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Retail Property (high street) for sale

1 - 5 Tacket Street,Ipswich,Suffolk IP4 1AU

Under Offer 2,837 sq. ft. | £370,000

Property Description

Commercial information

  • 2,837 sq ft (263 sq m)
  • Use class orders: A1 Shops

Key features

  • Fully Let Investment
  • 8.3% Net Initial Yield
  • Income 31,850 PA
  • Let to RSPCA & Bloom Hearing

Full description

LOCATION
The property is located to the south east of Ipswich town centre on the corner of Tacket Street and Upper Brook Street with car parking (NCP) adjacent.

Nearby occupiers include; Sainsbury's, cash exchange, Jennings Bet and Charity shops; Age UK and St Helena Hospice.

DESCRIPTION
A prominent three storey building comprising two ground floor retail units with basements. On the upper floors there are four residential flats accessed via a shared self-contained entrance and a garage to the rear. The four flats, and rear garage, have been sold off on a long leasehold basis.

No. 1-3 comprises a ground floor sales area, office, W/C, further office / storage area on the first floor and a large basement.

No. 5 comprises, sales area, office, kitchenette, W/C and further basement storage.

ACCOMMODATION
(approximate net internal figures)
ACCOMMODATION
(approximate net internal figures)

1-3 Tacket Street
Retail Approx. 586 sq ft 54.4 m
Office Approx. 98 sq ft 9.1 m
First Floor Approx. 411 sq ft 38.2 m
Basement Approx. 835 sq ft 77.6 m
Total Approx. 1,930 sq ft 179.3 m

5 Tacket Street
Retail Approx. 383 sq ft 35.6 m
Office Approx. 101 sq ft 9.4 m
Kitchenette Approx. 23 sq ft 2.1 m
Basement Approx. 400 sq ft 37.1 m
Total Approx. 907 sq ft 84.2 m

Note: 1-5 Tacket Street is freehold. However a long leasehold was granted from 19/05/2011 for 99 years at a peppercorn rent to a related party for No.5. This lease is to be surrendered at the same time as the freehold is sold.

TENANCY DETAILS
No. 1-3 - is subject to a lease for ten years granted to the trustees of the RSPCA on 10/10/12 contracted outside the security of tenure provisions of the landlord and tenant act 1954. The tenant has an option to break the lease at the end of the fifth year (10/10/17) on no less than six months' notice. The annual rent is 21,000 which is payable quarterly in advance. The rent is subject to upward only reviews on 10/10/2016 and 10/10/2020.

No. 5 - Initially let to Hearing Solutions Ltd however subsequently assigned to Bloom Hearing Specialists Ltd on 24/02/14. The lease is for a term of ten years from 25/12/09 expiring on 24/12/19 and is inside the landlord and tenant act 1954. The lease contains a tenant only break option in December 2014 which was not exercised. The annual rent is 10,500 payable quarterly in advance subject to an upward only rent review in December 2014 which has not yet been implemented. A rent deposit of 5,250 plus VAT is being held against the performance of the lease.

The benefit of a current cumulative ground rent for the long leasehold flats of 350 per annum which is payable to the freeholder.

The total current rental income is 31,850 per annum exclusive of rates and VAT.

SERVICE CHARGE/REPAIRS
Both of the shops and each of the flats pay a service charge towards the maintenance of the building. Further information is available upon request.

PROPOSAL
We are instructed to seek offers in excess of 370,000 for the freehold interest. A purchase at this price reflects a net initial yield of 8.3% after deducting approximate purchaser's costs of 4.8%.

VAT
We are informed that VAT is NOT payable on this transaction.

BUSINESS RATES
We have been advised that the rateable value for these premises are; 1-3 16,750 and 5 9,700.

ENERGY PERFORMANCE CERTIFICATE (EPC)
A full copy of the EPC assessments and recommendation reports are available from our office upon request.

NOTE
We understand that the property does not fall under the remit of Part 1 of the Landlord & Tenant Act 1987 as amended by the Housing Act 1996 (which gives right of first refusal to any tenants of residential properties) as not more than 50% of the building is used for non-residential purposes.

VIEWING
Strictly by appointment via sole agents:
Newman Commercial
Tel: 01206 85 45 45

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