Units A-C Star Lane & 29 Lower Orwell Street
Ipswich
Suffolk
IP4 1JN

Freehold Town Centre Retail Warehouse and Car Park Investment

  • Comprises three adjoining retail warehouses, car park and an additional workshop - totalling approximately 20,068 sq ft
  • Benefits from an approximate site area of 0.37 hectares (0.91acres) and car parking
  • Town centre location close to Ipswich waterfront and Marina
  • Future redevelopment potential (subject to consents)
  • Lot
    24
  • Auction
    14/Feb/2018
  • Rent
    £86,360 per Annum Exclusive
  • Status
    Sold
  • Price*
    £1,090,000
  • Sector
    Retail Warehouse
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Behalf of Fixed Charge Receivers at Duff & Phelps
Important Property Update
  • Units A-C Star Lane & 29 Lower Orwell Street<br>Ipswich<br>Suffolk<br>IP4 1JN
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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 prominently situated on the north side of Star Lane, a busy arterial route in the heart of the town centre. The property benefits from being located close to the town's main retailing offer to the north and the popular waterfront and Neptune Marina to the south.

Tenure

Freehold.

Description

The property comprises a substantial site of approximately 0.37 hectares (0.91 acres), upon which is built a terrace of three adjoining retail warehouses and an additional motor trade workshop fronting Lower Orwell Street. The property benefits from on-site car parking and access from both Star Lane and Lower Orwell Street.

VAT

VAT is applicable to this lot.

Note

This property is being marketed for sale on behalf of Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

EPC

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

Tenancy & Accommodation

UnitFloorUseFloor Areas (Approx)TenantTermRent p.a.xReview/(Reversion)
AGroundRetail/
Ancillary
485.41 sq m
(5,225 sq ft)
INDIVIDUALS
t/a Harpers
Furniture (1)
10 years from
17/04/2014 (2)
£25,22517/04/2019
(16/04/2024)
BGround
& First
Restaurant/
Ancillary
642.04 sq m
(6,911 sq ft)
PREMIER POOL
CLUB LIMITED
t/a Bears
7 years from
05/07/2017
£26,50029/09/2022
(04/07/2024)
CGroundRetail/
Ancillary
576.45 sq m
(6,205 sq ft)
INDIVIDUALS
t/a Stylish
Furniture
10 years from
01/12/2017 (3)
£23,000Rising to £24,000 on
01/12/2018 and £25,000
on 01/12/2019.
Open Market Review on
5th anniversary
(30/11/2027)
29 Lower
Orwell
Street
GroundWorkshop
160.44 sq m
(1,727 sq ft)
INDIVIDUAL
t/a Technic
Motors
10 years from
03/06/2013
£6,50003/06/2018
(02/06/2023)
Car Parking  
13 Spaces
INDIVIDUAL7 years from
01/12/2017 (4)
£5,1355th Anniversary
(30/11/2024)
Total 
1,864.34 sq m
(20,068 sq ft)
  £86,360 

(1) Harpers Furniture is a family run business set up in 1995 to sell home furnishings and accessories. Harpers currently trade from units in Ipswich and Stowmarket (www.harpersfurniture.co.uk).
(2) The lease is subject to a tenant option to determine on 17th April 2019.
(3) Heads of terms have been agreed and the lease is in solicitors hands due to complete imminently. The lease will provide for a mutual option to determine on 1st December 2023. From completion of the lease, the tenant will benefit from a six month rent free period.
(4) Heads of terms have been agreed and the lease is in solicitors hands due to complete imminently. The lease provides for a landlord option to determine annually on the anniversary of the lease.

Property Documents

  • Site Plan
    Updated Date
    23.01.18
    File Size
    1 MB
    View PDF
  • Catalogue Page
    Updated Date
    23.01.18
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Will MooreWill Moore +44 (0)20 7034 4858 +44 (0)7899 877 224will.moore@acuitus.co.uk
Peter MayoPeter Mayo +44 (0)20 7034 4864 +44 (0)7833 459318Peter.mayo@acuitus.co.uk
Seller's Solicitors
Clarke Willmott LLP Burlington House, Botleigh Grange Business Park, Hedge End
Southampton
SO30 2AF
Kristian Johnson 0345 209 1618kristian.johnson@clarkewillmott.com

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