Request a Valuation
For Sale: £595,000
3 Church Street, Framlingham, Suffolk, IP13
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Area
0 - 4132Sq Ft
Location
Framlingham is a thriving market town with an estimated population of 4,000 (2021), famous for its moated Norman castle. The town has a wide range of independent shops and holds a twice weekly market.
The A12 is within 5 miles to the south at Wickham Market and the county town of Ipswich is 18.5 miles to the south west.
The property occupies a prominent central position on the corner of Church Street and Crown & Anchor Lane with the castle within a 3 minute walk to the north and the Market Hill square and public car park immediately to the south. Adjoining occupiers include The Crown Hotel, various independent retailers, restaurants and bank.
Description
The property comprises a two storey Grade II Listed building believed to originally date back to the 16th Century with later additions, including a single storey flat roof extension to the rear. The principal building is of timber framed construction with rendered elevations under a pitched and hipped tiled roof.
The property comprises three self contained units. A large restaurant with a fully glazed frontage, predominantly arranged over ground floor, although with first floor ancillary facilities; solicitors offices arranged over ground floor and a self-contained first floor flat.
A surfaced rear yard off Crown & Anchor Lane provides parking for the offices and pedestrian access to both commercial units. A further small courtyard is situated to the side of the property with pedestrian access onto Church Street.
Accommodation
The property extends to 4,132 sq. ft. (383.83 sq. m.)
Please see separate schedule for the floor areas and dimensions of the premises.
Tenancies
a) Restaurant
The premises are let on a lease dated 20th December 2019 for a term of 15 years, expiring 19th December 2034. The tenant is Working Order Limited, trading as Watson & Walpole and the lease includes personal guarantors. The current rent is £22,000 per annum, subject to 5 yearly RPI indexed rent reviews. The lease is upon effectively full repairing and insuring terms, the tenant being responsible for the interior and 50.6% of the landlords costs in maintaining the exterior. The tenants repairing obligations are limited by a schedule of condition.
b) Offices
The premises are let on a lease for a term of 6 years from 6th April 2020, expiring on 5th April 2026. The tenant is Mr J Margarson, trading as Cross Ram & Co. Solicitors. The lease is by reference to a series of previously leases starting in April 1995.
The current passing rent is £13,000 per annum, subject to an open market upwards only rent review on 6th April 2023. The lease also contains a tenant only break clause on 6th April 2023 although this has now lapsed. The agreement is upon internal repairing and insuring terms, subject to a schedule of condition. The landlord is responsible for maintaining the exterior and structure of the property and replacing the central heating system should this be required. The lease includes a parking space at the rear of the property.
c) The Flat
The flat is currently vacant although has been refurbished and is ready for immediate occupation, with an estimated rental value of approximately £700 per calendar month (£8,400 per annum)
Services
It is understood that the property is connected to mains water, electricity and drainage. The flat has recently been fitted with new Dimplex Quantum electric storage heaters and the offices are served by gas fired central heating.
We have not tested any of the services and all interested parties should rely upon their own enquiries with the relevant utility companies in connection with the availability and capacity of all of those serving the property including IT and telecommunication links.
Energy Performance Certificates
The premises have the following energy ratings:-
Restaurant To be confirmed
Offices To be confirmed
Flat To be confirmed
Business Rates and Council Tax
Restaurant:- Rateable Value (2023): £19,250
Offices:- Rateable Value (2023): £ 9,700
Flat:- Council Tax Band: A
Local Authority
East Suffolk Council, East Suffolk House, Station Road, Melton, Woodbridge, IP12 1RT. Tel: 0300 7900509
Terms
Offers are invited in the region of £595,000 for the freehold interest. VAT will be payable upon the commercial element.
Particulars
Property details prepared in January 2023.
Features
- Grade II Listed property in the centre of a popular market town.
- Restaurant and offices let on business leases, producing a rental income of £35,000 per annum.
- Refurbished vacant first floor flat (ERV circa £8,400 per annum).
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3 Church Street, Framlingham, Suffolk, IP13
Location
Framlingham is a thriving market town with an estimated population of 4,000 (2021), famous for its moated Norman castle. The town has a wide range of independent shops and holds a twice weekly market.
The A12 is within 5 miles to the south at Wickham Market and the county town of Ipswich is 18.5 miles to the south west.
The property occupies a prominent central position on the corner of Church Street and Crown & Anchor Lane with the castle within a 3 minute walk to the north and the Market Hill square and public car park immediately to the south. Adjoining occupiers include The Crown Hotel, various independent retailers, restaurants and bank.
Description
The property comprises a two storey Grade II Listed building believed to originally date back to the 16th Century with later additions, including a single storey flat roof extension to the rear. The principal building is of timber framed construction with rendered elevations under a pitched and hipped tiled roof.
The property comprises three self contained units. A large restaurant with a fully glazed frontage, predominantly arranged over ground floor, although with first floor ancillary facilities; solicitors offices arranged over ground floor and a self-contained first floor flat.
A surfaced rear yard off Crown & Anchor Lane provides parking for the offices and pedestrian access to both commercial units. A further small courtyard is situated to the side of the property with pedestrian access onto Church Street.
Accommodation
The property extends to 4,132 sq. ft. (383.83 sq. m.)
Please see separate schedule for the floor areas and dimensions of the premises.
Tenancies
a) Restaurant
The premises are let on a lease dated 20th December 2019 for a term of 15 years, expiring 19th December 2034. The tenant is Working Order Limited, trading as Watson & Walpole and the lease includes personal guarantors. The current rent is £22,000 per annum, subject to 5 yearly RPI indexed rent reviews. The lease is upon effectively full repairing and insuring terms, the tenant being responsible for the interior and 50.6% of the landlords costs in maintaining the exterior. The tenants repairing obligations are limited by a schedule of condition.
b) Offices
The premises are let on a lease for a term of 6 years from 6th April 2020, expiring on 5th April 2026. The tenant is Mr J Margarson, trading as Cross Ram & Co. Solicitors. The lease is by reference to a series of previously leases starting in April 1995.
The current passing rent is £13,000 per annum, subject to an open market upwards only rent review on 6th April 2023. The lease also contains a tenant only break clause on 6th April 2023 although this has now lapsed. The agreement is upon internal repairing and insuring terms, subject to a schedule of condition. The landlord is responsible for maintaining the exterior and structure of the property and replacing the central heating system should this be required. The lease includes a parking space at the rear of the property.
c) The Flat
The flat is currently vacant although has been refurbished and is ready for immediate occupation, with an estimated rental value of approximately £700 per calendar month (£8,400 per annum)
Services
It is understood that the property is connected to mains water, electricity and drainage. The flat has recently been fitted with new Dimplex Quantum electric storage heaters and the offices are served by gas fired central heating.
We have not tested any of the services and all interested parties should rely upon their own enquiries with the relevant utility companies in connection with the availability and capacity of all of those serving the property including IT and telecommunication links.
Energy Performance Certificates
The premises have the following energy ratings:-
Restaurant To be confirmed
Offices To be confirmed
Flat To be confirmed
Business Rates and Council Tax
Restaurant:- Rateable Value (2023): £19,250
Offices:- Rateable Value (2023): £ 9,700
Flat:- Council Tax Band: A
Local Authority
East Suffolk Council, East Suffolk House, Station Road, Melton, Woodbridge, IP12 1RT. Tel: 0300 7900509
Terms
Offers are invited in the region of £595,000 for the freehold interest. VAT will be payable upon the commercial element.
Particulars
Property details prepared in January 2023.