26,500
29/09/2022 (04/07/2024)
C
Ground
Retail/ Ancillary
576.45 sq m
(6,205 sq ft)
INDIVIDUALS t/a Stylish Furniture
10 years from 01/12/2017 (3)
£23,000
Rising to £24,000 on 01/12/2018 and £25,000 on 01/12/2019. Open Market Review on 5th anniversary (30/11/2027)
29 Lower Orwell Street
Ground
Workshop
160.44 sq m
(1,727 sq ft)
INDIVIDUAL t/a Technic Motors
10 years from 03/06/2013
£6,500
03/06/2018 (02/06/2023)
Car Parking
13 Spaces
INDIVIDUAL
7 years from 01/12/2017 (4)
£5,135
5th Anniversary (30/11/2024)
Total
1,864.34 sq m
(20,068 sq ft)
£86,360
(1) Harpers Furniture is a family run business set up in 1995 to sell home furnishings and accessories. Harpers currently trade from units in Ipswich and Stowmarket (www.harpersfurniture.co.uk). (2) The lease is subject to a tenant option to determine on 17th April 2019. (3) Heads of terms have been agreed and the lease is in solicitors hands due to complete imminently. The lease will provide for a mutual option to determine on 1st December 2023. From completion of the lease, the tenant will benefit from a six month rent free period. (4) Heads of terms have been agreed and the lease is in solicitors hands due to complete imminently. The lease provides for a landlord option to determine annually on the anniversary of the lease.
Contacts
Seller's Solicitors
Clarke Willmott LLP Burlington House, Botleigh Grange Business Park, Hedge End Southampton SO30 2AF
