Princes Street & Elm Street, Ipswich, Suffolk
- PROPERTY TYPE
Commercial Property
- BEDROOMS
4
- BATHROOMS
4
- SIZE
Ask agent
Description
A substantial mixed use investment opportunity that is fully let and currently generates a combined commercial and residential income of £56,275 PAX rising to £64,525 PAX comprising two retail units and three apartments.
Location
Situated in the town centre within the main, commercial, retail and business district of the town and within a short walk to the railway station.
Directions
For those using the What3Words app: ///staff.bared.rabble
Description
The property comprises ground and lower ground floor commercial units together with first, second and third floor residential flats accessed from Elm Street to the rear. The flats have recently been refurbished with electric heating, double glazing, new kitchens and bathrooms. The residential accommodation is served by a modern passenger lift. There are 2 car parking spaces accessed off Elm Street let with the ground floor.
The Tenancies
Gross Commercial Income is currently £28,750 pax. Gross Residential Income is currently £27,525 pax.
TOTAL £56,275 pax - Increasing to £64,525 pax
A summary description of the properties and related tenancies is tabled below - see floorplan option - and also see the PDF brochure.
Services
All mains services are provided to the property including mains electricity, drainage and water.
Planning
The ground floor has permission for Class A1 Retail. The lower ground floor has D1 Assembly and Leisure Use.
VAT
VAT is payable on part of the purchase price.
Business Rates
The commercial parts of the property are assessed as follows:
Lower Ground Floor - Gaming Lounge and Premises: Rateable Value £6,400
Ground Floor Office used as Shop: Rateable Value £24,250 (Recently re-assessed)
Council Tax
1 bedroom flats: Band A; 2 bedroom flat: Band B
Local Authority
Ipswich Borough Council; Grafton House, 15-17 Russell Road, Ipswich IP1 2DE; Tel:
Terms
The freehold interest is available subject to and with the benefit of the various tenancies outlined in the enclosed table.
Offers in the region of £895,000 + VAT, reflecting a net initial yield of 6.6% after deducting purchaser’s costs of 5.75%.
Legal Costs
Each party to be responsible for their own legal costs incurred in any transaction.
Viewing
Strictly by prior appointment with the agent.
NOTES
1. Every care has been taken with the preparation of these particulars, but complete accuracy cannot be guaranteed. If there is any point, which is of particular importance to you, please obtain professional confirmation. Alternatively, we will be pleased to check the information for you. These Particulars do not constitute a contract or part of a contract. All measurements quoted are approximate. The Fixtures, Fittings & Appliances have not been tested and therefore no guarantee can be given that they are in working order. Photographs are reproduced for general information and it cannot be inferred that any item shown is included. No guarantee can be given that any planning permission or listed building consent or building regulations have been applied for or approved. The agents have not been made aware of any covenants or restrictions that may impact the property, unless stated otherwise. Any site plans used in the particulars are indicative only and buyers should rely on the Land Registry/transfer plan.
2. The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 require Clarke & Simpson to formally verify prospective sellers’, buyers’ and tenants’ identity, residence and, if applicable, source of funds prior to instructing solicitors.
March 2023
Brochures
Brochure 1Energy Performance Certificates
EPC 1EPC 2Princes Street & Elm Street, Ipswich, Suffolk
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Ipswich Station0.5 miles
- Derby Road Station1.4 miles
- Westerfield Station1.8 miles
About Clarke and Simpson, Framlingham
Well Close Square, Framlingham, IP13 9DU
Clarke & Simpson is an independent firm of Chartered Surveyors dealing in rural property matters including estate agency, residential lettings, farm and land sales, professional valuations, estate management, auctioneering and architectural work. With a team of over thirty working from our office in the medieval town of Framlingham, we pride ourselves on our wealth of experience and knowledge and do our very best to a offer a completely dedicated, personal and professional service.
Whilst our business is based around bricks and mortar, more fundamentally it is about people and this is where Clarke & Simpson hope that we genuinely excel. We believe our reputation is built on openness and honesty.
HistoryThe business was started in Christopher Clarke's playroom back in 1989. Christopher had previously been the managing director of a large corporate agency and was keen to get back to his original roots of selling property and offering a first class personal service. The business may have grown but there is still the great enthusiasm from all the team to offer the highest quality care and attention.
ServiceWe all detest phoning any business and either getting an answerphone or speaking to someone who cannot help and are simply fielding the call. We really want everyone who contacts us to feel that we have done our very best to help in a prompt and efficient manner. When you call during working hours you will always get to speak to one of our experienced team, not an answer phone. If that person cannot immediately help you, they will do their utmost to find someone who can.
- Call us and always get to speak to a member of our experienced staff and never an answerphone during office hours.
- With our team of over thirty, including eight Chartered Surveyors, we are confident that our personal and truly professional service will most often be a cut above the rest.
- Our agents have lived and worked in Suffolk for most of their lives and are proud of the fact that they know most small lanes, pubs, schools and parishes in the area, and can offer buyers and sellers honest and knowledgeable advice.
- We work on the basis that, having dealt with Clarke & Simpson, you would be happy and keen to recommend us to your family and friends.
Notes
Disclaimer - Property reference S205037. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Clarke and Simpson, Framlingham. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
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