26 bed property for sale

Lacey Street, Ipswich IP4

Hanover Court, Lacey Street, Ipswich IP4 2PJ is a freehold, purpose-built residential block comprising 26 self-contained apartments held as a single investment asset. The property is operated as an open-market private rented sector investment, with all units let on Assured Shorthold Tenancies and no age, care, nomination or occupancy restrictions.

The apartments vary in size and layout, which is reflected in the achieved rent profile across the scheme, with rents ranging from £775 pcm to £1,200 pcm. The current passing rent amounts to £24,785 per calendar month, equating to £297,420 per annum. Two apartments are currently vacant, representing £1,790 per calendar month (£21,480 per annum) of immediate reversionary potential upon re-letting.

The asset is being marketed at £2,900,000, reflecting a gross yield of approximately 10.25% on the current passing income. Further income upside is available through the future occupation of units 10A and 10B, which now are ready for occupation, these units are excluded from the current income and yield calculations.

Hanover Court is located within the IP4 postcode, an established and consistently lettable residential area of Ipswich, close to the town centre, waterfront amenities and transport links. The property offers a straightforward, income-led investment opportunity with diversified income across multiple tenancies and clear asset management upside, suitable for private investors, syndicates and regional funds.