Situation
The property, which has a large retail frontage, is located in a prominent position on Westgate Street, one of Ipswich’s busiest retail thoroughfares. Westgate Street is contiguous with Cornhill and Tavern Street and benefits from a high pedestrian footfall all-year-round.
Nearby occupiers include Marks & Spencer, Moss Bros, Primark, JD Sports, Clarks, WH Smith, Caffè Nero and Starbucks.
The New Wolsey Theatre and car park is close by accessed via Chapman Lane.
Description
The premises currently trades as one large retail unit, but planning consent reference IP/23/00024/FUL approves sub-dividing the unit into three smaller shops under Planning Class E, of approximately 53 sq m, 66 sq m and 45 sq m.
In respect of the upper parts planning has been approved for conversion to three residential flats, and external alterations.
There is no on-site car parking.
We have not seen the Title Deeds, but understand there is a shared pedestrian access via the rear yard, just off Crown Street.
Accommodation (all areas are approximate)
Ground Floor with new Planning Consent
Shop 1: 53 sq m / 571 sq ft
Shop 2: 66 sq m / 710 sq ft
Shop 3: 45 sq m / 484 sq ft
Commercial Total: 164 sq m / 1,765 sq ft
Residential Flats
Flat 1: 37 sq m / 398 sq ft
Flat 2: 46 sq m / 495 sq ft
Flat 3: 71 sq m / 764 sq ft
Residential Total: 154 sq m / 1658 sq ft
Circulation Space: 72 sq m / 775 sq ft
Store: 9 sq m / 97 sq ft
Overall Floor Area: 399 sq m / 4,295 sq ft
Planning
We believe that the property currently has Class E use consent, with planning permissions for conversion.
All interested parties should contact Ipswich Borough Council on 01473 433200.
Business Rates
All interested parties should contact Ipswich Borough Council on 01473 433851.
Terms & Tenure
The premises are available to purchase freehold for a price in the region of £400,000.
We estimate that the three shops on the Ground Floor will generate an estimated ERV of ca. £32,000 per annum exclusive.
EPC
Available upon request.
