Gross Initial Yield: 8.70%
Rental Income: £50,000 p.a.
VAT is applicable to this property
Comprises a ground floor pub with a beer cellar to the basement, managers` accommodation on the first floor and storage on the second floor
Let on a lease expiring 2034 (no breaks)
Benefits from gated courtyard with outdoor seating for 40 people
Occupiers nearby include the Corn Exchange Theatre and Little Waitrose, Ipswich Building Society, Barclays Bank and Costa amongst many others.
The property is arranged as a ground floor pub with a beer cellar to the basement. At first floor level is a manager's flat, with the second floor presently used for storage. The gated courtyard is being refurbished and when complete will have an outdoor bar and seating for approximately 40 people.
The property provides the following accommodation and dimensions:
Ground Floor: 161.40 sq m (1,737 sq ft)
Basement - Cellar: 64.65 sq m (696 sq ft)
First Floor: 5 rooms, kitchen, bathroom, WC
Second Floor: 4 rooms
The property is at present let to Thurst Hurdle Ltd for a term of 15 years from 19th July 2019 at a current rent of £50,000 per annum and the lease contains full repairing and insuring covenants. The lease provides for annual RPI linked increases (2% and 3.5% collar and cap) and five yearly rent reviews. Rent deposit held of £15,031.45.
Ipswich is an historic Suffolk town located 66 miles north east of London and 40 miles south of Norwich. The A14 provides access to Cambridge and Felixstowe whilst the A12 gives access to London and Lowestoft. Ipswich rail station provides frequent services to London Liverpool Street (fastest journey time 1 hour 8 minutes). The property is situated on the south side of King Street, within the town centre, close to its junction with Princes Street and Queens Street. Occupiers close by include the Corn Exchange Theatre and Little Waitrose (both opposite), Ipswich Building Society, Barclays Bank and Costa amongst many others.