44 Miles South-East of Cambridge, 15 Miles North-East of Colchester, 65 Miles North-East of London
Roads
A12, A14, A1156
Rail
Ipswich Railway station
Air
London Stansted Airport
Situation
Ipswich is the largest town in Suffolk and is a major commercial centre in East Anglia. The property is prominently situated in the heart of the town centre on the southern side of the busy and pedestrianised Westgate Street, close to The Cornhill and Ipswich Town Hall. Nearby occupiers include Marks and Spencer, Primark, Starbucks, Costa, JD Sport, Clarks and many more national and local retailers and restaurants.
There are plans to subdivide the former Debenhams department store directly opposite the property with interest understood to have been expressed from retailers such as Marks & Spencer, TK Maxx, H & M and River Island.
Tenure
Freehold.
Location
Miles
44 Miles South-East of Cambridge, 15 Miles North-East of Colchester, 65 Miles North-East of London
Roads
A12, A14, A1156
Rail
Ipswich Railway station
Air
London Stansted Airport
Situation
Ipswich is the largest town in Suffolk and is a major commercial centre in East Anglia. The property is prominently situated in the heart of the town centre on the southern side of the busy and pedestrianised Westgate Street, close to The Cornhill and Ipswich Town Hall. Nearby occupiers include Marks and Spencer, Primark, Starbucks, Costa, JD Sport, Clarks and many more national and local retailers and restaurants.
There are plans to subdivide the former Debenhams department store directly opposite the property with interest understood to have been expressed from retailers such as Marks & Spencer, TK Maxx, H & M and River Island.
Tenure
Freehold.
Description
The property comprises an attractive retail parade currently arranged to provide 4 ground floor retail units with ancillary accommodation on the upper floors. The total approximate net internal floor area is 1,062.15 sq m (11,429 sq ft).
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 an attractive retail parade currently arranged to provide 4 ground floor retail units with ancillary accommodation on the upper floors. The total approximate net internal floor area is 1,062.15 sq m (11,429 sq ft).
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
Address
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
5 Westgate Street
Ground First Second
Retail Ancillary Ancillary
121.36 95.66 38.50
(1,306) (1,029) (414)
H SAMUEL LTD (1)
5 years from 24/03/2022 (5)
£50,000
7 Westgate Street
Ground First
Retail Ancillary
151.18 107.75
(1,627) (1,159)
HOLLAND AND BARRETT RETAIL LTD (2)
10 years from 27/08/2013 (6)
£80,000
9 Westgate Street
Ground First
Retail Ancillary
120.90 162.00
(1,301) (1,743)
CLAIRE'S ACCESSORIES (UK) LTD (3)
13 years from 31/03/2012 (7)
£25,000
11-13 Westgate Street
Ground
Retail
264.80
(2,850)
CARDS DIRECT RETAIL LTD (4)
10 years from 14/10/2019 (8)
£75,000
14/10/2024
Total Approximate Floor Area
1,062.15
(11,429) (9)
£230,000
(1) H. Samuel is a mass-market jewellery chain operating in the UK and Ireland and part of Signet Group, the world's largest retailer of diamond jewellery (www.hsamuel.co.uk). (2) For the year ending 30/09/2021 Holland & Barrett Retail Limited reported a Turnover of £528,592,000 a Pre-Tax Profit of £43,626,000 and a Net Worth of £274,434,000 (NorthRow 20/06/2023). (3) For the year ending 29/01/2022 Claire's Accessories UK Limited reported a Turnover of £113,780,000 a Pre-Tax Profit of negative £12,355,000 and a Net Worth of £11,773,000 (NorthRow 08/06/2023). (4) Cards Direct are an independent retailer in the UK specialising in high quality greeting cards, gifts and gift packaging operating from over 40 locations across the UK (www.cardsdirect.co.uk). (5) The lease provides for a tenant option to determine the lease on 23/03/2024 and 23/03/2026 upon serving 6 months written notice. (6) Section 26 Notice under the Landlord and Tenant Act 1954 has been served by the tenant showing intent to renew their lease. Holland & Barrett have also shown interest in taking a new lease over units 7 and 9 Westgate Street. Full details are available within the legal pack. (7) The lease provides for a rolling mutual option to determine the lease upon serving 6 months written notice. (8) The lease provides for a tenant option to determine the lease on 13/10/2024 upon serving 6 months written notice. (9) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk).
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
