20/22 Ipswich Street Stowmarket Suffolk IP14 1AD

  • 20/22 Ipswich Street<br>Stowmarket<br>Suffolk<br>IP14 1AD

20/22 Ipswich Street
Stowmarket
Suffolk
IP14 1AD

Freehold Bank Investment in Affluent Market Town

  • Entirely let to The Co-operative Bank plc (t/a Britannia, part of The Co-Operative Bank) until 2023
  • Located in prime town centre pitch on busy retailing thoroughfare
  • Tenant been in occupation for more than 40 years
  • Nearby occupiers include Boots the Chemist, Greggs, Specsavers, Argos and Halifax Bank
  • Six Week Completion
  • Lot
    17
  • Auction
    5th December 2013
  • Rent
    £40,000 per Annum Exclusive
  • Status
    Sold
  • Price
    £475,000
  • Auction Venue
    Millennium Hotel
    44 Grosvenor Square
    London W1K 2HP
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Freehold Bank Investment in Affluent Market Town

  • Entirely let to The Co-operative Bank plc (t/a Britannia, part of The Co-Operative Bank) until 2023
  • Located in prime town centre pitch on busy retailing thoroughfare
  • Tenant been in occupation for more than 40 years
  • Nearby occupiers include Boots the Chemist, Greggs, Specsavers, Argos and Halifax Bank
  • Six Week Completion
  • Lot 17
  • Auction 5th December 2013
  • Rent £40,000 per Annum Exclusive
  • Status Sold
  • Price £475,000
  • Sector
    Bank
  • Auction Venue
    Millennium Hotel
    44 Grosvenor Square
    London W1K 2HP

Property Information

Location
Miles
13 miles north-west of Ipswich, 15 miles east of Bury St Edmunds
Roads
A1308, A14
Rail
Stowmarket Rail
Air
Southend, London Stansted, London City
Situation

The property is situated in a prime retail pitch on the southern side of Ipswich Street within Stowmarket town centre, a historic and affluent market town. The property is located close to Market Place, midway between the Asda Superstore at the Meadow Shopping Centre and the newly opened Morrisons Store on Milton Road South. Other nearby occupiers include Boots the Chemist, Greggs, Specsavers, Argos and Halifax Bank.

Tenure

Freehold.

Location
Miles
13 miles north-west of Ipswich, 15 miles east of Bury St Edmunds
Roads
A1308, A14
Rail
Stowmarket Rail
Air
Southend, London Stansted, London City
Situation

The property is situated in a prime retail pitch on the southern side of Ipswich Street within Stowmarket town centre, a historic and affluent market town. The property is located close to Market Place, midway between the Asda Superstore at the Meadow Shopping Centre and the newly opened Morrisons Store on Milton Road South. Other nearby occupiers include Boots the Chemist, Greggs, Specsavers, Argos and Halifax Bank.

Tenure

Freehold.

Description

The property comprises a ground floor banking hall and storage/ancillary accommodation, with a self-contained three room residential flat on the first floor, accessed from the rear. The property also benefits from two car parking spaces and a common service yard to the rear.

VAT

VAT is not applicable to this lot.

Viewings

There will be block viewings for this property.
Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Gwen Thomas. Tel: +44 (0)20 7034 4857.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises a ground floor banking hall and storage/ancillary accommodation, with a self-contained three room residential flat on the first floor, accessed from the rear. The property also benefits from two car parking spaces and a common service yard to the rear.

VAT

VAT is not applicable to this lot.

Viewings

There will be block viewings for this property.
Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Gwen Thomas. Tel: +44 (0)20 7034 4857.

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
Ground

First		 Banking Hall
Strong Room/Storage
Residential (2)
123.75 sq m
10.68 sq m
3 Rooms, Kitchen and Bathroom
(1,332 sq ft)
(115 sq ft)
 THE CO-OPERATIVE
BANK PLC (1) (t/a
Britannia, part of The
Co-Operative Bank)		 25 years from 08/07/1998 until 07/07/2023 on a full repairing and insuring lease £40,000 08/07/2018
Total Commercial Floor Area
134.43 sq m
(1,447 sq ft) (3)
     £40,000

(1) The Co-Operative Bank, trading also as Britannia and Smile, operates from more than 300 High Street branches and 22 Corporate Banking Centres throughout the UK. On 4th November 2013, The Co-Operative Group announced recapitalisation plans for The Co-Operative Bank with The Co-Operative Group to retain 30% of the Bank as the largest single shareholder (Source: www.co-operative.coop 06/11/2013). Junior bondholders, including a consortium of hedge funds, led by Aurelius Capital Management LP and Silver Point Capital LP, will take a 70% stake (Source: www.online.wsj.com 06/11/2013).
(2)The tenant has sublet the first floor residential flat.
(3)The floor areas stated were agreed at the 2013 review.

Contacts

Seller's Solicitors
Fladgate LLP 16, Great Queen Street
London
WC2B 5DG
Stephen Lewis 0203 036 7231slewis@fladgate.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
Property InsuranceBrown & BrownNatasha WardBroking Director+44 7545 208 759bbrown.com

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