About this property
Key Features
VAT payable on purchase price
Central town location
Commercial investment with residential conversion opportunity
Substantial commercial property totaling 4 floors
Description
An opportunity to purchase a part-let office building in a prominent town centre location, opposite the famous Willis Towers Watson HQ. Units 2 & 3 are set back from the main frontage of Princes Street and are arranged over a ground and 2 upper floors, but also benefiting from basement storage. The office suites have been fully refurbished with modern air conditioning and video entryphone system installed. The refurbished accommodation includes a disabled WC on the ground floor, along with kitchen and toilet facilities on each of the three floors.
The GIA can be summarised as follows:
Basement/Storage: 143m² (1,535ft²)
Ground Floor Offices: 132m² (1,426ft²)
First Floor: 126m² (1,353ft²)
Second Floor: 126m² (1,353ft²)
It is understood that the property is entered into the VOA list with a ratable value of £22,800.
Tenure
Long leasehold subject to tenancy
Auctioneers Note
Parking spaces may be available to purchase by separate negotiation.
VAT
VAT is payable on the purchase price.
Lot Type
Commercial
Planning
The property benefits from full planning permission for Class B1 office use. Planning permission has previously been obtained to convert the buildings in to six separate two-bedroom residential flats. Details of the approved scheme can be found on the Ipswich Borough Council planning portal, ref: 14/00591/P3JPA.
Tenancies
The second floor of the property is let to Just Mortgage Brokers at a rent of £11,000 per annum. The original lease is dated June 2017 and is due to expire in June 2027 with a break clause set for 2022 and a rent increase to £13,000 in 2019. See legal pack for details.
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Ari Bloom, Solomon Taylor & Shaw, 3 Coach House Yard, Hampstead High Street, London, NW3 1QF, 0207 431 1912, ari@solts.co.uk
Viewing
Joint sole agent at Bean Wass and Box 01473 212656
Important notes
*Guide prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set up to or within the Guide Range or no more than 10% above a single figure Guide. The reserve price will remain confidential between the seller and the auctioneer.
Fees: The guide price excludes any additional fees that the purchaser may incur, to include, but not limited to, Buyers Contract fee, Stamp Duty Land Tax, VAT, legal and search fees etc. Please refer to relevant Auction Legal Packs for details.�