Residential/Hotel development potential (subject to consents)
Six Week Completion Available
Lot 12
Auction 7th July 2011
Rent £370,000 per Annum Exclusive
Status Sold
Price £1,550,000
Sector Office
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
18 miles north-east of Colchester, 45 miles south of Norwich, 77 miles north-east of London
Roads
M25 (Junction 28), M1 (Junction 14), A12, A14
Rail
Ipswich Railway Station (direct to London Liverpool Street)
Air
London Stansted Airport
Situation
Ipswich is the county town of Suffolk and is a major commercial centre in the east of England with a catchment population of approximately 230,000. The town is well located some 80 miles north-east of London via the A12 dual carriageway, which provides a direct link with the M25 motorway. Communications are also enhanced by the A14 east-west trunk road being approximately 2 miles from the town centre.
The property is situated on the junction of Museum Street and Princes Street, in the town's business district and some 250 metres from Buttermarket Shopping Centre and Westgate Street, one of the town's prime retail thoroughfares. Nearby occupiers include Connells, The Co-Operative Bank and Manpower.
Tenure
Freehold.
Location
Miles
18 miles north-east of Colchester, 45 miles south of Norwich, 77 miles north-east of London
Roads
M25 (Junction 28), M1 (Junction 14), A12, A14
Rail
Ipswich Railway Station (direct to London Liverpool Street)
Air
London Stansted Airport
Situation
Ipswich is the county town of Suffolk and is a major commercial centre in the east of England with a catchment population of approximately 230,000. The town is well located some 80 miles north-east of London via the A12 dual carriageway, which provides a direct link with the M25 motorway. Communications are also enhanced by the A14 east-west trunk road being approximately 2 miles from the town centre.
The property is situated on the junction of Museum Street and Princes Street, in the town's business district and some 250 metres from Buttermarket Shopping Centre and Westgate Street, one of the town's prime retail thoroughfares. Nearby occupiers include Connells, The Co-Operative Bank and Manpower.
Tenure
Freehold.
Description
The property comprises two substantial interconnecting office buildings. Fraser House is an attractive period building comprising open plan office accommodation on three floors accessed from Museum Street, and Fraser Court, a modern building, comprising open plan office accommodation on five floors, accessed from Elm Street. Each building benefits from raised floors, suspended ceilings, air conditioning, a passenger lift and 18 secure basement car parking spaces. The tenant is not currently in occupation in the property and has sublet the ground and first floors.
Planning:
The property may potentially benefit from residential or hotel redevelopment, subject to the necessary consents.
Ipswich Borough Council, Development Control
15-17 Grafton House, Russell Road, Ipswich, Suffolk, IP1 2DE
Website: http://www.ipswich.gov.uk/planning Telephone: 01473 432 913
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises two substantial interconnecting office buildings. Fraser House is an attractive period building comprising open plan office accommodation on three floors accessed from Museum Street, and Fraser Court, a modern building, comprising open plan office accommodation on five floors, accessed from Elm Street. Each building benefits from raised floors, suspended ceilings, air conditioning, a passenger lift and 18 secure basement car parking spaces. The tenant is not currently in occupation in the property and has sublet the ground and first floors.
Planning:
The property may potentially benefit from residential or hotel redevelopment, subject to the necessary consents.
Ipswich Borough Council, Development Control
15-17 Grafton House, Russell Road, Ipswich, Suffolk, IP1 2DE
Website: http://www.ipswich.gov.uk/planning Telephone: 01473 432 913
VAT
VAT is not 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
Fraser Court – Basement
Office
52.89 sq m
(569 sq ft)
RSA INSURANCE GROUP PLC
25 years from 25/12/1986
£120,000
Fraser Court – Ground
Office
84.90 sq m
(914 sq ft)
Fraser Court – First
Office
152.00 sq m
(1,636 sq ft)
Fraser Court – Second
Office
170.50 sq m
(1,835 sq ft)
Fraser Court – Third
Office
161.50 sq m
(1,738 sq ft)
Fraser Court – Fourth
Office
173.10 sq m
(1,863 sq ft)
Fraser House – Ground
Office
480.20 sq m
(5,169 sq ft)
RSA INSURANCE GROUP PLC
25 years from 25/12/1986
£250,000
Fraser House – First
Office
515.60 sq m
(5,550 sq ft)
Fraser House – Second
Office
502.60 sq m
(5,410 sq ft)
Totals
2,293.29 sq m
(24,684 sq ft)
£370,000
(1) For the year ending 31st December 2010, RSA Insurance Group plc reported a turnover of £7,295,000,000, pre-tax profits of £474,000,000 and a net worth of £2,557,000,000. (Source: www.riskdisk.com 09/06/2011)
