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For Sale: £395,000

Under Offer

36 Westgate Street, Ipswich, Suffolk, IP1

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  • Area

    area
    3843Sq Ft

The premises are situated in a prominent position within the town centre on the northern side of Westgate Street with a return frontage onto High Street. Westgate Street is pedestrianised and forms part of the prime retail area leading on from Tavern Street.

The property comprises an end of terrace, three storey building with basement. The property has been split to provide retail accommodation over the ground floor with basement storage and two self contained offices situated on the first and second floors.

The ground floor has been arranged to provide a large open sales area with changing rooms, stock room and managers office to the rear. The basement is accessed via a staircase to the rear and provides additional storage accommodation together with a kitchen and WC facilities.

The sales area benefits from a fully glazed retail frontage onto Westgate Street and fitted with suspended ceilings, LED spot lighting, air-conditioning and tiled flooring.

The first floor comprises an open plan office with meeting room at the front. Ancillary accommodation includes a kitchen, store cupboard and WC. The suite is fitted with suspended ceilings incorporating fluorescent lighting, electric night storage heaters and carpeting.

The second floor has been split to provide two offices, meeting room, store room, cupboard with ancillary accommodation including kitchen and WC facilities. The suite is fitted with surface mounted fluorescent lighting, electric night storage heating and carpeting.

Access to the upper floors is via a self-contained access to the side of the building off High Street and benefits from a lift.

Accommodation
According to our measurements, the property provides the following approximate net internal floor areas:

Ground Floor (to be vacant)
Retail Area 1,014 sq ft ( 94.17 sq m)
Changing Rooms 69 sq ft ( 6.48 sq m)
Managers Office 37 sq ft ( 3.43 sq m)
Stockroom 143 sq ft ( 13.31 sq m)
Total 1,264 sq ft (117.39 sq m)

Basement (to be vacant)
Stores 533 sq ft ( 49.63 sq m)
Kitchen 76 sq ft ( 7.07 sq m)
WCs -- --
Total 609 sq ft ( 56.61 sq m)

First Floor - Recroot Limited
Office 794 sq ft ( 73.77 sq m)
Meeting Room 205 sq ft ( 19.04 sq m)
Kitchen 30 sq ft ( 2.79 sq m)
Cupboard 13 sq ft ( 1.17 sq m)
Total 1,042 sq ft ( 96.77 sq m)

Second Floor - Riga Property Services Limited
Offices 591 sq ft ( 54.90 sq m)
Meeting Room 215 sq ft ( 20.00 sq m)
Store 64 sq ft ( 5.92 sq m)
Kitchen 38 sq ft ( 3.48 sq m)
Cupboard 20 sq ft ( 1.86 sq m)
Total 928 sq ft ( 86.17 sq m)

Business Rates
The property is assessed as follows:
Ground Floor & Basement Rateable Value: £32,750
First Floor Rateable Value: £5,500
Second Floor Rateable Value: £5,500

All interested parties should make their own enquiries with the local rating authority to verify the rates liability.

Tenancies
The ground floor and basement are to be sold with vacant possession.

The first floor is let to Recroot Limited on a 5 year lease from 28th September 2020 at a current rent of £8,250 per annum. The lease provides for a tenant only break clause at the end of the 3rd year.

The second floor is let to Riga Property Services Limited on a 5 year lease from 9th October 2020 at a current rent of £6,000 per annum. The lease provides for a rent review at the end of the 2nd year.

Terms
Offers are invited in the region of £395,000 for the freehold interest, subject to the existing tenancies. Legal Costs
Each party to be responsible for their own legal costs.

Features

  • Investment/owner occupier opportunity
  • Prominant three storey property
  • Strong trading position at the junction with Tavern Street; nearby retailers include Moss Bros, Betfred, Marks & Spencers and Primark
  • Upper floors let on two leases producing a rental income of £14,250 pax
  • Ground floor sales & basement, to be sold vacant upon completion

Map

Call

Hamish Stone

01473 232701
Make an enquiry

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