Commercial property for sale in Butter Market, Ipswich IP1

Key Points

Description

The property comprises a three storey brick building plus small basement. The ground floor and basement are let to Magazin Romanesc Bacau Ltd trading as an Eastern European Food Store on a new 10 year lease from January 2024 with a fifth year break and 3 yearly rent reviews.

The first and second floors comprise self contained 1-bedroom apartments, accessed via the rear of the property, let to private individuals on 6 month AST's at a rent of £775 pcm each.

The total rental income for the property is £34,600 per annum and the asking price equates to a Gross Initial Yield of 8.75%.

Location

The property is situated in Ipswich Town Centre on the Buttermarket, close to its junction with Upper Brook Street. Neighbouring retail occupiers include The Works, Caffe Nero, The Tooth Club and Oxfam.

The flats and bin/cycle stores are accessed at the rear of the property via a walkway from St Lawrence Street.

Ipswich is the county town of Suffolk with a population of circa 130,000. The town is situated approximately 80 miles north east of London, 43 miles south of Norwich and 18 miles north east of Colchester.

Viewings

Viewings to be arranged through Hazells Chartered Surveyors on .

Terms

The property is available freehold subject to the occupation tenancies in place.

Availability_Text

The accommodation comprises the following areas:

VAT

VAT is applicable on the purchase price. The vendor would consider a sale via a Transfer of Going Concern meaning that no VAT would be payable.