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Revetts House , 53-63 Norwich Road, Ipswich, East Of England, IP1

For sale: £460,000.00|2,292 Sq Ft|Other, Other Property Types & Opportunities

Property details

FOR SALE£460,000.00
SIZE2,292 Sq Ft
ADDRESSRevetts House , 53-63 Norwich Road, Ipswich, East Of England, IP1
TYPEOther, Other Property Types & Opportunities
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON4th February 2022

Description

Location
Ipswich is the County town of Suffolk with a resident population of approximately 130,000 and a retail catchment of almost 350,000. Ipswich is situated approximately 79 miles north east of Central London, 43 miles south of Norwich and 18 miles north of Colchester.

The property is situated in a prominent position on Norwich Road, adjacent to the junction with Bramford Road on the western outskirts of Ipswich town centre. Norwich Road is one of the principal arterial roads serving the town centre.

Description
The property comprises a modern four storey building, comprising 24 flats on the upper levels and four vacant business units to the front on the ground floor with under croft car parking serving the flats behind.

Unit 53 - 55 are situated to the left of the central apartment entrance and are of a similar format, both comprising open plan premises with shared disabled WC to the rear. Unit 53 benefits from an additional store room.

Units 61 - 63 are situated to the right hand side and also comprise open plan premises with a shared disabled WC to the rear. Unit 61 also benefitting from an additional store room.

The units include fully glazed retail frontages onto Norwich Road and are fitted with surface mounted fluorescent lighting, perimeter power and data points and carpeting. Unit 53 benefits from security bars fitted internally behind the glazing.

Accommodation
The retail units provide the following net internal floor areas:
53 Norwich Road 673 sq ft ( 62.48 sq m)
55 Norwich Road 399 sq ft ( 37.07 sq m)
61 Norwich Road (inc. Store) 583 sq ft ( 54.19 sq m)
63 Norwich Road: 637 sq ft ( 59.20 sq m)
Total net internal area 2,292 sq ft (212.94 sq m)

Tenancies
Units 53 and 55 are let on a new 10 year lease from 3rd December 2020 at a rent of £19,000 per annum exclusive.

The remaining two units are vacant.

The flats have all been sold on 125 year long leases from 2004 at an initial rent of £175 per apartment, stepping up £175 per apartment in 25 year increments. Total current ground rent income: £4,200 per annum.
One external car parking space is currently let on an annual basis at a rent of £500 per annum. The other external space is currently not rented.
Further information is available upon request.

Estimated Rental Values-Vacant Units
The estimated rental values for the vacant ground floor business units are as follows:

Unit 61: £7,650 per annum exclusive
Unit 63: £8,500 per annum exclusive

Business Rates
The ground floor units have the following Rateable Value:
53 Norwich Road: £8,900
55 Norwich Road: £5,900
61 Norwich Road: £8,100
63 Norwich Road: £8,800

The above assessments would benefit tenant's who are eligible for small business rate relief.

Planning Permission
The property received prior approval on 6th February 2020 for conversion of Unit 61 and 63 to provide 2x self contained 2 bedroom flats, subject to certain conditions.

Further details available upon request.

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

Services
It is understood that the property is connected to mains water, electricity and drainage.
We have not tested any of the services and all interested parties should rely upon their own enquiries with the relevant utility company in connection with the availability and capacity of all those serving the property including IT and telecommunication links.

Terms
Offers are invited in the region of £460,000 for the freehold interest.
It is understood that the property is VAT exempt.

Legal Costs
Each party is to be responsible for their own legal costs.

Energy Performance Ratings
63 Norwich Road - D(78)
53,55 and 61 - To be confirmed
( Agency Pilot Software Ref: 14869561 )

Location

marker
Location: Revetts House , 53-63 Norwich Road, Ipswich, East Of England, IP1

Ipswich (0.7 miles)

Westerfield (1.7 miles)

Derby Road (1.8 miles)

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