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AGENT'S DETAILS


2-4 Upper Brook Street

For sale: POA|1828 Sq Ft|Retail - High Street, Retail

PROPERTY DETAILS

FOR SALEPOA
SIZE1828 Sq Ft
ADDRESS2-4 Upper Brook Street, Ipswich, IP4 1EE
TYPERetail - High Street, Retail
TENUREFor Sale Freehold
POSTED ON25th February 2021

DESCRIPTION

Key Points

  • Investment Opportunity
  • Good trading position just off main shopping core
  • Let to TUI Group (formerly TUI Travel plc)
  • Summary

    Located on Upper Brook Street close to the main shopping centre of Ipswich and bus routes.

    Description

    The property comprises a town centre retail unit arranged at ground and first floor with a prominent glazed frontage to Upper Brook Street.

    Location

    Located on Upper Brook Street close to the main shopping centre of Ipswich and bus routes.

    Terms

    We understand that the entire property is let to TUI Travel PLC (now TUI Group) for a term of 25 years from the 14th August 1998 with provision for upward only rent reviews at 5 yearly intervals and a current rent of £40,000 p.a. exclusive. Next rent review 2018. We calculate the current rent to reflect £38.00 per square foot, Zone A with the prospect of an uplift at the next review. The property is offered for sale freehold with the benefit of the lease to TUI Group. TUI Travel PLC statutory results for the year ending 30 September 2014 showed revenue of £14,619m, an operating profit of £499m and a profit before Tax of £362m. The newly formed TUI Group is expected to post results for 2015 of earnings around €1billion (£740million) for the year ending September 2015.

    Promo

    Town centre retail unit

    Price

    £800,000 Freehold. Which we calculate would show a purchaser a net initial yield of 4.7% after allowing for acquisition costs of 5.8%.

    LOCATION

    Location: 2-4 Upper Brook Street, Ipswich, IP4 1EE

    Ipswich (0.7 miles)

    Derby Road (1.2 miles)

    Westerfield (1.7 miles)

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