About this property

Detailed Description

The property comprises 3/4 retail units within a modern purpose-built mixed-use building constructed after 2000, the upper floors of which have been sold off on a long leasehold basis as apartments.
The ground floor premises have framed and glazed frontages and front on to a wide paved pavement area.

Location

The East Anglian port town of Ipswich is situated on the river Orwell and is the county town of Suffolk, with an urban population of 136,913 (2019 census).

The town is located 67 miles northeast of London, 45 miles southeast of Cambridge and 40 miles south of Norwich.

The subject premises are situated on St Peters Street, with a return frontage to Rose Lane, in a vibrant area much favoured by independent retailers, cafes and restaurants, a short distance from the Buttermarket shopping and leisure centre and the waterfront and marina.

Ipswich was voted the seventh most desirable place to live and work in England by the Royal Mail in 2017, and in 2015 was rated as the third happiest place to live in the United Kingdom.

Accommodation

Measured on an NIA basis, the floor areas are as follows:

Unit 1 sq ft
Sales 57.41
WC -
Total NIA 57.41


Unit 2 & 3 sq ft
Sales 52.23
WC -
Total NIA 52.23

Unit 4 sq ft
Sales / kitchen 90.27
Store 1.68
WC -
Total NIA 91.95

Business Rates

Business rates will be the responsibility of the occupier. The premises have the following assessments for 2022/23:

Property Description Rateable value
Unit 1 Hairdressing salon and premises £8,100
Unit 2/3 Shop and premises £9,400
Unit 4 Café bar and premises £17.250

Services

Mains drainage, electricity and water are connected to the property.
We have not carried out tests on any of the services or appliances and interested parties should arrange their own tests to ensure they are in working order.

Viewing

Strictly by appointment with the sole selling agent:
Nick Dunn

VAT

The property has been elected for VAT and the seller is currently VAT registered. It is proposed the transaction be treated as a TOGC (Transfer of a Going Concern). Further details on application.

Legal Costs

Each party will be responsible for their own legal costs incurred in documenting the transaction.

Terms

The ground floor retail leases are drafted on effectively full repairing and insuring terms via service charge recovery. The rents are paid monthly in advance and reviews for unit 2/3 & unit 4 are upwards only to market rent. The rent reviews for unit 1 and unit 4 are upwards or downwards to market rent.

The residential upper floors have been sold off on a long leasehold basis (typically 125 year leases with approximately 100 years left unexpired at a peppercorn rent) and it is intended that the freehold of the entire building, to include the residential parts, is offered for sale along with the management company, Curzon St Peter Management Ltd which administers the service charge.

The tenants and principal lease terms are as follows:

Unit 1 is let to Kerri Louise Grace T/A Graceful Hair, on a 9 year lease commencing April 2019. There are 3 yearly rent reviews with an outstanding review from April 2022. The current rent is £15,000 pax.

Unit 2/3 is let to Lana's Holistic Centre Ltd on a 10 year lease commencing November 2019. The current rent is £10,500 and the rent increases 8th February 2023 to £11,500 pax and again on 8th February 2024 £12,500 pax. There are 3 yearly rent reviews.

Unit 4 is let to Richard Podd Ltd T/A On the Huh, on a 6 year lease commencing December 2019. The current rent is £18,000 pax and the lease provides for the rent to be increased to £20,000 pax w.e.f 11/05/21. This rent was not implemented due to Covid 19. There is a rent review in December 2022.