14-16 Ipswich Street, Stowmarket, Suffolk

LOCATION
Stowmarket is a historic market town, located 15 miles north west of Ipswich. The town has good access to the A14 which provides routes to Bury St Edmunds and Ipswich. The population of Stowmarket is estimated at 22,000 with considerable further development planned for the town and surrounding villages as part of an area action plan.

The property is situated in a good primary position along Ipswich Street, which is accessed from Tavern Street and Market Place. Due to Ipswich Street being one of the town´s primary retail locations, the property benefits from good footfall. Nearby occupiers include Boots, Greggs, Holland & Barrett, East of England Co-op, Specsavers, Argos, British Heart Foundation and the Greene King Royal Oak Pub which has recently been refurbished. Stowmarket also benefits from a Railway Station, this being on the main line which goes direct to London Liverpool Street, journey time just over an 1 hour 20 minutes.

DESCRIPTION
For Sale by way of Private Treaty:

- Primary Town Centre Retail Location
- Loading Bay at the Front of the Property
- Close Proximity to Public Car Park
- Growing Market Town
- VAT is not applicable
- Total Current Rent Reserved £28,100 pax

14-16 Ipswich Street comprises a rectangular Ground Floor Retail Shop occupied by the Charity MIND, extending to approximately 1,657 sq. ft. and benefits from a public loading bay directly outside the shop. There is also vehicular access to the rear for loading and unloading.

At first floor there is a two bedroomed self-contained residential flat which has been recently refurbished with double glazed windows, electric heating and a new kitchen and bathroom. The flat is currently let on an AST.

TENURE

The tenure is Freehold subject to a commercial tenancy on the Ground Floor and an Assured Shorthold Tenancy on the First Floor.

RENT

Ground Floor - £20,000 per annum
First Floor - £8,100 per annum

Total Rent Receivable - £28,100 per annum

TENANCY

The Commercial Ground Floor Shop is let by way of a Lease dated 8th February 2024 to the Tenant MIND (the National Association for Mental Health) for a term of 5 years, expiring 7th February 2029 at an initial passing rent of £20,000 per annum exclusive. There is a Tenant option to break the Lease on the 7th February 2027, the Lease is by way of an internal repairing and insuring Lease. A copy of the Lease is available upon request.

In respect to the First Floor the Flat is let to an individual by way of an Assured Shorthold Tenancy arrangement for a term of 12 months at a current passing rent of £675 per calendar month.

TERMS
We are instructed to seek offers in the region of £330,000 (three hundred and thirty thousand pounds) Subject to Contract.

RENT

Ground Floor - £20,000 per annum
First Floor - £8,100 per annum

Total Rent Receivable - £28,100 per annum

TENANCY

The Commercial Ground Floor Shop is let by way of a Lease dated 8th February 2024 to the Tenant MIND (the National Association for Mental Health) for a term of 5 years, expiring 7th February 2029 at an initial passing rent of £20,000 per annum exclusive. There is a Tenant option to break the Lease on the 7th February 2027, the Lease is by way of an internal repairing and insuring Lease. A copy of the Lease is available upon request.

In respect to the First Floor the Flat is let to an individual by way of an Assured Shorthold Tenancy arrangement for a term of 12 months at a current passing rent of £675 per calendar month.

OUTGOINGS

VAT
The property is not elected for VAT.

LEGAL COSTS
Each party will bear their own legal costs in relation to this transaction.

OTHER
Anti Money Laundering Regulations (AML):

Upon acceptance of an offer (subject to contract), the purchaser must provide proof of identity, residence, and source of funds to comply with Anti-Money Laundering legislation before the transaction can proceed.

REF: C4233