Princes Street, Ipswich, Suffolk

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An opportunity to acquire the freehold of Friars Courtyard comprising fully let office investment and ground rent income generating £23,700 per annum exclusive.
Potential for future residential conversion (STP & possession)

Capital value below £100 per sq ft. 

First floor on the market To Let with Guide Rent £9,500 PA 

WAULT 2.5 years

 

Location
The property occupies a prominent location in the heart of Ipswich town centre, opposite the well known Willis building, designed by Norman Foster and Listed Grade I. Other occupiers located nearby include Savills and Attwells Solicitors.

Directions
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Description
30-32 Princes Street is an impressive office building which was purpose built around 1986 and is known as Friars Courtyard.  Unit 1, which fronts Princes Street, is arranged over ground and three upper floors together with basement storage.  The ground floor has an extensive window frontage to Princes Street and also planning permission for Class A2 use and a new doorway access if required.   There is private and secure car parking within the rear of Friars Courtyard providing 3 spaces used by occupiers of Unit 1.  The remaining spaces are demised to owners and occupiers of the various buildings to the rear.  

The Accommodation
Unit 1 extends to around 436.4 sqm  (4,695 sq ft) as follows:

UNIT 1
Basement Storage – 75.2 sqm – 809 sq ft        
Ground Floor Offices – 89.4 sqm – 962 sq ft – RV:£14,750    
First Floor Offices – 124.5 sqm – 1,340 sq ft – RV:£8,800    
Second Floor Offices – 125.6 sqm – 1,351 sq ft – RV:£6,700    
Third Floor Offices – 21.7 sqm – 233 sq ft – RV:£1,150    
TOTAL – 436.4 sqm – 4,695 sq ft    

Rent per annum – £33,200

Tenure
The entire property is offered for sale freehold as a Transfer of Going Concern at a Guide Price of £355,000.  No VAT is payable. 

Tenancies
The overall property is fully let on full repairing and insuring ground leases with a service charge provision.  Unit 1 is multi-let to several good quality commercial tenants which include MidShires Care Ltd (Trading as Helping Hands) and SM Global Consultancy.  Units 2-8 inclusive have all been sold on 199 year long leases and there are full service charge provisions and ground rents payable.  

The property at present produces £23,700 per annum exclusive with a WAULT (weighted average unexpired lease term) of 2.5 years.  Further information, tenancy schedule and copy leases are available upon request.  

Services
The properties are connected to all mains services.  A gas fired boiler in the basement of Unit 1 provides central heating and hot water to all floors.

Planning
The property has full planning permission for Class B1 Office Use (Now Use Class E) and the ground floor of Unit 1 also benefited from use within Class A2 (Financial and Professional Services.)  Units 2 and 3 (to the rear) have recently been converted to residential as 6 x 2 bedroom flats.  
(Planning Ref: IP21/00733/P3JPA).   Unit 8 has also been converted to residential use.

VAT
No VAT is payable.  

Business Rates
Unit 1 is currently assessed as Offices and Premises with Rateable Values as per the table above.  All other units and car spaces in Friars Courtyard are separately assessed, and the responsibility of the long lessees.

Local Authority
Ipswich Borough Council; Grafton House, 15-17 Russell Road, Ipswich IP1 2DE; Tel: 01473 432000

Legal Costs
Each party to be responsible for their own legal costs incurred in any transaction. 

Viewing
Strictly by prior appointment with the agent.

EPC
Rating = C (64).  A full copy of the EPC is available on request.

NOTES

1.  Every care has been taken with the preparation of these particulars, but complete accuracy cannot be guaranteed.  If there is any point, which  is of particular importance to you, please obtain professional confirmation. Alternatively, we will be pleased to check the information for you.  These Particulars do not constitute a contract or part of a contract.  All measurements quoted are approximate.  The Fixtures, Fittings & Appliances have not been tested and therefore no guarantee can be given that they are in working order.  Photographs are reproduced for general information and it cannot be inferred that any item shown is included.  No guarantee can be given that any planning permission or listed building consent or building regulations have been applied for or approved. The agents have not been made aware of any covenants or restrictions that may impact the property, unless stated otherwise.  Any site plans used in the particulars are indicative only and buyers should rely on the Land Registry/transfer plan.

2. The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 require all Estate Agents to obtain sellers’ and buyers’ identity.

May 2024