The Stoke Marina development comprises 386 private, affordable and extra care apartments and houses. The ground floor commercial units are prominently located to the front of the scheme, along Stoke Quay Road, overlooking the River Orwell.
The premises have planning consent for a wide variety of uses including Classes A1-A5, B1 offices, D1 and D2 of the Town and Country Planning (Use) Classes order 1987. Planning Ref IP/10/00867/FUL/.
The property is for sale with vacant possession on the basis of a 250 year lease subject to a ground rent of £300 pa increasing every 25 years for the first 100 years, then to RPI every 25 years thereafter.
Long leasehold 8 commercial units fitted to shell specification
Situation The property is located in central Ipswich Lloyds Avenue which connects directly to the Cornhill and the main shopping thoroughfares of Tavern Street and Westgate Street, where there are a number of national retailers represented such as Debenhams, Marks and Spencers, WHSmith, Burtons and the two shopping centres, Sailmakers and The Buttermarket.
Description The property comprises 8 ground floor retail/restaurant premises, first floor self-contained offices and 4 ground rents from flats.
Tenancies The schedule of tenancies is attached. The properties currently produce a rental income of £170,100 per annum exclusive. There is one vacant unit (40 Lloyds Avenue). In December 2018 the rental income will increase to £172,100 and in February 2020 will increase to £197,100.
Price Offers in the region of £2,300,000 are requested for the freehold interest, subject to the existing tenancies, which represents a net initial yield of 6.6%.
Reversionary Freehold Commercial For Sale in Town Centre - 22-42 Lloyds Avenue