| Property Type | Investment |
| Tenure | For Sale |
| Size | |
| Price | Offers in the region of £360,000 |
| Business Rates | Upon Enquiry |
| Energy Performance Rating | Upon enquiry |
The property comprises a three storey brick building plus small basement. The ground floor and basement are let to Magazin Romanesc Bacau Ltd trading as an Eastern European Food Store on a new 10 year lease from January 2024 with a fifth year break and 3 yearly rent reviews.
The total rental income for the shop and basement is £16,000 per annum and the asking price equates to a Gross Initial Yield of 10%.
There are also two flats, on first and second floor which are let on AST's at rents of £775 pcm each.
The total income is £34,600 per annum
The accommodation comprises the following areas:
| Name | sq ft | sq m | Availability |
|---|---|---|---|
| Ground - Retail | 801 | 74.42 | Occupied |
| Basement - Retail storage | 277 | 25.73 | Occupied |
| 1st - First Floor Flat | 400 | 37.16 | Occupied |
| 2nd - Second Floor Flat | 425 | 39.48 | Occupied |
| Total | 1,903 | 176.79 |
The property is situated in Ipswich Town Centre on the Buttermarket, close to its junction with Upper Brook Street. Neighbouring retail occupiers include The Works, Caffe Nero, The Tooth Club and Oxfam.
Ipswich is the county town of Suffolk with a population of circa 130,000. The town is situated approximately 80 miles north east of London, 43 miles south of Norwich and 18 miles north east of Colchester.
Viewings to be arranged through Hazells Chartered Surveyors on 01284 702626.
The property is available freehold subject to the tenancies in place.
VAT is applicable on the purchase price. The vendor would consider a sale via a Transfer of Going Concern meaning that no VAT would be payable.
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