August 2018 tenant break option removed (see note 2)
Prominent town centre location
Nearby occupiers include Caffè Nero, Jack Wills, Costa, Starbucks, Sainsbury’s, Wilko and Greggs
Lot 36
Auction 7th December 2017
Rent £55,000 per Annum Exclusive
Status Sold
Price £690,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
19 miles north-east of Colchester, 54 miles south-east of Cambridge, 65 miles north-east of London
Roads
A12, A14
Rail
Ipswich Railway Station
Air
London Stansted Airport
Situation
The property is situated in the heart of Ipswich town centre on the east side of Upper Brook Street, opposite its junction with Buttermarket and 50 metres south of Tavern Street.
There is a large public car park to the rear and a bus stop adjacent. Nearby occupiers include Caffè Nero, Jack Wills, Costa, Starbucks, Sainsbury’s, Wilko and Greggs.
Tenure
Freehold.
Location
Miles
19 miles north-east of Colchester, 54 miles south-east of Cambridge, 65 miles north-east of London
Roads
A12, A14
Rail
Ipswich Railway Station
Air
London Stansted Airport
Situation
The property is situated in the heart of Ipswich town centre on the east side of Upper Brook Street, opposite its junction with Buttermarket and 50 metres south of Tavern Street.
There is a large public car park to the rear and a bus stop adjacent. Nearby occupiers include Caffè Nero, Jack Wills, Costa, Starbucks, Sainsbury’s, Wilko and Greggs.
Tenure
Freehold.
Description
The property comprises a double fronted unit providing ground floor retail accommodation and first floor ancillary accommodation.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a double fronted unit providing ground floor retail accommodation and first floor ancillary accommodation.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
Ground First
Retail/Ancillary Ancillary
317.99 sq m 209.96 sq m
(3,423 sq ft) (2,260 sq ft)
SAVERS HEALTH AND BEAUTY LIMITED (1)
10 years from 20/08/2013 on a full repairing and insuring lease
£55,000 (2)
20/08/2018 (19/08/2023)
Totals
527.95 sq m
(5,683 sq ft)
£55,000
(1) Savers was founded in 1988 and currently operates over 380 stores throughout the UK, employing over 3,000 personnel (www.savers.co.uk). Savers Health and Beauty Limited is ultimately owned by CK Hutchison Holdings Limited. (2) A Deed of Variation has recently been completed to remove the 20th August 2018 tenant option to determine. The tenant will benefit from a rent free period from 25/12/2017 to 23/06/2018. The Seller has agreed to adjust the completion monies so that the property will effectively produce £55,000 per annum from completion of the sale.
