Property Auctions 07/Jul/2011 | Fraser Court/Fraser House, 23 Museum Street, Ipswich, Suffolk, IP1 1HN

Freehold Office Investment

Entirely let to RSA Insurance Group plc
Substantial office building with car parking
Open plan floors with air conditioning
Active management potential
Prime town centre location
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)