56 Queens Way
Ipswich
Suffolk
IP3 9EX

Freehold Retail and Residential Investment

Shop let to Done Brothers (Cash Betting) Limited until 2027 guaranteed by Coral Racing Limited (no breaks)
Includes a residential flat with a 72 year remaining lease
Neighbouring occupiers include Boots and East of England Co-op food store

Lot
41
Auction
24/Oct/2019
Rent
£7,481 per Annum Exclusive
Status
Sold Prior
Price*
Sector
High Street Retail
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN

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Map

* More information on the term "price" can be found here

Property Information

Location

Miles: 2 miles east of Ipswich town centre; 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 located within a local parade of shops on Queen's Way, in a predominantly residential area 2 miles east of Ipswich town centre and 2 miles west of the well established Ransomes Industrial Estate. Neighbouring occupiers include Boots, an East of England Co-op food store and a number of local retailers.

Tenure

Freehold.

Description

The property comprises ground floor retail accommodation and a self-contained residential flat on the first floor.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

Band C. See legal pack at acuitus.co.uk

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/(Reversion)
Ground	Retail	56.28 sq m	(605 sq ft)	DONE BROTHERS (CASH BETTING) LIMITED on Assignment and with an Authorised Guarantee Agreement (AGA) from CORAL RACING LIMITED t/a Betfred (1) (2)	16 years from 28/02/2011 on a full repairing and insuring lease	£7,446	29/09/2021 (27/02/2027)
First	Residentia	Not measured		INDIVIDUAL	99 year lease from 24/07/1992	£35	24/07/2025 and 24/07/2058 (23/07/2091)
Totals		56.28 sq m	(605 sq ft)			£7,481

(1) Established in 1967, as of July 2017, Betfred operates over 1,650 shops throughout the United Kingdom after the purchase of
322 shops due to the merger between fellow bookmakers Ladbrokes and Coral in October 2016
(Source: www.betfred.com/about 4/09/2019).
(2) For the year ending 31st December 2017, Coral Racing Limited reported a turnover of £598,371,000, pre-tax profits of £7,642,000 and total net worth of £75,914,000 (Source: Experian 26/09/2019).