Retail premises for sale in 7-11 King Street, Ipswich, Suffolk IP1

For sale by auction on Wednesday, 01 May 2024 at 11:00

Venue: Livestream Auction

A prime town centre investment with a strong yield

Situated in the heart of town opposite the Corn Exchange is this outstanding Freehold mixed use investment comprising 2 retail units with 1 and 2 bedroom flats above.

The larger of the retail units is trading as a cafe/shop and is let on a 10 year lease from 2015 at a current rent of £9,450 per annum, the adjoining small retail unit is vacant but was previously let to a florist for £5,000 per annum.

The flats above are both on rolling Assured Shorthold Tenancies at rents of £525 and £665 per calendar month respectively (£6,300 & £7,980 per annum).

With an overall potential annual yield exceeding 10% of the low Guide Price we believe this to be a solid investment opportunity.

Council Tax Band
Current Rating A (Flats 1 & 2,9 King Street)

Business Rates
7 King Street - according to the Valuation office website the premises has a rateable value of £2,800 with effect from 1 April 2023.

11 King Street - according to the Valuation office website the premises has a rateable value of £6,900 with effect from 1 April 2023.

Viewing
By appointment with our Ipswich office.

EPC Rating: Flats = A, Shops = D

Additional Fees
Buyers Premium: £1140 inc VAT payable on exchange of contracts.

Administration Charge - 0.3% inc VAT of the purchase price, subject to a minimum of £1200 inc VAT, payable on exchange of contracts.

Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.

Price Information
* Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Additional Fees Information
Please be aware there may be additional fees payable on top of the final sale price. This includes and are not limited to administration charges and buyer's premium fees payable on exchange, and disbursements payable on completion. Please ensure you check the property information page for a list of any relevant additional fees as well as reading the legal pack for any disbursements.