26-32 Carr Street IPSWICH IP4 1EJ - Town centre retail investment with strong asset management - Henshall and Partners
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26-32 Carr Street
IPSWI CH IP4 1EJ
Town centre retail investment with strong asset management
and development potential to add significant value
2 6 -3 2 C A R R S T R E E T, I P S W I C H I P 4 1 E J
EXECUTIVE SUMMARY
• Upper floors (first and second) are currently • Opportunity likely to appeal to investors
vacant office space measuring 51,683sqft and developers alike who are interested in
• Freehold mixed-use investment; income with a planning application set to be regional markets as well as ‘Build to Rent’
producing with obvious development and submitted for conversion into 60-private income streams
asset management potential apartments
• Offers are invited in excess of £3,950,000
• The basement and ground floor are • Following conversion of office space to for the freehold interest with the benefit
occupied by retailers Poundland and residential we believe this offers quality of the existing income, tenancies with
Suffolk Age UK paying £300,000pax build to rent investment with the potential conditional offers invited based on the
extending 51,044sqft to produce c.£700,000pax submitted permission for the upper floors
01
SITE OVERVIEW
TENURE
The property is held freehold under the title
number SK367479.
OVERVIEW
2 6 -3 2 C A R R S T R E E T, I P S W I C H I P 4 1 E J
The subject property comprises 102,727sqft
(NIA) of mixed commercial floorspace.
The building occupies the entire site area
which extends 0.85 acres / 0.344 hectares
with the accommodation split over 4-floors
(basement-second).
02
2 6 -3 2 C A R R S T R E E T, I P S W I C H I P 4 1 E J
LOCATION
The subject property is located on the south side of Carr Street in the population with the University of Suffolk located just 0.6 miles
popular town of Ipswich. Carr Street is a bustling pedestrianised high from the site, with approximately 6,000 students in attendance.
street with neighbouring occupiers including Sports Direct, Argos, Card
Factory and Santander. Ipswich benefits from accessible road links with the A12 linking the
town to the M25. There are also good rail connections with Ipswich
This regional location is viewed as the most affluent county of Suffolk train station providing regular direct services to London Liverpool
benefitting from a growing population of c.160,000 people. This growth Street via Greater Anglia trains in approximately 1 hour and 10
has been due to the fact Ipswich is seen as the main commercial and minutes. London Stanstead Airport is located approximately
retail destination in East Anglia. It also benefits from a strong student 40-miles to the south west.
03
2 6 -3 2 C A R R S T R E E T, I P S W I C H I P 4 1 E J
THE BUILDING TENANCIES
The subject property comprises a The property currently produces £300,000pax from the two retail tenants in occupation.
substantial commercial building split A local charity Suffolk Age UK occupy the basement (25,000sqft) and are paying £50,000pax.
into two elements with a total area of Poundland hold a lease over the ground floor, paying £250,000pax for 26,044sqft of space.
102,727sqft (GIA). Over basement and Full tenancy details shown below.
ground floors which extend 51,044sqft
there is retail accommodation (A1)
which is fully let.
Tenant Description Area (Sq m) Area (Sq ft) Lease Term Lease Start Lease Expiry Rent Review (Break) EPC Rating Rent (£ pa)
The upper parts (first and second floors) Suffolk Age UK Basement 2,322.56 25,000 6 years 06/06/2018 05/06/2024 (16/6/2021) C £50,000
measure 51,683sqft of office space (B1)
Poundland Ltd Ground Floor 2,419.55 26,044 10 years 13/12/2013 12/12/2023 13/12/2018 D £250,000
which is vacant.
Vacant First Floor 2,519.70 27,122
Vacant Second Floor 2,281.77 24,561
TOTAL 9,543.57 102,727 £300,000 04
PLANNING POTENTIAL
The vendor is set to submit for full planning
permission for the upper parts (first and
second floors) to convert the existing vacant
office space measuring 51,683sqft into
residential accommodation.
2 6 -3 2 C A R R S T R E E T, I P S W I C H I P 4 1 E J
This application will propose converting the
B1 space to 60-private apartments (32 x 1
beds, 25 x 2 beds, 3 x 3 beds). The permission
would require full refurbishment of the
internal floors and some additional works to
the external of the building.
BUILD TO RENT OPPORTUNITY
The UK has seen a surge in interest in the ‘Build to Rent’
market over the past 12-18 months. This has seen a large
amount of private and institutional investment target
opportunities with strong demand for rented accommodation
with good access to public transport and local amenities.
University of Suffolk is located just 0.6 miles from
the subject property, so we believe this offers investors
an ideal target market for quality accommodation. Our
research indicates over 6,000 students registered with the
University, with regional locations such as this growing in
popularity. This coupled with rail and road links into Central
London in just over 1-hour.
05
FURTHER INFORMATION
TENURE
The property is held freehold under title number SK367479.
PROPOSAL
We are inviting offers in excess of £3,950,000 for the freehold interest with the benefit of the existing incomes,
tenancies with conditional offers invited based on submitted planning permission for the upper floors. This
represents an attractive 7.6% NIY on the existing income with the additional potential of the upper parts.
VAT
We understand that VAT will be applicable on the sale price however it is anticipated that the sale will be treated
as a transfer of a going concern (TOGC).
FURTHER INFORMATION / VIEWINGS
Please contact Henshall & Partners who are appointed as sole selling agents for any further information.
Additionally, if you would like to arrange an internal inspection of the property.
chris@henshallandpartners.co.uk
+44 (0) 207 125 0377
Important Notice
Particulars: 1. These particulars are not an offer or contract, nor part of one. You should not rely o n
statements by Henshall & Partners or Kalmars in the particulars or by word of mouth or in writing
(“information”) as being factually accurate about the property, its condition or its value. Neither
Henshall & Partners Ltd nor any joint agent has any authority to make any representations about
the property, and accordingly any information given is entirely without responsibility on the part
of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the
property as they appeared at the time they were taken. Areas, measurements and distances g iven
are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any p art of the
property does not mean that any necessary planning, building regulations or other c onsent has been
obtained. A buyer or lessee must find out by inspection or in other ways that t hese matters have
been properly dealt with and that all information is correct. 4. VAT: The VAT p
osition relating to the
@henshallandpartners property may change without notice.
@HenshallandP Henshall and Partners Ltd (Reg No:10712199).
@henshall-partners Registered Address: Onega, 112 Main Road, Sidcup DA14 6NE.
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