Princes Street & Elm Street, Ipswich, Suffolk

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 £37,000 pax.  Gross Residential Income is currently £34,140 pax.

A summary description of the properties and related tenancies is tabled in 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 £825,000 + VAT, reflecting a net initial yield of 8.2% 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