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For Sale: £325,000

Under Offer

3 Lawns Courtyard And 54 Market Hill, Wickham Mark, Wickham Market, East Of England, IP13

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  • Area

    area
    1126Sq Ft

Location

Wickham Market is a large village situated off the A12, 5 miles north east of Woodbridge and 13 miles north east of the county town of Ipswich. The village has a resident population of over 2,000 people and has seen further new residential development in recent years. Local amenities include a doctors surgery and pharmacy, primary school, library, church, large purpose built convenience store and a good range of shopping facilities.

The property is situated on the corner of High Street (Market Hill) and Broad Road, opposite the central car park and village square. Adjoining occupiers include McColls newsagents, EW Revett and Son butchers, two restaurants, café and fish & chip shop.

Description

The property is a two storey Grade II listed period building of timber frame construction under a pitched, tiled roof with rendered elevations.

The ground floor comprises a self-contained shop with fully glazed frontage. The premises are arranged to provide a large retail area to the front with a smaller, slightly lower retail area to the rear. Ancillary accommodation includes fitting room, kitchen/office, stock room and toilet facilities. It is understood that the premises include a basement (not inspected).

The first floor comprises a self-contained two bedroom flat accessed via a rear external staircase. The accommodation includes a good sized living room, fitted kitchen, two bedrooms, bathroom and airing cupboard.

The property includes a parking area within the rear shared car park for up to two vehicles.

Accommodation

The property provides the following approximate floor areas and dimensions:

54 Market Hill - Shop

Gross external frontage 5.30 m
Maximum internal width 5.26 m
Built depth 22.70 m

Front retail area 676 sq ft ( 62.80 sq m)
Rear retail area 300 sq ft ( 27.88 sq m)
Stock room 61 sq ft ( 5.63 sq m)
Office/kitchen 80 sq ft ( 7.43 sq m)
Store cupboard 9 sq ft ( 0.86 sq m)
WC facility - -
Total net internal floor area 1,126 sq ft (104.60 sq m)

3 Lawns Courtyard, Broad Road - Flat

Living Room 4.81 m x 3.42 m
Kitchen 3.14 m x 3.14 m
Bedroom 1 3.68 m x 3.26 m
Bedroom 2 2.69 m x 3.21 m
Bathroom 2.07 m x 1.71 m
Airing Cupboard --

Planning

The property is Grade II listed.

Tenancies

The shop premises are let to St Elizabeth Hospice (Suffolk) on a 10 year business lease from 5th September 2018 at a passing rent of £10,000 pa. The lease contains an open market, upwards only rent review and tenant break clause on 4th September 2023 and is contracted out of the security of tenure provisions of the 1954 Landlord & Tenant Act. The landlord maintains the external and structural parts of the property and the tenant pays a service charge of £425 per annum in this regard. The tenants repairing obligations are limited by way of a schedule of condition.

IMPORTANT NOTE:  It is intended that the lease is amended to remove the break clause referred to above and to allow the tenant to benefit from the security of tenure provisions of the 1954 Landlord & Tenant Act.  On the assumption this variation is completed, the forthcoming rent review is also to be settled at a nil increase.

The property is to be sold with vacant possession of the flat at 3 Lawns Courtyard.

Tenant Covenant

St Elizabeth Hospice is an independent charity based in Suffolk, originally established in the 1980s and now supporting more than 2,000 people each year. According to the consolidated statement of financial activities for the year ended 31st March 2020 the organisation generated a total income of just over £12.5m, with net assets of just under £13.2m.

Services

It is understood that the property is connected to mains water, electricity drainage and gas.

The gas boiler serving the first floor flat is located within the shop premises.

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.

Business Rates & Council Tax

The property is assessed as follows:

54 Market Hill
Rateable Value £7,600
Estimated Rates Payable (2021/22): £3,792.40 per annum

It is assumed that the shop tenant receives Charitable Rate Relief.

3 Lawns Courtyard
Council Tax Band A

Local Authority

East Suffolk District Council
East Suffolk House
Melton
Woodbridge, IP12 1RT

Tel: 01394 383789

Energy Performance Certificate Ratings

Flat
3 Lawns Courtyard - D (59)

Shop
54 Market Hill - B (41)

Tenure

Freehold, subject to the lease in relation to 54 Market Hill referred to above.

The freehold title includes the adjoining maisonette, No. 2 Lawns Courtyard, although this property, together with its associated parking space has been sold on a 150 year lease from 17th November 2017 at a ground rent of £100 per annum, increasing by £25 every tenth anniversary.

It is understood that the adjoining restaurant premises have the benefit of a fire escape over the external staircase serving No. 3 Lawns Courtyard.

Terms

Offers are invited in the region of £325,000 for the freehold interest.

The property is VAT exempt.

Features

  • Freehold retail investment and vacant self-contained flat.
  • Attractive period building in busy central village location.
  • Shop let to St Elizabeth Hospice, producing £10,000 per annum.
  • Vacant self-contained, two bedroom flat with parking.

Map

Call

Alistair Mitchell

01473 232701
Make an enquiry

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