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Agent's details

Refurbished multi-let office investment with immediate development opportunity

For sale: £4,700,000.00|661 - 23,540 Sq Ft|Office, Offices

Property details

FOR SALE£4,700,000.00
SIZE661 - 23,540 Sq Ft
ADDRESSTHE MALTINGS AND THE COALYARD, PRINCES STREET, IPSWICH IP1 1SB
TYPEOffice, Offices
TENUREFreehold, Under Offer, For Sale Freehold, For Sale Freehold
POSTED ON24th June 2021

Description

The property sits in an established office location within easy reach of the town's retail and leisure facilities, including the Waterfront, with the University of Suffolk Campus and many restaurants and cafés. Cardinal Park is approximately two minutes' walk, with occupiers including Cineworld, KFC, Ask Italian, McDonald's, Starbucks and The Gym Group. The town provides competitively priced residential properties with a fastest commuting time to London of circa 70 minutes.

The Maltings provides recently refurbished Grade A office accommodation, extending to 23,540 sq ft (2,186 sq m) NIA.

The Coalyard comprises 0.36 acres of undeveloped land, offering immediate opportunity for the development of 18,870 sq ft Grade A office space. Terms have been agreed on approximately 13,000 sq ft for a 15 year pre-let.

Passing rent of £400,953 per annum reflecting £17.03 psf.

WAULT of approximately 3.00 years to break and 5.90 years to expiry.

We are instructed to seek offers for The Maltings in excess of £4,700,000 (Four Million Seven Hundred Thousand Pounds), reflecting a Net Initial Yield of 8.00% (allowing for purchaser's costs of 6.58%). Unconditional offers are also invited, together or separately, for the Coalyard.

Location

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Location: THE MALTINGS AND THE COALYARD, PRINCES STREET, IPSWICH IP1 1SB

Ipswich (0.1 miles)

Derby Road (1.6 miles)

Westerfield (2.2 miles)

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